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Posts Tagged ‘Britain’

‘Opium financed British rule in India’

Elephants in the room. (from the Non Sequitur series of cartoons by Wiley Miller). Click for larger image.

Elephants in the room. (from the Non Sequitur series of cartoons by Wiley Miller). Click for larger image.

Under the British Raj, an enormous amount of opium was being exported out of India until the 1920s.

Before the British came, India was one of the world’s great economies. For 200 years India dwindled and dwindled into almost nothing.

Once I started researching into it, it was kind of inescapable – all the roads led back to opium.

I was looking into it as I began writing the book about five years ago. Like most Indians, I had very little idea about opium.

It is not a coincidence that 20 years after the opium trade stopped, the Raj more or less packed up its bags and left. India was not a paying proposition any longer. (via BBC NEWS | South Asia | ‘Opium financed British rule in India’).

Poor Indy Joe

Amitav Ghosh, a trained anthropologist and historian with a doctorate from Oxford University, did not know about the opium trade by the British Raj. The West has done a great job of hiding elephants in the room.

Does the average Indy Joe have a chance?

Birth of a new religion

But there is any layer to this problem. A new religion. It is called Westernization. ‘Modern’ Indians can be satisfied with perception and propaganda. Easier to digest, I presume.

At this rate, India will become another case of ‘forget-nothing-learn-nothing’. So enamored with the new religion of ‘Westernization’ are we, that no criticism will be accepted or tolerated.

Many ‘educated’ Indians have come to believe that the West is a friend of India – or has answers or solutions for India. Forget about India.

Does West have an answer to their own problems.

Global Health Survey – Ghost In The Machine

June 5, 2011 1 comment
Map of international healthcare attitudes - LSE-BUPA 12 country study

Map of international healthcare attitudes - LSE-BUPA 12 country study

Around 84 per cent of Britons are drinkers – way ahead of the lowest nation, India, where just 27 per cent ever have a tipple – compared with the international average of 71 per cent. (via Why we are the world’s booziest nation: Britons drink more regularly than any other country | Mail Online).

This report by Daily Mail was widely distributed in the Indian print and online media. The Daily Mail report was itself based on a survey of 12 countries, conducted by London School of Economics (LSE), for BUPA, an insurance corporation – with India coverage also.

What happens when more than 500 million have close to zero family life.

What happens when more than 500 million have close to zero family life.

Data before doubt

Since this report came from IANS, further verification was required.

There are a few obvious areas where discrepancies can possibly come into in this survey. For instance, survey possibly measured consumption trends of Western alcoholic beverages.

After all traditional Indian alcoholic beverages are produced in every town and village. In Indian society, orthodox restrictions on consumption of alcoholic beverages apply to less than 30%-35% of the population (Brahmins, Vaishyas and Muslims).

For the balance 65%-70% of the population restrictions on consumption of alcoholic beverages don’t apply. Additionally, there are traditional home-brews that are not possibly reported, measured or estimated. Home brews made like tharra (from sugarcane juice), tadi, arakh (from palm tree sap), daaru (from mahua flowers, hadia, chuak, sonti, (rice-based), chhaang (grain based-barley, millet or rice) pheni (from kaju fruit), grapes, are common all over the country.

Substance use and addiction research in India by Pratima Murthy et al. Click to download PDF file.

Substance use and addiction research in India by Pratima Murthy et al. Click to download PDF file.

But going by some independent studies, this figure seems to hold up. A study which uses a wide data-set, reports 21.4% alcohol usage across India.

Previous posts on tobacco consumption and narcotics have examined this issue from historical basis.

Apparently, the Indian family structure does a better job than the State – in crime control despite a huge illegal gun population and a small police force. Low tobacco consumption in spite of being a large tobacco producer.

