Article Image
News Link • Bank of International Settlements

Was Libya Targeted For It's Stand on Gold, the Dollar, and the "BIS"

Another explanation for the assault on Libya is that it is "all about oil," but that theory, too, is problematic. As noted in the National Journal, the country produces only about 2 percent of the world's oil. Saudi Arabia alone has enough spare capacity to make up for any lost production if Libyan oil were to disappear from the market. And if it's all about oil, why the rush to set up a new central bank? Another provocative bit of data circulating on the net is a 2007 Democracy Now! interview of US Gen. Wesley Clark (Ret.). In it he says that about ten days after September 11, 2001, he was told by a general that the decision had been made to go to war with Iraq. Clark was surprised and asked why. "I don't know!" was the response. "I guess they don't know what else to do!" Later, the same general said they planned to take out seven countries in five years: Iraq, Syria, Lebanon, Libya, Somalia, Sudan and Iran. What do these seven countries have in common? In the context of banking, one that sticks out is that none of them is listed among the 56 member banks of the Bank for International Settlements (BIS). That evidently puts them outside the long regulatory arm of the central bankers' central bank in Switzerland. The most renegade of the lot could be Libya and Iraq, the two that have actually been attacked. Kenneth Schortgen Jr., writing on, noted, "[s]ix months before the US moved into Iraq to take down Saddam Hussein, the oil nation had made the move to accept Euros instead of dollars for oil and this became a threat to the global dominance of the dollar as the reserve currency and its dominion as the petrodollar." According to a Russian article titled "Bombing of Lybia - Punishment for Ghaddafi for His Attempt to Refuse US Dollar," Qaddaffi made a similarly bold move: he initiated a movement to refuse the dollar and the euro and called on Arab and African nations to use a new currency instead, the gold dinar.

Join us on our Social Networks:


Share this page with your friends on your favorite social network: