THE PETRO-DOLLAR MONETARY SYSTEM
Among the Signs of the Last Day prophesied by Prophet Muhammad (peace and blessings of Allah Most High be upon him) is that “the river Euphrates would uncover a mountain of gold”. He said that “people would fight for that gold and 99 out of every 100 would be killed. Each one of them would however expect to be the ‘one’ in 100 who would survive”. He went on to warn that “whoever is present at that time should not take that gold”. (Sahih Bukhari).
The River Euphrates did uncover a mountain of gold less than a hundred years ago – but it was black gold, namely oil; and there have been constant wars, one after another since that time, for control over that black gold. We will explain in a moment how the petro-dollar came into being when ‘an ocean of oil’ commenced functioning as ‘a mountain of gold’ in the form of an asset or collateral backing a new petro-dollar monetary system. However the world still has to experience such wars over that ‘mountain of gold’ in which 99 out of every 100 would be killed, i.e., wars in which such weapons of mass destruction (as thermo-nuclear weapons) would be used as would cause such colossal deaths. It is unclear whether the wars over ‘the mountain of gold’ would culminate in the Malhama, or great war, prophesied by Prophet Muhammad (peace be upon him). Such a great war would substantially reduce the human population of the world and tiny Israel would then have far less difficulty in ruling the world.
Our view is that we were prohibited from taking any of that ‘mountain of gold’ because it would be used as an instrument of the enslavement of all of mankind. To the extent that we used it, we would eventually be enslaved.
THE ROAD TO THE PETRO-DOLLAR
There is evidence which strongly suggests that the officially disclosed information concerning the October 1973 Arab-Israeli war conceals evidence that the Zionists were successful in penetrating the Arab side to such an extent that they were able to manage the war to their advantage. Even the day and time for the commencement of the war – Youm Kippur – provided a reasonable excuse that could be presented to the Israeli public that would satisfactorily explain the success of the allegedly surprise Arab attack. The Zionist already knew of, and were prepared for, the Arab oil boycott. In fact they may have secretly encouraged it. The price of oil rose by 400% from $3 to $12 within a year of the commencement of the war and the parallel Arab oil boycott of USA.
This spectacular rise in the price of oil not only benefitted the American and British-owned oil companies, but also, and more importantly, the largely-Arab oil exporting countries. The windfall in Arab oil revenues created an opportunity that was cleverly exploited by USA to seek to replace a monetary system hitherto based on gold, or superficially based on gold (i.e., Bretton Woods), with a new one based on oil. In other words the Americans wanted oil to function as gold in a new petro monetary system.
Henry Kissinger, the American Secretary of State (i.e. Foreign Minister), successfully negotiated with Saudi Arabia’s King Faisal an agreement requiring oil to be sold for only US dollars. Saudi Arabia then persuaded the other Arabs to join in the agreement. This was the birth of the Petro-dollar.
The Saudi King is unlikely to have realized that he had signed into the creation of an evil monetary system that was prophesied by his own Prophet (peace be upon him). As a result of that agreement, oil now functioned as gold on behalf of the US dollar. In fact the agreement was manifestly Haram. Prophet Muhammad (peace be upon him) insisted on the preservation of a free and fair market. An agreement requiring oil to be sold for only US dollars constituted a violation of the free market. And since the US dollar could no longer be redeemed for gold at $35 an ounce, the agreement also constituted a violation of the fair market.
The US no longer had to bother about the relation of gold reserves with the quantity of US dollars in circulation. The price of gold could rise to infinity without posing a threat to the US dollar. In other words an opportunity was created for the US Federal Reserve Bank to create as much money as it wanted – with the sky as the limit – and to then feed that money into the banking system. As banks lent that money on interest the newly created money would then be legally recognized as money.
Indeed, as the world moved away from paper to electronic money, it would no longer be necessary to even print US dollar notes. All that the Federal Reserve Bank would have to do, and is currently doing as we speak, is to issue checks for trillions of dollars to banks and thus enhance capacity for the Zionist-controlled banking system to eventually rule the world on Israel’s behalf.