Sandbox My question is on quality of sources NJGW sandbox is for draft of texts  NJGW can you just make some helpful comments on the quality of the sources instead of keep on deleting them and evading my valid questions  Thanks   the Nixon administration decided to try to ensure that international financial relations should be taken out of the control of state Central Banks and should be increasingly centred upon private financial operators It sought to achieve this goal through exploiting US control over  international oil supplies   It is still widely believed that the sharp and steep increase in oil prices  in  was carried out by the Gulf states as part of an antiIsrael and antiUS policy connected to the Yom Kippur war    Yet as we now know the oil price rises were the result of US influence on the oil states and they were arranged in part as an exercise in economic statecraft directed against Americas allies in Western Europe and Japan And another dimension of the Nixon administrations policy on oil price rises was to give a new role through them to the US private banks in international financial relations  The Nixon administration was planning to get OPEC to greatly increase its oil prices a full two years before OPEC did so and as early as  the Nixon administration planned for the US private banks to recycle the petrodollars when OPEC finally did take US advice and jack up oil prices    The Nixon administration understood the way in which the US state could use  expanding private financial markets as a political multiplier of the impact of US Treasury moves with the dollar But according to the Nixons Ambassador in Saudi Arabia at the time the principal political objective behind Nixons drive for the OPEC oil price rise was to deal a crippling blow to the Japanese and European economies both overwhelmingly dependent on Middle East Oil rather than to decisively transform international financial affairs   Nevertheless  Nixons officials  showed far more strategic insight into the consequences of what they were attempting than most political scientists would credit any government with Its capacity for deception both over the oil price rise and in the way in which it manipulated discussions with its allies in the IMF over socalled international monetary reform was brilliant  The US government realised that the oil price rises would produce an enormous increase in the dollar earnings of oil states that could not absorb such funds into their own productive sectors  At the same time the oil price rises would plunge very many states into serious trade deficits as the costs of their oil imports soared So the socalled petrodollars would have to be recycled from the Gulf through the Western banking systems to nonoilproducing states  Other governments had wanted the petrodollars to be recycled through the  IMF  But the US rejected this insisting  the Atlantic worlds private banks at that time led by American banks should be the recycling vehicles And because the US was politically dominant in the Gulf it could get its way    The Globalization Gamble The DollarWall Street Regime and its Consequences By Peter Gowan  httpwwwiwgvtorgfilesgowanrtf  httpwwwmarxsitecomGlobalGamblehtm httpwwwamazoncomGlobalGambleWashingtonsFaustianDominancedp       I am  per cent sure that the Americans were behind the increase in the price of oil    Sheikh Yamani Former Saudi Oil Minister  httpwwwguardiancoukbusinessjanglobalrecessionoilandpetrol  httpenwikipediaorgwikiAhmedZakiYamani   VHOppenheim Why Oil Prices Go Up The Past We Pushed Them Foreign Policy Winter   Since  the United States has encouraged middle east oilproducing states to raise the price of oil and keep it up  httpwwwjstororgpss    Years of Censored News Why Oil Prices go up  While most Americans believe the increase in oil prices was due to the Arab oil embargo started in  few are aware that their elected representatives collaborated with the Organization of Petroleum Exporting Countries OPEC and Persian oilproducing nations to deliberately inflate the price of oil    Kissingers Yom Kippur oil shock httpearthprohostingcomjswiftengdahlhtmlKissingersYomKippur  William Engdahls book A Century of War has excerpts of the minutes of a bilderberg meeting in May  where members discussed the coming oil shock  httpwwwamazoncomCenturyWarAngloAmericanPoliticsWorlddpX httpwwwengdahloilgeopoliticsnetOilShockoilshockhtml