In 1956 Britain, France and Israel launched an illegal war of aggression against Egypt after President Gamal Nasser nationalized the Suez Canal. As in the more recent US invasions of Iraq, Afghanistan, Libya and Syria, UK Prime Minister Anthony Eden’s real goal was regime change – the removal of Nasser as president. Eden, like Bush and Obama believed the local population would welcome the foreign invasion – that they would use it to rise up and topple their leader.
The humiliation Britain faced over the Suez Crisis would spell the end of their role as the world’s foremost super power.
Part 1 covers Egypt’s war of independence, which began as a mass popular uprising against British military occupation. In 1952, a secret group of Egyptian military officers, led by Nasser, took advantage of the civil unrest to topple King Farouk, establish a revolutionary council and demand the withdrawal of British troops. When Britain and the US tried to isolate Nassar by blocking a World Bank loan for Egypt’s Aswan Dam, Nasser responded by nationalizing the Suez Canal Company (jointly owned by Britain and France). His intention was to use canal profits to pay for the dam.
Part 2 concerns the secret conspiracy hatched by Britain, France and and Israel to invade Egypt, reclaim the Suez Canal and remove Nasser from power.
Part 3 covers the brutal invasion and the armed civilian resistance that fought back against the invaders. It also reveals the humiliating circumstances that forced Britain to withdraw their troops before they ever reached the canal. Because both France and Britain hold vetoes on the UN Security Council, Eisenhower used economic warfare to force Britain to agree to a ceasefire. A coordinated attack on the British pound by Wall Street banks* forced Eden to request Eisenhower’s support for an IMF loan. The latter demanded an immediate ceasefire as a condition of the loan.
*The filmmakers are a bit fuzzy about the coordinated sell-off of the British pound that caused its value to plummet. Based on what Willim Engdahl has written about US economic warfare (see How the US Uses War to Protect the Dollar), I suspect it was instigated by the Economy Warfare division of US Treasury.
The first video is a 2015 presentation by William Engdahl about his 2010 book The Gods of Money. It focuses on the use of US economic and military warfare to maintain the supremacy of the US dollar as the global reserve currency.
As his point of departure, he begins with the 1944 Bretton Woods agreement, in which the Allied powers agreed to use the gold-backed US dollar as the world’s reserve currency. In 1971 when Nixon was forced to end the gold standard,* the gold-backed US dollar was replaced by the “petrodollar.” According to Engdahl, it was so named because of a secret agreement the US made with Saudi Arabia – in return for a guarantee that OPEC would only trade oil in US dollars, the US guaranteed the Saudis unlimited military hardware.
In this way, oil importing nations (most of the world) were forced to retain substantial US dollar reserves. This was the only way they could provide their economies with a continuous supply of oil.
The petrodollar remained supreme until the mid-1980s, when the collapse of the US Savings and Loan industry (a pre-cursor of the 2007 banking collapse) raised concerns in Europe that the US was failing as a super power. Fearing the US economy was collapsing, they created the euro and the Eurozone, to prevent the Soviet Union or China from filling the power vacuum.
The financial warfare unit of the US treasury responded by feeding hedge fund manager and currency speculator George Soros secret information that enabled him to lead an attack on the British pound. This, in turn, destabilized the British economy to the point the UK no longer qualified to join the euro.
In 1997 the US Treasury and Soros made a a similar attack on economies of Southeast Asia (Thailand, South Korea, Indonesia, Hong Kong, Laos, Malaysia, Philippines) that attempted to use currencies other than the dollar as their reserve currencies.
In 2010, after the US government had run three years of $1 trillion deficits, China, Russia and Japan announced their intention of selling US Treasury bonds (which the US government sells to finance its debt) to increase their euro reserves. Concerned this placed the US dollar on the brink of catastrophic collapse, the US Treasury and Soros attacked the Euro directly by collapsing the Greek economy. The mechanism Soros used was to direct his hedge funds to dump the sovereign treasury bonds that financed Greek debt.** When the European Central Bank announced its commitment to a Greek bail-out, the US Treasury and Soros followed up with an attack on Irish, Spanish and Portuguese sovereign bonds.
*A US economic crisis led to massive foreign demand for US dollar redemption that threatened to deplete US gold reserves.
** The immediate effect of bondholders dumping Greek bonds raised interest rates on Greek debt to a level that threatened to bankrupt their government.
The second clip is a Guns and Butter radio interview with Engdahl. It focuses on a second area the Gods of Money covers, namely the long US battle to abolish their private central bank (aka the Federal Reserve) and end the ability of private banks to create money out of thin air (see How Banks Create Money Out of Thin Air).
After a brief explanation of fractional reserve banking, whereby 97% of our money is created by private banks, Engdahl traces the history of the First Bank of the United States, created by Alexander Hamilton in 1791. The latter was the first US central bank, 80% owned by private (mostly Rothschild-controlled) banks in the City of London and 20% owned by the US government. President James Madison’s refusal to renew the bank’s charter in 1811 would result in Britain and the US going to war in 1812.
When the war ended in 1815, the American war debt was so substantial, the US had no choice but to charter the Second Bank of the United States, which once again was 80% controlled by London banks.
In 1832, Andrew Jackson refused to renew the bank’s charter, and the US had no central bank between 1832 and 1913. In 1913 when President Woodrow Wilson secretly colluded with the global banking establishment to create the Federal Reserve.
Both Lincoln and Kennedy challenged the exclusive role private banks play in creating the US money supply – Lincoln by issuing greenbacks (rather than borrowing money from private banks) to pay for the civil war and Kennedy by issuing silver certificates directly redeemable by the US Treasury. In both cases, Engdahl feels their defiance of the international banking establishment played a role in the decision to assassinate them.
According to Positive Money, the Green Party of England and Wales has joined the US Green Party in proposing to strip private banks of the power to create money. The September 13 motion calls for the power to be placed with a democratically accountable National Monetary Authority at the Bank of England.
15. Nationalize the 12 Federal Reserve Banks, reconstituting them and the Federal Reserve Systems Washington Board of Governors under a new Monetary Authority Board within the U.S. Treasury. The private creation of money or credit which substitutes for money, will cease and with it the reckless and fraudulent practices that have led to the present financial and economic crisis.
16. The Monetary Authority, with assistance from the FDIC, the SEC, the U.S. Treasury, the Congressional Budget Office, and others will redefine bank lending rules and procedures to end the privilege banks now have to create money when they extend their credit, by ending what’s known as the fractional reserve system in an elegant, non disruptive manner. Banks will be encouraged to continue as profit making companies, extending loans of real money at interest; acting as intermediaries between those clients seeking a return on their savings and those clients ready and able to pay for borrowing the money; but banks will no longer be creators of what we are using for money.
The New Zealand Green Party is still debating whether to include a similar provision in their monetary reform policy.
The Most Revolutionary Act 