Iran is proposing to develop something far more threatening to Bush interests than nuclear capability, WMD’s, or even terrorists. According to this interesting article by William Clark, Iran has been planning to set up an international oil exchange denominated in the Euro currency. What needs to be understood is that if the world begins to primarily price crude in Euro, America will suffer as a net importer of the product, which incidentally will harm American corporate profits. The Iranian example as argued by Clark will be just like many US wars in the past. As Smedley Butler argued war is essentially the ultimate form of corporate welfare.
The world is starting to ask the important question of why should we hedge oil with dollars instead of the more valuable euro? Iraq talked about it. Iran now is talking about it. Russia’s hinting at it. Why does this development have the US government and its special interests all in a tizzy? Well to put it simply the entire warfare welfare state is at stake. If the dollar collapses, inevitibly so does the American empire and the free ride it has been enjoying on the rest of the world.
Iraq and Iran may have never declared war on the people of the US, but by deciding to switch to Euro’s they have effectively declared war on the US socialist state. According to Clark:
“One of the Federal Reserve
