Global Policy Forum

By: Roy S. Carson

A move by Venezuelan President Hugo Chavez Frias to replace the US$ with the €uro is seen as upsetting Washington more than when Iraq's Saddam Hussein started using the €uro for oil transactions last November... precipitating the US-led action to invade Iraq. Beltway bullies are now said to be angered by Venezuela's decision to barter oil with thirteen other Latin American countries, dealing moves to dollarize South America currencies. Intelligence reports say that while the US was able to pull the wool over the international community and ally with Britain's Blair to bulldoze action against former Iran War ally Hussein, the situation with Venezuela is proving more difficult.

While there has been political pretext to cold-shoulder Chavez Frias and his government for supposed links with Cuba's Castro and Libya's Khadaffi, the United States is loathe to do more than to give subversive support to anti-Chavez elements in Venezuela fighting against the Venezuelan President's domestic war against political and economic corruption which have permeated the South American country for the last half-century.

International finance experts see how the US dollar has been devaluing against the €uro, as important players on the international scene convert to the European currency for more stable transactions... Russia, China, North Korea and Malaysia have begun holding €uros as important hedgings in their foreign exchange reserves as faith in American greenbacks floats down the river.

CIA and other intel organizations, including Britain's MI5, now fear that the next step is that the Organization of Petroleum Exporting Countries (OPEC) is about to switch to €uros ... the immediate effect would be a massive devaluation, perhaps sparking of domino-effect devaluations worldwide in US$-related foreign reserves and foreign debt calculations.

With a massive budget deficit, the United States is running scared of latest intel that the Kingdom of Saudi Arabia is on the brink of converting to the €uros and the opinion held by many OPEC ministers is that the conversion is an inevitability ... the only question left is WHEN?

Arab sources claim that €uro conversion across the Middle and Far East is a rational step to counteract the United States' capacity to "wage further illegal wars (a.k.a. State-sponsored terrorism)" around the world and that any prolonged occupation of Iraq by US/British forces ... and any move towards withdrawal of Iraq from the OPEC cartel ... will only precipitate "remedial action" by like-minded Arab nations to protect their own best interests over Washington's.

A significant step in this direction is that Iran is contemplating switching to the €uro and, as a result, is the latest object of United States undiplomatic interference ... an intel sources says "they are stimulating opposition forces, making covert threats ... the next step is destabilization and quasi-liberation warfare under the pretext of promoting US-style democracy but essentially aimed at maintaining the US dollar as a global transaction currency."

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