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It's Not Only Middle-Eastern Terrorists Who Cut Throats

03.09.2006 06:22 | DISPATCHES

Bet you've never heard this before. Former director of the British International Petroleum Exchange Chris Cook:

"There has been a growing realisation on the part of major oil producers such as Iran and Saudi Arabia that <>oil is not priced in dollars but rather that dollars are priced in oil [Editor's italics]. The reality underpinning this epiphany is [that oil can be exchanged] for commodities, goods and services - whereas the. . . "dollar" is merely [an] IOU issued by the US Federal Reserve Bank.

". . . [we] are accustomed to think that the "big bad wolf" is [OPEC]. However. . . while there has been a cartel extracting extraordinary profits from energy markets in recent years [it's] investment banks and energy traders who control [oil prices and wag] the oil market dog. [Now, however, they've] lost control of the price-setting process to a wall of hedge fund money under the control of star traders attracted by rewards beyond the dreams of avarice. . ."

In other words, according to Mr. Cook, it's not Arabs, but the Western business world which is cutting our throats.


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