There are three sources for this article–the Wall Street Journal on January 16, 2012, a blog entitled Infowars on March 23, 2012, and the June 22, 2012, update of the Hal Lindsey report.
One of the problems with Iran‘s continued progress toward obtaining a nuclear weapon (and a delivery system) is the impact their possession of nuclear weapons will have on the Middle East. The focus has been on Israel because Iran has stated its intention to destroy Israel, but there is more to the story. Some Arab nations in the area are simply not interested in being part of Iran’s caliphate. Saudi Arabia is one of those nations. The logical way to avoid being threatened by Iran’s possession of nuclear weapons is to have nuclear weapons of your own. At this point I would like to note that it has been an open secret for a number of years that Israel had nuclear weapons. Please note that none of the Arab nations felt threatened by that fact.
Meanwhile, in January of this year, Iran began secret negotiations with China. The basic agreement that followed guaranteed China free flowing oil until 2035 regardless of any market shortages. In exchange, Saudi Arabia receives Chinese Dong Feng 21 medium-range missiles. Saudi Arabia also paid China $60 billion dollars as part of the package.
The Wall Street Journal reports:
The deal, signed Sunday, sets a legal framework that strengthens scientific, technological and economic cooperation between Riyadh and Beijing, according to a joint statement. It seeks to enable cooperation in areas like maintenance and development of nuclear power plants and research reactors, manufacturing and supply of nuclear fuel elements.
The pact with China is the fourth nuclear agreement signed by Saudi Arabia following similar deals with France, Argentina and South Korea. The signing came at the end of Chinese Premier Wen Jiabao’s first trip to Saudi Arabia as part of a six-day tour to the Middle East.
The Gulf state has also been in discussions with the U.S., U.K., Russia and the Czech Republic over better cooperation in nuclear energy.
The article at Infowars reminds us:
In 1973, a deal was struck between Saudi Arabia and the United States in which every barrel of oil purchased from the Saudis would be denominated in U.S. dollars. Under this new arrangement, any country that sought to purchase oil from Saudi Arabia would be required to first exchange their own national currency for U.S. dollars. In exchange for Saudi Arabia’s willingness to denominate their oil sales exclusively in U.S. dollars, the United States offered weapons and protection of their oil fields from neighboring nations, including Israel.
By 1975, all of the OPEC nations had agreed to price their own oil supplies exclusively in U.S. dollars in exchange for weapons and military protection.
This petrodollar system, or more simply known as an “oil for dollars” system, created an immediate artificial demand for U.S. dollars around the globe. And of course, as global oil demand increased, so did the demand for U.S. dollars.
As the demand for U. S. dollars decreases, so does the American economy.
The article at Inforwars points out:
If Saudi Arabia chooses to sell oil in a currency other than the U.S. dollar, most of the rest of the oil producing countries in the Middle East would surely do the same rather quickly.
And we have already seen countries in other parts of the world start to move away from using the U.S. dollar in global trade.
The global community has not successfully dealt with the Iranian nuclear program, and I seriously doubt that they are going to be able to. Because of that we will see the nations of the Middle East begin to enter into an arms race in order to be able to defend themselves. This really does not auger good things for the future of America or the Middle East.