Babylonian Empire

"Moreover, this will increase the competitiveness of our internally produced products in the international market when they are exported." Qusay said: "This is also the reason why Europe has always wanted to unify the currency. We in Iraq, now The industry has developed rapidly, but it is impossible to produce all the accessories independently, and some of them need to be subcontracted to other manufacturers. In the future, there will definitely be many product cooperation relationships among our countries.”

Although the unified currency is still doubted by many people now, it is completely a trend in later generations. Not only Europe has successfully realized the development of the Eurozone, but also in Asia and even North America, various proposals for a unified currency are being discussed. possible.

Qusay also knows that at this time, there is no euro, so skepticism is essential.Although both Saudi Arabia and Kuwait are loyal allies of Iraq, they must first consider their own interests on issues related to their own vital interests.

This unified currency has advantages, but it also has disadvantages. The biggest disadvantage is that all member states must abandon the dúlìxìng of monetary policy, which means that countries can no longer use monetary policy as a policy tool to adjust the macroeconomy.

In the financial field, Kuwaitis have the most say. They have been carrying out various financial activities. The Kuwait Investment Authority has invested Kuwait's oil revenue internationally. Kuwait's financial revenue has caught up with In this way, when the oil is poor in the future, there is no need to worry about Kuwait's financial resources.

Now, Kuwait mainly uses U.S. dollars, or in other words, the main foreign exchange held by other countries is U.S. dollars, because when they export oil, they receive U.S. dollars.

After listening to Qusay's words, everyone was silent, thinking about the benefits that Qusay said, whether it was worth the country's support for this plan.

Qusay knows that these are their own rights, and Iraq cannot force them to join the camp of the unified currency.

After a while, King Fahd spoke first. He asked Qusay, "President Qusay, do you have any other intentions for this plan?"

In fact, Fahd had already guessed Qusay's true thoughts, but he still wanted to get verification from Qusay's mouth.

"What do you think?" Qusay asked back: "Your Majesty, if we unify the currency, are there any other benefits?"

"If we unify the currency, then we don't need to use dollars to pay for oil, we can consider paying with our own currency." At this time, Saudi Oil Minister Prince Saleh said.

As soon as his words came out, everyone was stunned.

Use your own currency to settle oil!

Qusay smiled. The Minister of Petroleum was quick to respond, or rather, the Minister of Petroleum was a little stupid. In short, if the window paper is clear, everything will be easy to handle.

The reason why the United States can be so rampant and become a superpower is not only a powerful military, but also an economic giant, and this economic power is entirely caused by the US dollar, or in other words, the US dollar oil system has a lot of credit .

At the beginning, the U.S. dollar was decoupled from gold and the Bretton Woods monetary system collapsed. The U.S. seized the straw of oil in time. The U.S. weapon Kissinger persuaded Saudi Arabia to let oil-exporting countries accept U.S. dollars as the only currency for pricing and settlement of international oil transactions. .In the end, the U.S. dollar became the only proof of payment. In this way, the most direct understanding is that the United States can buy oil by printing banknotes, and other countries in the world must exchange real goods and services from the U.S. for U.S. dollars, and then buy essential oils. Therefore, these petrodollars are turned into financial assets such as U.S. stocks and treasury bonds in the form of backflow, filling the U.S. trade and fiscal deficits and supporting the U.S. economy.

The ability of the United States to become the world currency has a lot to do with oil. Do you want to buy oil?Then you have to trade with the United States first, and you have US dollars, because oil-exporting countries only accept US dollars!

However, it is different now, the United States has nothing to do with oil, and people in the Middle East use their own currency to settle oil!

Printing your own currency and then using your own currency to settle oil is the most appropriate choice.

In this way, the Middle East's own currency will become the world's currency.

Chapter One Thousand and Three Unified Currency ([-])

The unification of the currency in the Middle East is just a previous move. After the unification, using this currency to settle its own oil resources is the last move. This move will allow the economy of the Middle East to complete a rapid development again, allowing the Middle East, It is possible to become the center of the world.