Most narcotic drugs were discovered in India – yet drug abuse remains low in India.  During the 1960-1990 period, when gold trade was severely affected, the drugs-transshipment-for-gold pipeline sparked a global crime wave. India became the conduit for drugs from the Golden Triangle and the Golden Crescent. Yet drug consumption remained a minor problem. Or the huge commercial sex and pornography industry in the West. But, then the Desert Bloc needs people to be ‘single – and far from home’.

Unlike भारत-तंत्र Bharat-tantra.

The Maya of Pandemics

June 2, 2011 4 comments

Diseases that affect West the most, always seem to originate outside the West?

The pattern. Blame Africa, Asia for such unprovable theories. Announce aid programme. Continue intervention, meddling, and neo-colonial hold over power. (Cartoon by Signe Wilkinson; Courtesy cartoonistgroup.com). Click for larger image.

The pattern. Blame Africa, Asia for such unprovable theories. Announce aid programme. Continue intervention, meddling, and neo-colonial hold over power. (Cartoon by Signe Wilkinson; Courtesy cartoonistgroup.com). Click for larger image.

Excuse to meddle

NDM-1 (New Delhi metallo-beta-lactamase 1) superbug story is too much like ‘AIDS-started-in-Africa’ kind of hoax.

While Hong-Kong and China were being targeted for swine-flu, the real story lay, South of USA, in a US-owned slaughter house.

An 86-year-old Ontario man was found to be carrying bacteria resistant to most antibiotics because of NDM-1, or New Delhi metallo-1, an enzyme that alters the DNA of various types of bacteria. NDM-1 is endemic in India and Pakistan and has spread worldwide due to global travel.

But the patient, who was admitted to hospital and then a rehabilitation centre after suffering a stroke last October, had not travelled outside southwestern Ontario for the last decade. None of the man’s family members or other close contacts were carrying the superbug, nor had any been to parts of the world where NDM-1 is widespread.

“So it’s really unfortunately a mystery in terms of his source, and it certainly suggests that he acquired it here in the southwestern Ontario region,” said Dr. Susan Poutanen, an infectious disease physician at Mount Sinai Hospital in Toronto.

“So whether it was in Toronto, whether it was outside of Toronto, whether it was in hospital or whether it was in the community, at this point we really can’t say,” added Poutanen, principal investigator of a study describing the case. (via Case of NDM-1 superbug appears to be first acquired within Canada: researchers  |  05/30/2011  | Sheryl Ubelacker, Health Reporter  |  The Canadian Press).

With a large commercial sex worker population in EU and USA, a flourishing pornographic industry, significant drug usage, the West is the ideal candidate for origin of AIDS. (Cartoonist - Signe Wilkinson; courtesy - cartoonistgroup.com). Click for larger image.

With a large commercial sex worker population in EU and USA, a flourishing pornographic industry, significant drug usage, the West is the ideal candidate for origin of AIDS. (Cartoonist - Signe Wilkinson; courtesy - cartoonistgroup.com). Click for larger image.

Another hot-air balloon

For the last two years, India was held responsible for this ‘creation’. First detected and peddled by British ‘scientists’, this super-bug ‘discovery’ is hogging media attention.

Western medical science trying to show certainty and assurance, where none can be possible (currently), uses these tools for propaganda purposes. Truth maybe real victim of methodology.

Maya it is.


How governments drive tobacco trade

Tobacco – a colonial addiction

Six companies and sundry State monopolies drive global cigarette consumption. These six companies derive more than US$100 billion dollars in revenues, globally. For many years they were advertising industries largest customers.These six companies are headquartered at former European imperial powers (UK, France, Spain), USA and Japan.

Four tobacco companies and State monopolies control global tobacco trade. (Image source - http://www.tobaccoatlas.org). Click for interactive source map.

Four tobacco companies and State monopolies control global tobacco trade. (Image source - http://www.tobaccoatlas.org). Click for interactive source map.

In recent years, dozens of cigarette manufacturing companies have consolidated under four major private corporations: Altria/Philip Morris, British American Tobacco, Japan Tobacco International, and Imperial Tobacco. State monopolies are also major cigarette manufacturers. The largest state monopoly is China National Tobacco Corporation, with a global cigarette market share that exceeds that of any private company. Because the European Union intends to restrict further mergers and acquisitions that increase a tobacco company’s market-share dominance, industry consolidation trends may have peaked.

