OPEC War against America’s Economic Independence?
By Walid Phares
According to economic analysis the severe financial crisis ravaging the US and hitting the international community on all continents has its economic roots in two major realms: One was the overbearing political pressure put on Wall Street to release loans into unprepared sectors of society and two, was the miscalculation -some say the drunkenness- of Wall Street in accepting these immense risks. But according to Political Economy assessment, there may have been a third player in the crisis: OPEC, or more precisely, radical circles within Oil Producing regimes in the Peninsula. The thesis argue that combined Salafist-Wahabi and Muslim Brotherhood circles in the Gulf -with consent from the Iranian side on this particular issue, used the escalating pricing of Oil over the past year to push the financial crisis in the US over the cliff. The “high point” in this analysis is the timing between the skyrocketing of the prices at the pumps and the widening of the real estate crisis. In short the “Oil-push” put the market out of balance hitting back at Wall Street. Basically, there was certainly a crisis in mismanagement domestically (with its two above mentioned roots), but the possible OPEC economic “offensive” crumbled the defenses of US economy in few months.
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