In later generations, there were three countries that used this trick. The first was Iraq. In 2000, Saddam Hussein adopted the euro to settle the oil exported by the country. Before the settlement, the ratio of the euro to the dollar was 1 The euro is 83 cents, and after settlement, it is 1 euro to 1.05 cents. The second country is Iran. In 06, Iran established an oil exchange that traded and priced in euros. The third is Venezuela, and South American countries established a barter mechanism.

However, the establishment of such a mechanism is to take a lot of risk.

At the beginning, the US dollar was pegged to gold because the United States had sufficient gold reserves. Later, as the US gold reserves dwindled, the Bretton Woods monetary system collapsed.The current petrodollar system is not as good as the Bretton Woods monetary system, because oil is what supports this system, but oil is not owned by the United States, but distributed in many countries around the world.If a certain factor causes the United States to lose control of oil resources, it will have an impact on the system, and this kind of material support is unreliable.

However, for more than a decade, and for decades to come, the United States has maintained the normal operation of this system, because the United States has unrivaled force!Which oil-exporting country is disobedient, then use its own force to force the oil-producing country to implement the US monetary policy.

Saddam was disobedient, so the Americans finally launched a war to overthrow Saddam's regime. The new zhèngfǔ is completely in the interests of the United States. Even the domestic oil resources that have been nationalized for decades are also sold to Foreign companies come to mine.

Iran is disobedient, and the United States has been preparing to clean up, but decades of confrontation have left them with lingering fears.However, when Iran gave up the US dollar, the US aircraft carrier immediately entered the Middle East.

The printing of U.S. dollars is controlled by the United States itself. Therefore, the U.S. can obtain physical goods by printing U.S. dollar bills, and can also use the depreciation of the U.S. dollar to collect the currency wealth already owned by other countries. The U.S. dollar is a hegemonic currency, and the U.S. economy is a hegemonic economy .This is a deformed monetary and financial system.

If the U.S. dollar is no longer linked to oil, then the U.S. dollars held by various countries will gradually decrease, and these U.S. dollars will eventually flow back to the United States, and the U.S. economy will be completely defeated.

As a responsible major country in the Middle East, Qusay is well aware of the stakes, so what he proposes now is only the first step.

"It is a long-term process for us to develop our economy, and our unified currency will also be a long-term process." Qusai said: "At this stage, we need to reach an agreement to establish the Arab zhōngyāng bank and gradually To promote our currency, after several years of trials, cancel our national currency, use the same currency uniformly, and then promote our currency to all of our Arab world. When this step is completed, we can consider, in We use our own currency to settle the oil we export. It may take five to ten years, but this is the last action we must take, using our own currency to settle our own oil, throwing open dollars!"

Qusay made it very clear that this is a long process that requires gradual development. First, the unified currency should be used simultaneously with the national currency, and then the national currency should be withdrawn gradually to complete the conversion step by step.

Finally, when the unified currency becomes widely used, then use this currency to settle the dollar.

Qusay has stated these conditions. However, the meeting was temporarily terminated. King Fahd suggested that everyone is a little tired after coming to Riyadh. Take a day off and continue discussing this topic tomorrow.

Qusay knew that this was something they had to discuss among themselves. It was absolutely impossible to agree to such a big matter immediately, and they needed to weigh various pros and cons.

However, Qusay is confident that both Saudi Arabia and Kuwait will agree, because this will make the entire Arab world stronger!

After leaving the palace, Qusai did not go back to the hotel directly, nor did he care to enjoy the scenery along the way, but went to the Kingdom Construction Company. The Prince of Riyadh has now entered the United Arab Commercial Bank, which is his current main direction of development , into the banking industry.

To promote the Arabs' own currency, in addition to zhōngyāng banks, various commercial banks also have to play a big role.

