BLACK GOLD AND THE PETRODOLLAR

BLACK GOLD AND THE PETRODOLLAR

The Oil Embargo of 1973 turned around the resource and wealth sharing formula of international trade. The world was a better place for developing countries with the related potential. The developed world was not ready for this: it still evinces this unreadiness.

What really went down? In lay terms, some of the strong among the hungry of the earth got tired of a mouthful of nothing. As Golda Meir cited from the Talmud: if I don’t speak for myself, who will. What the world witnesses today seems relative more to the second phrase of her quote: if I am for me only what am I? Greedy.

Greed is not a subject entirely new to man. It is an insignificant sub-topic under ‘might is right.’ Man didn’t lose much of his cave-time tendencies in pecuniary concerns of civilization. The ‘winner-takes-all’ tendencies ensure good sleep for Richie Rich.

It is ironic that rich nations churn out bundles from Microsoft by the instrumentality of the Anti Trust Law!

Each nation strives in its diverse strengths to obtain its greatest bite from the global economy. The capitalist twist takes all in its stride, left or right wingers. The weak, characteristically, are dealt a hard blow with none to speak for them. Since the UN lacks a legislative arm, they have to suffice with food hand-outs.

This has not gone down well with some, even ‘ungrateful’ beneficiaries of such aids such as the Government of Niger that said ‘our people are not hungry’, amidst graphic pictures on CNN and BBC that depicted gory sights the world did not witness in the Holocaust.

Other more outspoken, or rather action prone, self-accredited groups garner popular support, justifying their cause by such debacle.

In the Middle East, popular belief holds that Allah bestowed large reservoirs of Black Gold within Arab borders for the propagation of Islam. The first consideration was to reinvest the tremendous outflow of stupendous wealth right back into the American economy where it came from. Religious strategies culminated into economic policies, which spilled into political agendas and eventually now, military tactics.

A struggle of desperate proportions mingles emotions in a shout of rage. War chants, squeals of agony and frustrated murmurs and fearful shrieks are all weaved up in one.

Tables were shun too long, swords were whet too sharp and cunning was forge in ever-new mettle. This is a cat-knot of wool most knitters would prefer to do away with. One wrong chapter of human history stands to be erased, in penultimate time!

Buyer and seller ought to have a relationship first. Trade is secondary to trust. Force is external to interactive sessions. Sometimes it can be quite annoying to be menaced by a condescending look and words that expect one to act of less intelligence. It is no fault of the lesser that the greater can’t keep in time with development in intellect as he does in power!

Each voice that speaks on the global scene is representative and as such noble. That basic understanding must be respected. The name ‘dad’ and the title ‘Your Excellency’ are sweet to the ears, dividing allegiance of those gathered to get split shares on the global arena. Ethics that underline the Anti Trust Law should guide and alleviate unequal bargaining power to preempt a show of militia prowess.

Innovative demands have hurled the Hulk (China) on the rest of the world. The hitherto dormant giant has got to get what’s hers now she’s demanding. Bargaining power, market, purchasing power, resource, she has all. Chaos could arise from an unprepared ness to meet present realities.

New definitions, new products, new relationships, new attitudes, new goals should be advocated, leaving the past behind. Mankind never had it better: no dirty corners of the earth, an enlightened global community, leaders in one playing-field…. that requires leveling.