Oil producing countries measure the value of the dollar by the price of gold. When OPEC was formed, the value of the dollar was 1/35th of an an ounce of gold. Today, the dollar is worth about 1/1,200th of a 1 oz American Gold Eagle coin. Because of the dollar’s loss of purchasing power, oil producing nations have grown increasingly dissatisfied with dollars-for-oil. Countries such as Iraq, Venezuela, Syria, Iran, and Libya have attempted to reject the U. S. dollar.
O U T F R O M U N D E R D O L L A R H E G E M O N Y
For decades, Libya and other African countries had been attempting to create a pan-African gold standard. Libya’s al-Qadhafi and other heads of African States had wanted an independent, pan-African, “hard currency.”
Under al-Qadhafi’s leadership, African nations had convened at least twice for monetary unification. The countries discussed the possibility of using the Libyan dinar and the silver dirham as the only possible money to buy African oil.
Until the recent US/NATO invasion, the gold dinar was issued by the Central Bank of Libya (CBL). The Libyan bank was 100% state owned and independent. Foreigners had to go through the CBL to do business with Libya. The Central Bank of Libya issued the dinar, using the country’s 143.8 tons of gold.
Libya’s Qadhafi (African Union 2009 Chair) conceived and financed a plan to unify the sovereign States of Africa with one gold currency (United States of Africa). In 2004, a pan-African Parliament (53 nations) laid plans for the African Economic Community – with a single gold currency by 2023.
African oil-producing nations were planning to abandon the petro-dollar, and demand gold payment for oil/gas:Egypt, Sudan, South Sudan, Equatorial Guinea, Congo, Democratic Republic of Congo, Tunisia, Gabon, South Africa, Uganda, Chad, Suriname, Cameroon, Mauritania, Morocco, Zambia, Somalia, Ghana, Ethiopia, Kenya, Tanzania, Mozambique, Cote d’Ivoire, plus Yemen (new discoveries). The four African member-states of OPEC are Algeria, Angola (#2 oil producer), Nigeria (giant oil producer and the largest natural gas producer in Africa with huge natural gas reserves), Libya (largest reserves).
More than twenty-four African countries produce crude oil; a larger number of countries have proven oil reserves and proven natural gas reserves (Namibia and Rwanda are large natural gas producers). Africa has the largest unexplored basins in the world (besides Russia).
Nov. 26, 2012: U. S. Defense Secretary Panetta announced an expansion of drone warfare in Africa. Dec. 24, 2012: The U.S. Pentagon announced deployment of military “teams” to more than 35 African countries.
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N A T I O N S
W O R L D
G O V E R N M E N T
In 1944, the IMF and the World Bank were created in Brettton Woods, New Hampshire to impose a global monetary system and global government. The IMF (International Monetary Fund) is a United Nations central bank. Because of an IMF ruling, no paper money in the world is allowed to have any gold backing. (The Swiss franc was delinked from gold May 1, 2000.)
Libya’s al-Qadhafi was killed because he bypassed International Monetary Fund rules. Under the IMF agreement ratified in 1978 (1st Amendment, Article IV), participating countries are not allowed to even peg their currencies to gold. The United Nations central bank does not allow countries that participate in its system to back their currencies with gold, even though the bank itself owns tons of gold.
In 1967-1969, globalists developed an alternate world reserve currency called Special Drawing Rights (SDRs). All member nations have been pressured to accept SDRs as legal currency.
- World banks produce SDRs at no cost.
- They loan SDRs to countries at interest.
- Almost every Third World and Developing country is in debt to the IMF or to the World Bank.
The dollar will remain the world’s reserve currency until it is replaced with the United Nations monetary unit called the SDR.
The changing roles of the dollar, the Federal Reserve, and the IMF:
Will the IMF Take Over the Federal Reserve?