The Gold Dinar: Saving the world economy from Gaddafi
Some believe it is about protecting civilians, others say it is about oil, but some are convinced intervention in Libya is all about Gaddafi’s plan to introduce the gold dinar, a single African currency made from gold, a true sharing of the wealth.
“It’s one of these things that you have to plan almost in secret, because as soon as you say you’re going to change over from the dollar to something else, you’re going to be targeted,” says Ministry of Peace founder Dr James Thring. “There were two conferences on this, in 1986 and 2000, organized by Gaddafi. Everybody was interested, most countries in Africa were keen.”
Gaddafi did not give up. In the months leading up to the military intervention, he called on African and Muslim nations to join together to create this new currency that would rival the dollar and euro. They would sell oil and other resources around the world only for gold dinars.
It is an idea that would shift the economic balance of the world.
A country’s wealth would depend on how much gold it had and not how many dollars it traded. And Libya has 144 tons of gold. The UK, for example, has twice as much, but ten times the population.
“If Gaddafi had an intent to try to re-price his oil or whatever else the country was selling on the global market and accept something else as a currency or maybe launch a gold dinar currency, any move such as that would certainly not be welcomed by the power elite today, who are responsible for controlling the world’s central banks,” says Anthony Wile, founder and chief editor of the Daily Bell.
“So yes, that would certainly be something that would cause his immediate dismissal and the need for other reasons to be brought forward from moving him from power.”
And it has happened before.
In 2000, Saddam Hussein announced Iraqi oil would be traded in euros, not dollars. Some say sanctions and an invasion followed because the Americans were desperate to prevent OPEC from transferring oil trading in all its member countries to the euro.
A gold dinar would have had serious consequences for the world financial system, but may also have empowered the people of Africa, something black activists say the US wants to avoid at all costs.
“The US have denied self-determination to Africans inside the US, so we are not surprised by anything the US would do to hinder the self-determination of Africans on the continent,” says Cynthia Ann McKinney, a former US Congresswoman.
The UK’s gold is kept in a secure vault somewhere in the depths of the Bank of England. As in most developed countries, there is not enough to go around.
But that is not the case in countries like Libya and many of the Gulf States.
A gold dinar would have given oil-rich African and Middle Eastern countries the power to turn around to their energy-hungry customers and say: “Sorry, the price has gone up, and we want gold.”
Some say the US and its NATO allies literally could not afford to let that happen.
Libyan bombings sidelined by Bin Laden death news
Osama Bin Laden's death effectively buried the news of the NATO air strike on Colonel Gaddafi’s compound in Bab Azaziya, Libya, which killed his 29-year-old son, Saif al-Arab, and three grandchildren. They were buried in Tripoli on Monday.
All the children were said to be under 12 years old. The funeral was attended by several thousand people, AP reports.
But within 24 hours after the air strike, the US president announced the death of the world's most wanted terrorist – news which overshadowed anything coming from Libya.
“The idea of extrajudicial assassinations, just days after NATO attempted to assassinate Gaddafi and ended up killing his son and grandchildren – once again, we see another type of extrajudicial assassination going on, which, of course, is an international war crime,” says James Corbett, editor of the Corbett Report. “But in this case it's ok, because it's a boogeyman everyone loves to hate.”
The Coalition commanders have protested they are in full compliance with the UN Security Council resolution on Libya and only target military objects, insisting they are not targeting any person in particular. However, two recent air strikes were targeting the known whereabouts of Gaddafi.
“This was an attack on civilian structure. This was Gaddafi’s personal compound. They murdered three of his grandchildren [and] one of his sons,” Stephen Lendman, a radio host and author, told RT. “The idea is to kill him. It was a war crime. But of course, being in Libya at all is a war crime. All of the complicit NATO countries are committing war crimes every single day, attacking civilian targets, killing civilians.”
The bombings sparked riots, with Gaddafi supporters storming the Italian and British embassies in protest. Some believe, should the Coalition forces continue on their chosen course in Libya, the situation will go from bad to worse.
“NATO’s activities have only strengthened the loyalty and resolve of Gaddafi supporters,” independent journalist Moe Seager explained. “For each bomb that’s dropped on Tripoli and other Gaddafi loyalists’ strongholds, it’s just the psychology of war anywhere: when you bomb a resisting group, the resolve gets stronger.”
And as history shows, the situation in Libya may follow a course already familiar to Western politicians.
“We have to give full credit to the US political establishment and the military establishment that have been always very creative in finding enemies,” a director at Project for Pakistan in the 21st Century, Ahmed Quraishi, told RT. “First, it was the Soviet Union, then it was the Russian Federation, then Osama bin Laden, Saddam Hussein, and now of course we have Muammar Gaddafi, and the next one will come most definitely when the need arises.”
Moscow has expressed concern over the situation in Libya numerous times, saying the Coalition is using excessive force. But protests from Russia, India and China, just to name a few, have been ignored by the West, and while NATO decides on its ultimate goal, no one knows how many more lives will be lost.
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