Tag Archives: Kuwait

Occupying Ghawar

(Excerpted from Chapter 13: USS Persian Gulf: Big Oil & Their Bankers…)

Aside from the economic benefits which US multinationals derived from the brief US war against Iraq and the curtailment of Saudi and Kuwaiti economic power which the Gulf War wrought, there were other important repercussions from the destabilization of the Persian Gulf region. Continue reading

War Balances Books

(Excerpted from Chapter 12: The Gulf Oil War: Big Oil & Their Bankers…)

The record profits accrued by US corporations as a result of the Gulf War also served to offset the imbalance in US/GCC trade created by GCC oil revenue. Continue reading

Stealing The Oil & Making It Worthless

(Excerpted from Chapter 12: The Gulf Oil War: Big Oil & Their Bankers…)

While Saddam was preoccupied with the Iranians, the Kuwaiti government busied itself slowly moving its long-disputed border with Iraq northward into the area containing the massive Rumaila oilfield, which the Four Horsemen now knew to be one of the richest in the world. Continue reading

The Royal Paymaster

000011(Excerpted from Chapter 5: Persian Gulf Rent-A-Sheik: Big Oil & Their Bankers…)

Kuwait’s investments abroad have not been without scandal.  They owned two California hotels with S&L crook Charles Keating. [191]  Kuwait is part-owner of the HSBC-controlled Midland Bank, a major player in the Silver Triangle drug money shuffle and clearing agent for the government of Panama, whose board is loaded with ex-Pentagon officials.  In 1981, the same year that the GCC was created, KOC bought Sante Fe International, a US firm with close ties to the CIA.  The company had developed a horizontal drilling technology which the Kuwaitis employed in stealing Iraqi oil. Continue reading

Floating the Fed’s House of Cards

Chao Phraya River at Ayutthaya, Thailand

Chao Phraya River at Ayutthaya, Thailand

(Excerpted from Chapter 5: Persian Gulf Rent-A-Sheik: Big Oil & Their Bankers…)

The elite families of the six GCC nations are heavily invested in Western economies.  High volume crude oil production keeps this investment capital flowing to Wall Street while allowing the GCC elites to live opulent lifestyles. Continue reading

Convenient Monarchy

000031(Excerpted from Chapter 5: Persian Gulf Rent-A-Sheik: Big Oil & Their Bankers…)

Kuwait was officially formed in the mid 1920’s under the Sykes-Picot Agreement. The al-Sabah family has ruled ever since.  On advice from Saudi King Fahd, the al-Sabah clique dissolved Kuwait’s Parliament in both 1975 and 1986 when opposition to the emir grew too loud. [179] Continue reading

Tea-Sipping Embezzlers

(Excerpted from Chapter 5: Persian Gulf Rent-A-Sheik: Big Oil & Their Bankers…)

In order to fully understand the significance of the formation of the GCC, one must appreciate the history of feudal elite rule and British colonization which resulted in the very existence of the sheikdoms which make up the GCC. Continue reading