Preserving the $ by invading Iraq

This is old news, but I was reminded of it by a discussion on this weekend. It’s worth thinking about again in these parlous economic times.

Sharma, Tracy, and Kumar (2004) talk about one of the major, but little-discussed reasons for invading Iraq. Is militarism the best way to boost our economy?

What prompted the U.S. attack on Iraq, a country under sanctions for 12 years (1991-2003), struggling to obtain clean water and basic medicines? A little discussed factor responsible for the invasion was the desire to preserve “dollar imperialism” as this hegemony began to be challenged by the euro.

References

Caryl, Christian (2009, October 16). Decline of the dollar. Foreign Policy.

Sharma, Sohan; Tracy, Sue; & Kumar, Surinder (2004, February). The Invasion of Iraq: Dollar vs Euro Re-denominating Iraqi oil in U. S. dollars, instead of the euro. Z magazine.

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