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Not wanting to exchange their vast oil wealth for pieces of paper called US Dollars, this report continues, Iraq, in October-2000, received permission from the United Nations to begin selling its oil for Euros only—that was followed less than year a later by the 11 September 2001 attacks on the United States—and that, in turn, was followed, less than 24 months later (in May-2003), with the US illegally invading Iraq (as they nothing to do with 9/11) and making it once again sell its oil only for US Dollars.
Likewise, in 2011, this report notes, when Libya attempted to create a gold backed currency for buyers of its vast oil wealth, it too was destroyed by the United States and its NATO allies—with Iran, in 2016, being targeted by massive US-led sanctions when it, too, refused to take US Dollars for its enormous oil wealth.
When the United States instigated a war in Syria when they announced that they would no longer sell their oil for US Dollars, however, this report says, both Russia and China realized that the Americans needed to be stopped, as there would be no end to the needless wars they would start to protect their “petrodollar system”—and that saw Russian military forces move in to protect Syria, while China began creating its own system for buying oil.
With Russia holding back American military expansion in Syria, and China creating its own system to buy oil, this report further notes, an unexpected event occurred when reports started showing that due to the “shale oil boom” in United States, the Americans were closing in on energy independence, and that’s expected to occur by 2026.
Though cheered by the American people, who didn’t know any better, this report says, the US climbing towards energy independence was followed by China becoming the world’s largest importer of oil—that makes it the source of marginal demand for oil in the world—and with Russia being the world’s second largest oil exporter, that makes Moscow one of the suppliers of the marginal barrel of oil on the world market, thus makes them the marginal supplier and marginal buyer who are able to set the price oil, and, most importantly, determine the currency it will be sold in—and that isn’t the US Dollar.
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