In the Saudi royal palace, people from Kuwait and Iraq had left at this time, but the remaining few started a dispute.

"There is no doubt that the use of a unified currency, the final payment, and the settlement of our oil is the most fair and reasonable way, which will benefit our entire Arab world." Oil Minister Saleh said.

As the oil minister, Saleh is well aware of the impact that changing the settlement method will have on Saudi Arabia and the entire Middle East, and will bring their economy to a new level.

"However, this will deeply stimulate the Americans." said Finance Minister Daoud: "The establishment of this petrodollar system has made the US dollar the world currency. If, if we start to have any signs of abandoning the US dollar, the Americans will definitely It will completely change our attitude, we have a lot of funds in the United States, at that time, the United States may freeze all our funds, and the United States may use force to exert pressure on us."

Oil is the fundamental interest of Saudi Arabia. Saudi Arabia has huge wealth, but there is no corresponding force to protect it. Therefore, for Saudi Arabia, it is necessary to find a suitable bodyguard to protect their wealth. This bodyguard is the United States .

At the beginning, Kissinger was able to persuade Saudi Arabia, and this reason accounted for a large part.Although Saudi Arabia has modern aircraft and tanks, Saudi Arabia is definitely not a military power.

Saudi Arabia is rich, but they lack a condition that fighters must possess, blood xìng.

Facing Qusay's proposal, the two important ministers put forward different opinions. The Minister of Petroleum saw the benefits, while the Minister of Finance saw the risks.

King Fahd's face was very calm, and he said to Prince Sultan: "Sultan, what do you think?"

The relationship between Prince Sultan and Iraq has always been very good. Prince Fahd thought that he would very much agree with Iraq's decision. Unexpectedly, Prince Sultan's words were very pertinent and did not mean to be inclined to Iraq at all.

"This is indeed a difficult choice. If we unify the currency, we can use our own currency to pay for oil in the Arab world. This will cause our currency to become the world's currency, or even completely replace the US dollar. It is possible, but the risk of doing so is indeed very high. It is impossible for us to defect to the Soviet Union. Our policy has always been pro-American, and there is no doubt that if we do this, the United States will definitely resent it , the Americans will put pressure on us mercilessly, or even attack us. When we propose to use our currency to settle oil, that is when we completely break with the United States.” Prince Sultan looked at the problem, it is more clearly.

"So, do we have the ability to resist the pressure of the United States, or even strike?" Prince Fahd asked.

Prince Sultan shook his head: "No, if we really come to the opposite side with the United States, we are not absolutely sure that we will be able to fight with the United States, especially, our equipment is all made in the United States. The Americans only need to cut off our supply of spare parts, and our weapons will be as ineffective as Iran was.”

"However, Iraq has. Now in Iraq, the industry is developing very fast, and all kinds of weapons, including fighter jets, can be independently produced. The Iraqi navy was originally weak, but now, there are two large destroyers, and the library According to Sai, they will definitely continue to develop their navy." Prince Sultan continued: "Although Iraq does not have the absolute strength to confront the United States, a few years later, when our unified currency is stabilized, I am afraid Iraq already has very strong capabilities."

They only unify the currency now. Although the United States may be dissatisfied and will exert pressure, it will definitely not go to the point of fighting. Only when they announce that they will not use US dollars to settle oil will they turn against each other. However, that By then, Iraq must have had the capability.

Prince Sultan believed that Qusay must have already planned his future actions, so he threw out this plan now. However, Prince Sultan must give all factors to His Majesty the King Explained, this is his duty.

King Fahd is also weighing in his heart. For Saudi Arabia, the main choice this time is whether to continue to rely on the United States or completely rely on Iraq in the future.

The strength of the United States is beyond doubt, and Iraq is the pride of their Arabs. How should Saudi Arabia choose?

King Fahd knew that Kuwait must be facing the same choice now.

This is a tough choice.