Other blogs disagreeing with fake oil crisis

[D-Mack]

One of the readers here sent me a link to iTulip.com where one of the members mentioned that the oil crisis of the stagnation years from 1972-1984 was 'fake'. This is typical of many people who were probably too young to remember what happened during those years or were too politically unaware of what was going on back then. My own father was sent to Saudi Arabia in 1974 to be a friendly envoy to persuade King Faisal to cooperate with the US and bring down oil prices.

http://elainemeinelsupkis.typepad.com/money_matters/

I thought this was basic stuff

(18.) Ibid., pp. 268-269. Engdahl argues that the oil shock in 1973 was rigged at Saltsjobaden, Sweden during at meeting of the Bilderberg group. The jump in oil prices had the result of creating a huge pool of so-called 'petrodollars' that could not be invested in the countries that accrued them. Thus, they were invested in Europe and the United States instead of Saudi Arabia and Kuwait. Besides strengthening the dollar in the wake of the decoupling from the gold standard, the price shock had the effect of placing developing countries in a perpetual debt cycle since their raw materials did not rise in price as the cost of dollar-denominated petroleum did. See pp. 130-141.
http://www.mikegravel.us/content/art...op-showboating