‘Oil war’: How US and Saudi crashed crude prices to hurt Russia, Iran, Venezuela in 2014

In a 2014 “oil war,” the US pressured Saudi Arabia to overproduce crude and intentionally crash prices on the global market, in order to hurt the export-reliant economies of Russia, Iran, and Venezuela.

Ben Norton

Multipolarista | November 18, 2022

The United States and Saudi Arabia waged a very important yet little-known “oil war” in 2014, which had huge geopolitical and economic consequences for the world.

Washington pressured Riyadh to significantly overproduce crude and intentionally crash prices on the global market, in order to hurt the export-reliant economies of Russia, Iran, and Venezuela.

Michael Hudson: A roadmap to escape the west’s stranglehold

Pepe Escobar

THE CRADLE | October 06, 2022

It is impossible to track the geoeconomic turbulence inherent to the “birth pangs” of the multipolar world without the insights of Professor Michael Hudson at the University of Missouri, and author of the already seminal The Destiny of Civilization.

In his latest essay, Professor Hudson digs deeper into Germany’s suicidal economic/financial policies; their effect on the already falling euro – and hints at some possibilities for fast integrating Eurasia and the Global South as a whole to try to break the Hegemon’s stranglehold.

That led to a series of email exchanges, especially about the future role of the yuan, where Hudson remarked:

“The Chinese whom I’ve talked to for years and years did not expect the dollar to weaken. They’re not crying about its rise, but they are concerned about flight capital from China as I think after the Party Congress [starting on October 16] there will be a crackdown on the Shanghai free-market advocacy. Pressure for the coming changes has been long building up. The spirit of reform to rein in ‘free markets’ was spreading among students over a decade ago, and they have been rising in the Party hierarchy.”