The Price of Oil & The Return of the Petro-Dollar
by AL MARTIN (AL MARTIN RAW.COM)
(7-8-14) The 1970s-era plan by Henry Kissinger to recycle Middle East oil revenue, called petro-dollars, into purchases of weapons systems from the West may be a byproduct of the current ongoing disengagement by the Western powers.
In this case disengagement means a return to the previous status quo which means that Saudi Arabia, Kuwait and the Arab Emirates would be increasing their purchase of US made weapons systems. The use of petro-dollars was to allow the larger powers not to get as involved as they subsequently had to get involved.
What the large powers led by the United States want is a return to the late 1970s status quo, so they wouldn't be as engaged as they are militarily because the regimes they supported fell apart. They were run by hand-selected tinhorn dictators who proved to be incompetent like Saddam Hussein.
Then Defense Secretary Harold Brown said that the 1979 status quo objective was to provide offsetting stabilization throughout the Middle East.
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