Money makes the world go around, but it is oil that lubricates the machinery of the empire....and it is oil that gives value to the dollar. Yes, we have a petrodollar, and rather than trying to stop the burning of fuels, planet, and people, we rush toward more pipelines, fracked wells, and oil drenched wars. During much of my life the dollar was based on gold.

While World War II was still raging, 730 delegates from all 44 Allied nations gathered in Bretton Woods, New Hampshire for the United Nations Monetary and Financial Conference, also known as the Bretton Woods Conference. The delegates deliberated during 1–22 July 1944, and signed the Bretton Woods agreement on its final day. Setting up a system of rules, institutions, and procedures to regulate the international monetary system, these accords established the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), which today is part of the World Bank Group. The United States, which controlled two thirds of the world's gold, insisted that the Bretton Woods system rest on both gold and the US dollar. Soviet representatives attended the conference but later declined to ratify the final agreements, charging that the institutions they had created were "branches of Wall Street." These organizations became operational in 1945 after a sufficient number of countries had ratified the agreement.
On 15 August 1971, the United States unilaterally terminated convertibility of the US dollar to gold, effectively bringing the Bretton Woods system to an end and rendering the dollar a fiat currency. This action, referred to as the Nixon shock, created the situation in which the US dollar became a reserve currency used by many states. At the same time, many fixed currencies (such as the pound sterling, for example) also became free-floating.

https://en.wikipedia.org/wiki/Bretton_Woods_system

Then Kissinger cut a deal with the Saudis to price oil in US dollars. So, other countries need to sell us goods in order to get dollars with which they can buy oil. (no wonder they love the warmonger). http://www.silverbearcafe.com/private/11.13/kissinger.html

Economist Richard Wolff explains...
- What is money?
- What type of monetary system do we have today?
- Is money a societal creation?
- Why do some have more than others?
https://www.youtube.com/watch?v=nh7eUU5Ro4U (12 min)

Here's a nice summary/review/introduction to understanding the petrodollar...and the US relationship with Saudi Arabia. fast forward a min or 2 to avoid the promo (plus short article).
https://www.youtube.com/watch?v=c51XEiSJi_M (12 min)
https://www.youtube.com/watch?v=nLJXSRKH86M (12 min)
https://seekingalpha.com/article/4025111-u-s-saudi-arabia-relationship-b...

The United States enjoys many benefits because the dollar serves as the international reserve currency. The United States could not face a balance of payments crisis as American debts are denominated in dollars, thus the Federal Reserve could simply print more dollars. In other words, the United States cannot suffer a debt crisis, per se, but would instead face an inflation crisis. The cost of producing a dollar to the United States is simply the cost of printing the note, whereas a foreign government must provide a dollar’s worth of goods for that dollar; the difference between these two values is called seigniorage and its benefits go directly to the American government. Further, the United States dollar's position in the world allows the American federal government to borrow money at exceptionally low interests rates due to high demand for the dollar. This phenomenon is generally called "exorbitant privilege" and allows the United States to run a balance of payments deficit "without tears," as French economist Jacque Rueff said.

https://en.wikipedia.org/wiki/History_of_the_United_States_dollar

The petrodollar provides an interesting lens for viewing our foreign policy.
We have to protect our position as the world reserve currency, and that helps explain why we have hundreds of U.S. military bases stationed in over 130 countries. After all, maintaining an empire dependent upon a “dollars for oil” system is no cheap task and requires careful monitoring and oversight of the world’s oil supplies.
https://ftmdaily.com/preparing-for-the-collapse-of-the-petrodollar-syste...

When the petrodollar has been challenged, it is quickly subdued.

