drugs

15 Sep: Threats to the West

Something is wrong – Elizabeth Krantz Francis Fukuama famously declared the end of history is his eponymous book. I disagree with his thesis. I believe that the confluences of seismic events taking place now may well be the tipping point of history. We are witnessing the greatest transfer of wealth in history as the Western world is being bled dry by the oil crisis. The world consumes around 90 million barrels of oil per day. At US$110 a barrel, this amounts to daily transfer of $9.9 billion. At a conservative estimate, 60% or $6 billion is extracted from Western countriesdaily or $2.1 trillion annually. The wealth from the production of oil flows to countries that are in most cases unfriendly to the West or are avowed enemies of the West. Saudi Arabia extracts $1.1 billion daily for its 10 million barrels. Much of this money is recycled by Saudi Arabia…