The US and its banks made the most of the oil-for-greenback system right up to the early 2000s. But after that, the tide slowly and steadily started to turn. In an apt reminder of Bob Dylan’s timeless classic, The Times They Are A-Changin’, a small but significant rebellion began brewing against the monopoly of the dollar.The Euro, Europe’s common currency, was already in circulation by then and the Chinese yuan was steadily gaining ground. After years of monopolistic dominance, the US currency was no longer the pet favourite of the Big Oil producers as it had been from the mid-1970s to the early 2000s.
Headed by the militarily-authoritative leader, Saddam Hussein, the Iraqi government was the first country to put its hand up against the dollars-only arrangement.
Soon after, Iraq, a country with a decently healthy economy and at the time a primarily a socialist nation, was crippled by the onset of brutal, US-instigated economic sanctions. The debilitating sanctions were followed by America’s urge to invade Iraq in a bid to remove Saddam from power. In 2003, Iraq was famously invaded for its never-to-be-proven connections to the 9/11 terrorist strikes in the US and the never-to-be-found stockpiles of WMDs, as vehemently and wrongfully claimed by British Prime Minister Tony Blair and US President George Bush.
Saddam was eliminated and his endgame advertised via the mainstream press as a chilling warning to other oil-producing countries. It is very important to remember here that Saddam was once viewed by Washington DC as a staunch ally.
It is also interesting to note that since the fall of Iraq, the country’s new administration has been trading its crude oil only for dollars — a fact not highlighted by the corporate media houses. The toppling of Saddam and his Ba’ath Party ensured that plans to contest the petrodollar set-up in Iraq were shelved.