First (did you remember or were you ever told?):
In October 2000 Iraq insisted on dumping the US dollar - 'the currency of the enemy' - for the more multilateral euro. This weakened the value of the dollar and undermined the US economy. That is the unpublicized reason for the elimination of Saddam Hussein. http://www.counterpunch.org/2013/03/22/the-usa-attacked-iraq-because-sad...
He made a handsome profit in euros and the euro went from $0.82 to $1.08 by 2003.
https://www.theguardian.com/business/2003/feb/16/iraq.theeuro

Then:
Gadhafi’s plan to quit selling Libyan oil in U.S. dollars — demanding payment instead in gold-backed “dinars” (a single African currency made from gold) — was the real cause for the invasion. The regime, sitting on massive amounts of gold, estimated at close to 150 tons, was also pushing other African and Middle Eastern governments to follow suit. https://www.thenewamerican.com/economy/markets/item/4630-gadhafi-s-gold-...

More recently, I thought the flood of US fracked fuel on the market caused the drop in gas prices... Silly me.

Oilprice.com looked beyond the headlines for the reason behind the oil price drop (in 2014), and found that the explanation, while difficult to prove, may revolve around control of oil and gas in the Middle East and the weakening of Russia, Iran and Syria by flooding the market with cheap oil.
http://oilprice.com/Energy/Oil-Prices/Did-The-Saudis-And-The-US-Collude-...

Why Syria? Assad wouldn't approve the pipeline to funnel natural gas to Europe.
http://www.ecowatch.com/syria-another-pipeline-war-1882180532.html
http://www.mintpressnews.com/migrant-crisis-syria-war-fueled-by-competin...
http://www.zerohedge.com/news/2013-09-04/guest-post-us-going-war-syria-o...

Russia currently supplies most of Europe's Natural gas through Ukraine. Europe will remain heavily reliant on Russian gas for at least another decade.
http://www.telegraph.co.uk/finance/newsbysector/energy/11056880/Europe-w...

Washington's sanctions regime against Russia's energy sector seems to have backfired.
http://russia-insider.com/en/russias-energy-sector-declares-victory-over...

...energy prices have remained far too low since mid-2014, It is becoming increasingly clear that there really is no oil price which is both high enough for producers and low enough for consumers. We may be living on “borrowed time,” using an increasing amount of debt to support energy producers.
http://peakoil.com/consumption/the-economy-is-like-a-circus/comment-page-1

Oil companies have had to suck up low prices and bear losses by cutting dividends ...poor petro poisoners
https://seekingalpha.com/article/4061462-bp-going-cut-dividend-year

ConocoPhillips’ most recent sales of Canadian oil-sands properties and US natural gas wells for a combined $16 billion will part with nearly 30 percent of its proved reserves in order to deliver near-term shareholder payouts and pare debt.
http://www.arabnews.com/node/1088016/business-economy

Brazil's Petrobras has a debt load of just under $100 billion, amongst the highest in the global oil industry. The appreciation of Brazil's currency, the real, in the last four months helped the company reduce its debt in dollar terms. Perhaps Brazil's corporate coup helped
http://www.rigzone.com/news/oil_gas/a/149089/Petrobras_CEO_sees_debt_fal...

And surprise, surprise...U.S. oil company Exxon Mobil Corp expressed to Brazil's Petrobras "strong interest" in the exploration of deep-water oil fields off the Brazilian coast
http://www.channelnewsasia.com/news/business/petrobras-says-exxon-expres...

We could go on and on about the petrodollar, but its days may be limited...

Max Kiesser thinks the China-Russia gas deal from a couple of years ago may spell the doom of the petro dollar (5 min)
https://www.youtube.com/watch?v=I5jmOwBf_qQ

In short, the Petrodollar may not have died per se, at least not yet since the USD is still holding on to the reserve currency title if only for just a little longer, but it has managed to price itself into irrelevance, which from a USD-recycling standpoint, is essentially the same thing.
http://www.zerohedge.com/news/2015-08-22/why-it-really-all-comes-down-de...

Persistently low oil prices complicate the conduct of monetary policy, risking further inroads by unanchored inflation expectations. What is more, the current episode of low oil prices could ignite a corporate and sovereign defaults, dislocations that can feed back into already jittery financial markets.
https://blogs.imf.org/2016/03/24/oil-prices-and-the-global-economy-its-c...

