info from… Follow The Money Over the past two years, Qatar has conducted over $86 billion worth of transactions in Chinese Yuan and has signed other agreements with China that encourage further economic cooperation.
This is incredibly important because Qatar shares its major natural gas reserve with Iran, and Iran also conducts its oil-related business deals with China in Yuan. Iran signed deals with France’s Total, a multinational integrated oil and gas company, to develop this project.
If Iran and Qatar continue down this path, the U.S.’ self-asserted hegemony over the world’s financial markets will directly come under attack.
Until now the biggest losers are the 2 million immigrant workers who have been treated as slave labour, working in 40C degree heat, but any real war on the oil and gas fields could wreck the world economy.
Remember that Hillary Clinton’s leaked emails confirmed that the U.S. and France were so concerned with attacking Muammar Gaddafi (and destroying Libya to this day) not out of humanitarian concern, but rather, out of fear of his plan to unite Africa under a single gold-backed currency that would be used to buy and sell oil on the global markets, thus sabotaging their lucrative petrodollar monopoly
Remember that in 2000, Saddam Hussein announced he would sell Iraqi oil in euros, and the Guardian reported in 2003 that Iraq had actually netted a handsome profit in doing so — at least until the U.S. invaded not long after and immediately switched the sale of oil back to U.S. dollars.
Perhaps it sounds like a conspiracy theory (even with Clinton’s leaked emails as evidence), but it’s important to ask why Saudi Arabia is so concerned with Qatar, if not for economic reasons? Because of Qatar’s support for terrorism? Hillary Clinton’s leaked emails also revealed that both Saudi Arabia and Qatar financially sponsored ISIS – making such a rationale hypocritical beyond belief. Pot. Kettle. Black….
The plot thickens.
One of the unfair strangleholds the US has had for decades over the rest is its forcing energy and most trade to be paid in dollars, which is a licence for it to print and sell the dollars that traders need, giving it huge if largely misspent riches.
If it suddenly lost this advantage dollar demand would crash and its multi trillion dollar debts would become real and unpayable. That could mean death to American economic power which the US will do ANYTHING to avoid.
The Chinese are therefore playing a dangerous game by starting to trade in their own currency, and after all they still own a large part of the American debt,. In fact they do still pay for their oil in dollars but little by little other trade is paid in local currencies.
So what about Qatar, which hosts the largest US base at Al Ubeid of the many in the Middle East, with as many American military as its own tiny army. How can it hope to defy the greatest power on earth by upsetting the great US Petrodollar Rip-Off?
It seems that Donald Trump gave the green light in his famous Saudi speech for a coalition to force Qatar to toe the line, which then got totally and dangerously out of hand.
The impossible Saudi coalition demands and ultimatums are more like a declaration of war. Turkey and Iran are joining in on the Qatar side and a whole swarm of feuds are surfacing, fanned by the hyper rich states, sometimes run by tribal macho chieftains with a medieval social mentality.
Outside the corridors of power, it is Qatar’s foreign workforce – totalling more than two million, mostly from south Asia, who suffer most. They are on the frontline when it comes to the immediate impact of the crisis, building a 100% unsustainable football city alongside the military bases in the desert.
In this situation tiny Qatar perhaps needs to placate the biggest bully on the block, the USA, in the hope that it will try harder to call the Arab section of its vassal States to order.
Indeed just as the feud broke out Qatar suddenly agreed to buy $12 billion worth of US arms, mainly on a fleet of jet fighters, in a desperate attempt to buy its way out of trouble.
It may be that the bills for Qatar’s half of the mega gas field will have to be paid only in US dollars after all. But all this illustrates once more the lunacy of the capitalist system and how fragile and temporary the US dollar hegemony is becoming.