Oil, Dollars, Debt, and Crises: The Global Curse of Black Gold
Oil, Dollars, Debt, and Crises studies the causes of the current oil and global financial crisis and shows how America's and the world's growing dependence on oil has created a repeating pattern of banking, currency, and energy-price crises. Unlike other books on the current financial crisis, which have focused on U.S. indebtedness and American trade and economic policy, Oil, Dollars, Debt, and Crises shows the reader a more complex picture in which transfers of wealth to and from the Middle...
Search in google:
Oil, Dollars, Debt, and Crises studies the causes of the current oil and global financial crisis and shows how America's and the world's growing dependence on oil has created a repeating pattern of banking, currency, and energy-price crises. Unlike other books on the current financial crisis, which have focused on U.S. indebtedness and American trade and economic policy, Oil, Dollars, Debt, and Crises shows the reader a more complex picture in which transfers of wealth to and from the Middle East result in a perfect storm of global asset and financial market bubbles, increased unrest, terrorism and geopolitical conflicts, and eventually rising costs for energy. Only by addressing long-term energy policy challenges in the West, economic development challenges in the Middle East, and the investment horizons of financial market players can policy makers ameliorate the forces that have been causing repeating global economic crises.
List of IllustrationsList of Tables1 The Challenges of Resource Curses and Globalization 1Volatilities: Financial, Economic, and Geopolitical 10Petro-States, Hydrocarbon Dependence, and Resource Curses 14Geopolitical Conflicts and the Politics of Discontent 16Mounting Debt and Fragility of the Global Financial System 18Constants and Variables in the Cycle: 1970s to the Present 192 New Middle East: Childhood 1973-84 and Adolescence 1985-95 25OPEC's Market Power: Economics, Politics, and Volatility 26Middle-East Flows of Labor, Capital, and Cultural Norms 31Oil Price Collapse and the Politics of Discontent 33The Rise of National Oil Companies 40Militarism, Debts, and Global Finance 443 Road to the Status Quo: 1996-2008 51Changing OPEC Politics and Renewed Oil Revenues 52The Other Black Gold: Natural Gas 60The Economics and Geopolitics of Middle-East Discontent 65Deja Vu: Overgrown Children of the 1970s? 714 Globalization of Middle-East Dynamics 75Hedge Funds and Sovereign Wealth Funds 76Increased Financial Integration and Contagion 80Liquefied Natural Gas and Globalized Energy Markets 85Conflicts, Economic Sanctions, and the "War on Terror" 905 Dollars and Debt: The End of the Dollar Era? 97The Dollar as Reserve Currency 97Bretton Woods and Beyond: The Primacy of U.S. Debt 99Global Economic Growth, Interest Rates, and Debt 101Uneasy Symbiosis: U.S. Consumers and Asian Savers 103Contagion: Sequential Bubbles and Crashes 107The Dollar and Bets on Chinese Growth and Oil 1106 Motivations to Attack or Abandon the Dollar 117Americas "Exorbitant Privilege" andGeopolitics 119Petrodollar Recycling and the Dollar-Pricing of Oil 121Saddam Hussein, Ahmadinejad, and Dreams of Petroeuros 122The Paradox of Pegged Currencies 125Pegged Currencies and "The Balance of Financial Terror" 130The Threat of Renewed Protectionism and Mercantilism 134Globalization with Multiple Currencies: Bretton-Woods III? 1397 Resource Curses, Global Volatility, and Crises 143Continued Regional and Global Resource Curses 144The Global Resource Curse 147Continued Global Dependence on Oil 150Global Conflicts, Radicalisms, and Terrorism 159Serial Amnesia, Greed, and Financial Crises 164Peaks and Troughs: The Need to Ameliorate the Cycle 1678 Ameliorating the Cycle 171Technical Solutions and International Cooperation 175Attenuating the Energy-Markets Cycle 177Energy Market Regulation and Multilateral Intervention 181Petrodollar Recycling and International Lender of Last Resort 184Managing Geopolitical Conflicts 188Conclusion 191Notes 193Bibliography 210Index 216
