(Excerpted from Chapter 18: The International Banksters: Big Oil & Their Bankers…)
With all mechanisms in place, a tidal wave of dollar-denominated petro-cash flowed into the London-controlled offshore Eurodollar markets, cementing the US-British “special relationship” which props up the House of Windsor.
The Arab oil embargo of 1973 was the coup de grace to the plan. In 1976 the American Jewish Congress singled out J.P. Morgan and Citibank for their “pivotal roles in the implementation of the Arab boycott”. Both Chemical Bank and Morgan executives argued against tough anti-boycott legislation before Congress.  In 1963 the Eurodollar market was worth around $148 million. By 1982 it was worth $2 trillion.
The ability of corporations and the wealthy to hide their billions in the euro markets is a chronic problem for both the US Treasury and its Third World counterparts. In 1950 US corporations footed 26% of the total US tax bill. By 1990 they were covering only 9%, contributing to massive budget deficits and a $2.4 trillion US debt. It’s worse in poor countries, who borrow the sheiks’ money from the international bankers at exorbitant interest rates, then watch helplessly as IMF oligarch cronies make off with the loot through BCCI-type bankster stings, sending the cash right back into the vortex of the offshore Eurodollar market.
The New York Times estimated that from 1978-1987 Latin America alone lost $600-$800 billion to this type of capital flight, an amount nearly equal to the combined debt of the Third World. The great African revolutionary leader and Tanzanian President Julius Nyerere wondered, “Should we let our people starve so that we can repay our debts?
The international bankers’ answer was an unequivocal “yes”. Their Club of Rome arm, over caviar and pate, advocated depopulation of the world’s undesirable poor. By 1982 the total external debt of the Third World was $540 billion, with 70% of that owed to Western mega-banks. The top nine US banks held Third World debt at 233% of primary capital. From 1974-1982 international bank lending jumped five-fold to over $1 trillion. Profits derived from lending petrodollars to the Third World at the seven largest US banks went from 22% to 60% of total earnings. The biggest victims were Argentina, Brazil, Mexico and Yugoslavia. 
US money center banks formed Financial Services Holding Company to present a unified front as a creditor cartel vis-à-vis Third World debtors. Its board has included Federal Reserve Chairman Allen Greenspan of Morgan Guaranty, John LaWare of Chase Manhattan and William Rhodes of Citigroup. Similar cartels include the Institute for International Finance, the Paris Club and the World Bank- whose IMF whipping boy is marched out to enforce the financial oligarchy’s loan conditions.
If countries are unable to repay these usurious loans, their resources are handed over to the bank’s multinational clients as via the 1995 Mexican debt crisis. The banks tack on millions for their arduous efforts in debt rescheduling ala the $50 million Mexican front-end fee. Investment banking giants Lehman Brothers, UBS Warburg, Lazard Freres, Morgan Stanley, Goldman Sachs, Merrill Lynch and CS First Boston take the lead in the profitable arena of default, as advisers to debtor governments.
When the prospects look bleak for recovering bad loans, the bankers have a habit of offloading their bad debt onto US taxpayers as via the Brady Plan, which was formulated by Bush Secretary of Treasury and Dillon Read investment banker Nicholas Brady. The Brady Plan provided small debt write-offs to Third World debtor nations designed to lure them back into the high-interest borrowing fold. Larger amounts of debt were tabulated as special charges on bank balance sheets, allowing them to claim huge capital loss tax advantages, while soon to be worthless Brady bonds were peddled to an unwitting American public.
The world’s gold standard had been replaced by a petroleum standard. According to US Treasury, from 1974-1980 OPEC plunged $117 billion into the Eurodollar market. SAMA began loaning directly to US multinationals. In 1975 AT&T received a $100 million loan from the Saudi Central Bank. The IMF got on the petrodollar gravy train, borrowing $10 billion from SAMA in 1980.  The international bankers moved offshore, often through joint ventures, to take advantage of the petrodollar bonanza they had engineered. Manufacturers Hanover Trust linked up off-shore with N. M. Rothschild & Son. Chase Manhattan joined Deutsche Bank, National Westminster Bank and Mitsubishi Bank to form Eurodollar player Orion Banking Group.
By 1982 the euro market had assets of $2 trillion, while US M-1 money supply stood at $442 billion. The US debt skyrocketed while the fat cat bankers which US forces are deployed to protect got “filthy rich”. One year following the seminal events of 1973, international money center banks saw their assets increase 72%.  Economist John Maynard Keynes advocated the creation of an “international pool of money”. The offshore Eurodollar market is an Olympic-size pool and the Illuminati bankers are swimming in it.
Dean Henderson is the author of five books: Big Oil & Their Bankers in the Persian Gulf: Four Horsemen, Eight Families & Their Global Intelligence, Narcotics & Terror Network, The Grateful Unrich: Revolution in 50 Countries, Das Kartell der Federal Reserve, Stickin’ it to the Matrix & The Federal Reserve Cartel. You can subscribe free to his weekly Left Hook column @www.hendersonlefthook.wordpress.com