Hysteria Over Iran and a New Cold War with Russia: Peak Oil, Petrocurrencies and the Emerging Multi-Polar World
By William Clark
The 21st century will likely be defined by three overarching forces: climate change, Peak Oil, and macroeconomics. The twin issues of climate change and Peak Oil are intertwined variables, and each represent extremely important phenomena that have slowly gained some public awareness. However, the third issue, macroeconomics, and more specifically the global trends regarding petrocurrencies, remains essentially unreported by the five US corporate media conglomerates. Nonetheless, from Washington to Caracas, from London to Moscow, and from Beijing to Tehran, in order to fully appreciate contemporary geopolitics, it is important to recognize the underlying momentum towards multiple petrocurrencies — and the growing challenge to US dollar supremacy.
The hypothesis outlined in Petrodollar Warfare; Oil, Iraq and the Future of the Dollar, is that the geopolitical landscape of this century is increasingly being driven by escalating competition for energy supplies before global oil production peaks, and the erosion of dollar hegemony with the emergence of new petrocurrency alignments.  The tragic war in Iraq is in many ways the first oil-depletion and oil-currency war of the 21st century.
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