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Phares: OPEC manufactured the financial meltdown

Oct 13, 2008 7:57 am By Robert Spencer

WallStreetRag.jpg

Panic on Wall Street, brokers feeling melancholy. Walid Phares, always a perceptive analyst, asserts that “clearly an oil strategy was in the works with a calculated impact on the US economy.”

“OPEC’s Heavy Hand,” by Walid Phares in Human Events, October 10 (thanks to William):

Who manufactured the financial meltdown? It wasn’t only Wall Street: OPEC”s heavy hand is felt but unseen by the media and our politicians.

In bypassing a narrow economic analysis of the ongoing crisis, we can detect clearly the connection between the dizzying ups in petrol pricing and the slowing of American buying capacity. Though we have to conclude that while it is due largely to both Wall Street’s corruption and politicians” abuse of the system handed the tools of doom to the middle class, Main Street’s rapid disenfranchisement was manufactured overseas, thousands of miles away, at the hands of many of the members of OPEC, the oil-producing Cartel.

Indeed, as economic commentators tell us (including a strong accusation leveled by real estate tycoon Donald Trump on Fox News against OPEC), the oil powers are behind the instability that crumbled the will of millions of middle class Americans over the past three years.

If we go back in time, we can see that oil pricing by OPEC”s hard core shows clearly that US leadership wasn’t able to convince the top producers from the Gulf to give American oil consumers a chance. Most producing regimes replied that demand — mostly from China and India — was putting pressure on production. Pressed by Washington to produce more, the “regimes” alleged it would affect the selling price and thus minimize their profits, but promised they would try to “be understanding” of US needs in energy.

This attitude gave the producers discretion over price, while Jihadi propagandists roamed the media accusing Washington of putting unbearable pressure “on the region” to follow American injunctions in setting petrol’s prices. Was there a direct connection between the oil regimes and the Jihadi propagandist machine? We have no answer to that now, but clearly an oil strategy was in the works with a calculated impact on the US economy. This charge is still in its early stages, it will be challenged ferociously, but it will stand as long as convincing answers are not provided….

Read it all.

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