Libya: It’s Not Just About Oil—It’s About Currency and Loans

by Project Censored
Published: Updated:

While many of the rationalizations describe resources, especially oil, as the reasons why we should be Libya, an increasing number of people think these reasons revolve around financial reasons and protecting the value of the American dollar.

According to the IMF, Libya’s Central Bank is 100% state owned. It is significant that in the months running up to the UN resolution that allowed the US and its allies to send troops into Libya, Muammar al-Qaddafi was openly advocating the creation of a new currency that would rival the dollar and the euro. They would sell oil and other resources to the US and the rest of the world only for gold dinars.

The US, the other G-8 countries, the World Bank, IMF, BIS, and multinational corporations do not look kindly on leaders who threaten their dominance over world currency markets or who appear to be moving away from the international banking system that favors the corporatocracy.

Saddam Hussein had advocated policies similar to those expressed by Qaddafi shortly before the US sent troops into Iraq.

So, we might ask ourselves: What happens when a “rogue” country threatens to bring the banking system that benefits the corporatocracy to its knees? What happens to an “empire” when it can no longer effectively be overtly imperialistic?

According to Perkins one definition of Empire states that an empire is a nation that dominates other nations by imposing its own currency on the lands under its control. The empire maintains a large standing military that is ready to protect the currency and the entire economic system that depends on it through extreme violence, if necessary. The ancient Romans did this. So did the Spanish and the British during their days of empire-building. Now, the US or, more to the point, the transnational corporatocracy, is doing it and is determined to punish anyone who tries to stop them. Qaddafi is but the latest example.

Title: Libya: It’s Not About Oil, Its About Currency and Loans

Source: Information Clearinghouse, April 26 2011

Author: John Perkins



Student Researcher: Michael Guglielmo- Sonoma State University

Faculty Advisor: Lisa Pollack- Sonoma State University