Saber-rattling threats can easily escalate, and the markets took notice, causing the price of oil to rise to $74 per barrel. The US has set November as the deadline for countries to get their imports of Iranian oil to “as close to zero as possible.” US Secretary of State Mike Pompeo announced that the US will be lending its support to dissidents in Iran with a new 24/7 Farsi-language channel.
Iran may be on the brink of revolution as protest rage across the country over its collapsing currency, high unemployment, drought, impending US sanctions and a ban on its oil. Ron Paul and Daniel McAdams say that it is likely that the CIA is agitating the situation to create the conditions for regime change.
US District Judge William Alsup shut down a lawsuit filed by liberal mayors in Oakland and San Francisco who sued big oil companies for their alleged impact on climate, claiming damages included sea level rise that has yet to materialize, but is on the way, according the models cited in the litigation. The judge explained that it would be unfair to blame oil companies who supplied the oil to the public benefitted from it and demanded it.
The US dollar is being challenged by China’s oil-futures trading market that opened last month. If the Saudis sell more of their oil to China, the yuan-denominated oil contracts and the launch of the gold-backed petro yuan could be a serious blow against the US petro dollar as the world’s reserve currency. China’s ace in the hole is its announced intention to make the yuan fully convertible to gold which, if actually done, would make it more attractive globally than the US dollar.
James Corbett reveals a larger picture behind the Saudi Purge, and the shifting balance of global political and economic power. The details are fascinating and profound- fascinating because of the hidden forces that are exposed- and profound because they allow us to see into the near future in which the US Petro-Dollar may be replaced by the Chinese “Petro-Yuan” – and this could lead to a real world war for global dominance.
James Corbett’s mini-documentary, How Big Oil Conquered The World, reviews the history of JD Rockefeller and his family, including David Rockefeller. JD’s credo was that “competition is a sin”, and this documentary shows how the destruction of competition actually was accomplished – not just in the oil industry – but everywhere Rockefeller money was invested. That includes education, health care, banking, and even the food supply. The goal is to monopolize everything, including life itself.