This video looks at the wars in the middle east and the geopolitical issues that may lead to a confrontation between Russia, China, Iran and their allies, and the US and it's allies, which include Britain, Saudi Arabia and Qatar.
https://www.youtube.com/watch?v=qCbFTnxBEKs (12.5 min)

Phyllis Bennis suggest the only war strategy we have is to show brute force.
http://fpif.org/theres-no-strategy-behind-trumps-wars-only-brute-force/

Climate change promotes wars by stressing populations
http://www.alternet.org/environment/how-climate-change-leads-violent-con...

The US dollar is defined by oil, and we wage war and destroy the environment because nothing is more important to our capitalist society than money...not even the survival of our species.

Here's a novel idea....print enough money to buy out and stop the fossil fuel companies. We did it for the banks. The Next System Project's Gar Alperovitz tells Paul Jay that the Federal Reserve should use quantitive easing, i.e. create money, to take Big Oil companies out of the equation and finance a massive green infrastructure program (transcripts too)
http://therealnews.com/t2/story:18959:Time-to-Buy-Out-Fossil-Fuel-Corpor... (22 min)
http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&I... (22 min)

People are not taking it laying down. The protests expand and continue...

Militarized police arrest peaceful citizens in Flint during Mayors water issues meeting.
http://www.alternet.org/news-amp-politics/6-flint-residents-arrested-wat...

Hundreds of indigenous people and their supporters descended on Trump Hotel in Washington DC, Thursday, blocking traffic outside the premises in protest against the Trump administration's approach to climate change and ecology. (2.5 min)
https://www.youtube.com/watch?v=kZxa0HIbtDs

Bill McKibben discusses the march and more (15 min)
https://www.democracynow.org/2017/4/28/350orgs_bill_mckibben_on_peoples_...

When we look at the objectives of the administration, I wonder if we can protest enough...it is pretty outrageous.

The Corporation in Chief and his oligarchs

Koch Bros in-house corporate lobbying team spent $3.1 million to influence lawmakers over the first three months of the year on a variety of issues affecting its bottom line, including the EPA’s Clean Power Rule on carbon emissions, carbon pricing, the Clean Air Act and “nominations for various positions at the Department of Energy.
https://theintercept.com/2017/04/25/koch-industries-and-other-corporatio...

T-rump AP interview is mostly word salad nonsense, yet 98% of his voters still support him.
http://www.salon.com/2017/04/25/a-display-of-unbelievable-ignorance-in-a...

They have a detailed one page tax proposal to screw working people and help the rich. (transcripts)
https://www.democracynow.org/2017/4/28/trumps_tax_plan_push_to_end (12 min)
Economist James Henry of the Tax Justice Network discusses the robbery
https://www.democracynow.org/2017/4/27/a_land_grab_by_the_ruling (13 min)
Here's more from Dean Baker of the Center for Economic and Policy Research in D.C.
http://therealnews.com/t2/story:18936:Trump-Unveils-Outline-of-his-Pro-C... (12 min)

Trump, with nearly all the government’s climate change work in his crosshairs, is poised to dramatically scale back environmental security programs through dramatic budget cuts.
https://theintercept.com/2017/04/26/donald-trump-is-slashing-programs-li...

Take away net neutrality so they can eliminate voices they don't approve.
http://therealnews.com/t2/story:18946:Activism-Won-Net-Neutrality---Can-...

New York’s debt crisis is an incredibly important and little understood chapter in the evolution of what Nobel Prize-winning economist Joseph Stiglitz calls market fundamentalism, a process the Trump administration is in the process of rapidly accelerating. Naomi Klein and Kim Phillips-Fein
https://theintercept.com/2017/04/23/fear-city-explores-how-donald-trump-...

Some interviews of interest...

A wide ranging conversation with Noam Chomsky and Amy Goodman (no transcript)
https://www.democracynow.org/2017/4/24/watch_live_noam_chomsky_amy_goodman (1.3 hours)
excerpts with transcripts
https://www.democracynow.org/2017/4/26/chomsky_on_the_gop_has_any (10 min)
https://www.democracynow.org/2017/4/26/chomsky_like_obama_trump_is_radic... (5 min)

And a couple of nice interviews with Greg Palast this week
First with Abby Martin (27 min)
https://www.youtube.com/watch?v=BUSTTkhiZUI
and then Thom Hartmann (12 min)
https://www.youtube.com/watch?v=RPdC2ceV-BM

Interesting conversation with Brazilian diplomat in another wide ranging discussion (25 min)
https://www.democracynow.org/2017/4/27/ex_brazilan_foreign_minister_cels...

