The Phaserl


How Big Oil Engineered the Petrodollar

by James Corbett, The International Forecaster:

The story of the Oil Shock of 1973 as it has been delivered to us by the history books is well known.

Narrator: “By the late 1960s the nation relied on imported oil to keep the economy strong. Then in the early 1970s oil-dependent America’s nightmares came true: 13 oil-producing countries in the Middle East and South America formed OPEC, the Organization of Petroleum Exporting Countries. In 1973 OPEC placed an oil embargo on the US and other nations that had supported Israel against the Arab states in the Yom Kippur war. The American economy went into a tailspin as gas shortages gripped the nation.” SOURCE: History of Oil (YouTube)

Few, however, know that the crisis and its ensuing response was in fact prepared months ahead of time at a secret meeting in Sweden in 1973. The meeting was the annual gathering of the Bilderberg Group, a secretive cabal formed by Prince Bernhard of the Netherlands in 1954.

The Dutch royal family not only gave its royal imprint to Royal Dutch Petroleum, they are still rumoured to be, along with the Rothschilds, one of the largest shareholders in Royal Dutch Shell, from the days when Queen Wilhelmina’s Anglo-Dutch Petroleum holdings and other investments made her the world’s first female billionaire right through to today. Bernhard’s guest list at the Bilderberg Group reflected his position in the oiligarchy; alongside him at the Swedish conference were David Rockefeller of the Standard Oil dynasty and his protege Henry Kissinger, Baron Edmond de Rothschild, E.G. Collado, the Vice President of Exxon, Sir Denis Greenhill, director of British Petroleum, and Gerrit A. Wagner, president of Bernhard’s own Royal Dutch Shell.

At the meeting in Sweden, held five months before the oil crisis began, the oil-igarchs and their political and business allies were planning their response to a monetary crisis that threatened the world dominance of the US dollar. Under the Bretton Woods system, negotiated in the final days of World War II, the US dollar would be the backbone of the world monetary system, convertible to gold at $35 per ounce with all other currencies pegged to it. Increasing US expenditures in Vietnam and decreasing exports caused Germany, France, and other nations to start demanding gold for their dollars.

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