Oil, Dollars, Debt, and Crises: The Global Curse of Black GoldOil, Dollars, Debt, and Crises studies the causes of the current oil and global financial crisis and shows how America's and the world's growing dependence on oil has created a repeating pattern of banking, currency, and energy-price crises. Unlike other books on the current financial crisis, which have focused on U.S. indebtedness and American trade and economic policy, Oil, Dollars, Debt, and Crises shows the reader a more complex picture in which transfers of wealth to and from the Middle East result in a perfect storm of global asset and financial market bubbles, increased unrest, terrorism and geopolitical conflicts, and eventually rising costs for energy. Only by addressing long-term energy policy challenges in the West, economic development challenges in the Middle East, and the investment horizons of financial market players can policy makers ameliorate the forces that have been causing repeating global economic crises. |
Contents
Childhood I 97384 and Adolescence I 98595 | 26 |
I 9962008 | 51 |
Globalization of MiddleEast Dynamics | 75 |
The End of the Dollar Era? | 97 |
Motivations to Attack or Abandon the Dollar | 117 |
Resource Curses Global Volatility and Crises | 143 |
Ameliorating the Cycle | 171 |
Conclusion | 191 |
| 210 | |
| 216 | |
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Common terms and phrases
Arab argued Asian banks benefits Bretton Chapter China conflicts consumption continued contributed cooperation crash crises currency cycle decades decline diversification energy economics energy markets energy prices Euro eventually export factors field Figure finance financial crisis financial markets first fiscal foreign fuel geopolitical global financial global oil gold Gulf hedge funds important increased inflation inflationary inflows influence interest rates international financial system investment investors Iran Iran’s Iranian Iraq Iraq’s Iraqi Islamic Islamist Kuwait levels long-term major Middle East Middle-East geopolitics military million b/d natural gas nuclear oil and gas oil demand oil markets oil prices oil production oil supply oil-exporting countries oil-price OPEC OPEC countries OPEC’s peak oil percent petrodollar flows petrodollar recycling political potential price of oil production capacity Qatar recession reduce region reserves resource curse rise risk role Saddam Hussein Saudi Arabia sector significant significantly Source Sovereign Wealth Funds strategies U.S. Dollar United