Thom discusses Trump’s crackdown on immigrants and the growing movement against his administration with Amy Goodman, Host of Democracy Now. (first 12 min)
https://www.youtube.com/watch?v=A-fVm3CkWyw

Education
A rural education advocate says the new Education secretary's suburban, billionaire background doesn't prepare her to deal with the nation's small, public schools
http://www.dailyyonder.com/what-does-devos-know-about-rural-schools-not-...

Charter schools are not working out so well in New Orleans
http://www.huffingtonpost.com/entry/new-orleans-charter-schools-problems...

The way to kill overtesting is to opt out. Here's why.
https://dianeravitch.net/2017/04/24/why-students-should-opt-out-of-state...

UK

Thomas Barlow, the Senior Editor of Real Media, analyzes the electoral panorama for the upcoming June 8 general election in Britain (10 min)
http://therealnews.com/t2/story:18947:Britain%27s-Labour-Party-Leader-Un...

Venezuela

The same plan used in the 1970s to overthrow Salvador Allende in Chile, is being used by the U.S. today in Venezuela against the Bolivarian Revolution. These are the steps to kill a revolution. (3 min)
https://www.youtube.com/watch?v=MKquEL1ghZg

Syria
Israel has been bombing, now they are firing missiles into Syria. It's a free for all (5 min)
https://www.youtube.com/watch?v=CiQQDrMfFa8

Meanwhile Palestinians go on strike (30 sec)
https://www.youtube.com/watch?v=mlyjEaCBcsU

Turkey

Secular Turks fear Erdogan will use his new powers to further the Islamisation of society, restrict freedoms and crack down further still on dissent.
http://www.thearabweekly.com/article/8267/Turkey%20deeply%20divided%20af...

Yemen
We are witnessing the starving and the crippling of an entire generation. Yemen is gripped by "the world's largest hunger crisis".
http://www.thearabweekly.com/article/8314/Humanitarian%20assistance%20ne...

Arts and Entertainment

Chris Hedges hosts artist Enrique Martinez Celaya the sculptor, painter, physicist and philosopher’s work focuses on the struggle of individuals to navigate the inner and outer realms of darkness that negate our individuality. (27 min)
https://www.youtube.com/watch?v=zm_5-X4wGEQ

Song of the week
Watch the new video "If I Was President" by the Los Angeles-based Chicano band Las Cafeteras. The band has been described by the Los Angeles Times as "a uniquely Angeleno mishmash of punk, hip-hop, beat music, cumbia and rock." (4 min)
https://www.youtube.com/watch?v=5XqqsuLl8hU

Movie of the week

Man's Castle (1933)
It's one of many movies made in the '30s that acknowledges the dire economic straits of the era, and in this case it provides escape from harsh reality through transcendental love. Director Borzage never needed dream worlds for his suspensions of disbelief. He plunged into the real world of poverty and oppression, the world of Roosevelt and Hitler, the New Deal and the New Order, to impart an aura to his characters, not merely through soft focus and a fluid camera, but through a genuine concern with the wondrous inner life of lovers in the midst of adversity. http://www.tcm.com/this-month/article/196959%7C0/A-Man-s-Castle.html

https://www.youtube.com/watch?v=KdKEryKQlKs (1.1 hr)

So here we are in the midst of a great extinction and yet what is important is more money. That's why we plan to pump dirty tar sands sludge across our most important aquifer. That's why we promulgate war. That's why we use our atmosphere like a sewage dump. That's why untold atrocities occur in the name of our country and the global corporate cabal. Here's hoping the marches have opened some eyes and people are awakening.

Please share your views, insights, and stories in the comments below. Have a good Sunday!