cross-posted from: https://lemmy.ml/post/21396569
Moira Donegan
Mon 14 Oct 2024 06.07 EDT
It’s more than that, it’s the Petro-Dollar, where the US exploits the Global South with predatory IMF loans, aka Imperialism.
Fossil Fuels are decreasing as a percentage of the overall energy supply that powers so much of the Economy and Industrial and Agricultural production in Western Economies are a small fraction of the total (less than 20% together).
Nowadays it’s not about the West making things with pillaged resources from the Global South, it’s all Financialization and the Ultra-Wealthy extracting the last leftover wealth from everybody, everything and everywhere like the endgame in a Monopoly Game.
Oil by itself is not enough justification, IMHO.
Besides, Israel is being the very opposite of a force for stability in the region, which isn’t going to help the Petro-Dollar.
(If you go check the Gold markets, it’s never been this high, something which possibly signals increasing distrust in the US Dollar and other main currencies)
Israel is being the very opposite of a force for stability in the region, which isn’t going to help the Petro-Dollar.
Israel being a destabilizing force gives the US leverage over the oil rich nations of the region. That’s why Israel is important for the petrodollar. I’m also not sure the US currently has a way to maintain its global economic dominance without the petrodollar. That’s in part why I think you see the US doubling down on support for Israel even in a context where doing so is increasingly risky.
