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The Hidden Hand of American Hegemony - Petrodollar Recycling and International Markets (Hardcover)
Loot Price: R1,320
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The Hidden Hand of American Hegemony - Petrodollar Recycling and International Markets (Hardcover)
Series: Cornell Studies in Political Economy
Expected to ship within 12 - 17 working days
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Between 1973 and 1980, the cost of crude oil rose suddenly and
dramatically, precipitating convulsions in international politics.
Conventional wisdom holds that international capital markets
adjusted automatically and remarkably well: enormous amounts of
money flowed into oil-rich states, and efficient markets then
placed that new money in cash-poor Third World economies. David
Spiro has followed the money trail, and the story he tells
contradicts the accepted beliefs. Most of the sudden flush of new
oil wealth didn't go to poor oil-importing countries around the
globe. Instead, the United States made a deal with Saudi Arabia to
sell it U.S. securities in secret, a deal resulting in a
substantial portion of Saudi assets being held by the U.S.
government. With this arrangement, the U.S. government violated its
agreements with allies in the developed world. Spiro argues that
American policymakers took this action to prop up otherwise
intolerable levels of U.S. public debt. In effect, recycled OPEC
wealth subsidized the debt-happy policies of the U.S. government as
well as the debt-happy consumption of its citizenry.
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