The tobacco industry includes some of the most powerful transnational corporate entities in the world. Tobacco conglomerates have diversified into many other industries, such as financial services, food and beverages, pharmaceuticals, real estate, hotels, restaurants, communications, and apparel, among others. The tobacco industry is expected to continue increasing in size and power.

The global tobacco market, valued at $378 billion, grew by 4.6 percent in 2007. By the year 2012, the value of the global tobacco market is projected to increase another 23 percent, reaching $464.4 billion. If Big Tobacco were a country, it would have the 23rd-largest gross domestic product in the world, surpassing the GDP of countries like Norway and Saudi Arabia. (via Tobacco Atlas Online – Tobacco Companies.).

India’s small production base is a combination of two aspects. Indian social inertia against addictive substances and the Government on the other. Indian cigarette business, small as it is, was put in Indian hands during Indira Gandhi’s socialist days. BAT lost control of ITC, which was placed in the hands of professional Indian managers.

Cigarette production in major markets (Graphics by timesofindia.com.). Click for larger image.

Cigarette production in major markets (Graphics by timesofindia.com.). Click for larger image.

Chinese State Tobacco monopoly

The complicity of governments is very similar to the modern expansion in prostitution – especially in the West.

Or Western powers pushing opium in China in the nineteenth century. After the opium experience of the Chinese, when Western trading houses, under State protection, using the garb of ‘free trade’, made China into the largest consumer of opium.

The Chinese Govt. has replaced opium with tobacco.

The second secret of the tobacco business is to be dominant in purchasing and cornering tobacco stock. For cornering tobacco stocks, Big Tobacco depends on Central Banks’ support – aka State support. For instance, ITC (and other major global tobacco purchasers) in India has a major presence in Guntur, where Indian tobacco trade is headquartered.

ITC’s over-sized chequebook buys it market dominance.

The Indian tobacco profile

India is the third largest producer of tobacco – after China and USA. India ranks 6th as a tobacco exporting nation, as most of tobacco in India is consumed by domestic consumers. Tobacco consumption in India follows traditional patterns, as a non-industrial product – spanning chewing tobacco, bidis (tobacco rolled in leaves), hookah, clay pipes and snuff. Indian traditional tobacco usage consumes between 75%-85% of total tobacco cultivation.

Indian tobacco consumption and control follows consumption patterns of psychotropic drugs. All the major drugs in the world came of India – opium is afeem, khuskhus पोस्त; cannabis is charas, ganja, marijuana, hashish. Heroin is a derivative of opium. Even, as Indians are significant (legal) producers, they are not high on consumption lists.

However, drugs never became a big problem in India. Unlike in China, or in Medieval Middle East (when drug crazed criminals called hashishis became assassins). All these drugs were introduced to the world by India – with records going back to 1000 BC. Similarly family and peer pressure plays an important role in controlling the less dangerous form of traditional tobacco usage in India. In modern times, Indian gold smuggling was funded by carriage and export of drugs.

Cigarette production consumes less than one-fourth of India’s tobacco production.

Until two years ago, non-filter cigarettes comprised 30% of the total cigarette consumption. But with an increase in excise duty on non-filter cigarettes from Rs 168 to Rs 819 per thousand from March 1, 2008, the demand for low-priced filter cigarettes has risen At present, the excise duty on a pack of 10 filter cigarettes is Rs 8.19, and VAT Rs 1.05. Thus, taxes total Rs 10 per pack. Illicit cigarettes are sold for less than this amount, leading the government to believe that either registered cigarette units are evading duty or foreign-made cigarettes are flooding the market from Myanmar and the UK The business of low-cost cigarettes is big in the country, especially in Delhi, Uttar Pradesh, Madhya Pradesh, Rajasthan and Punjab. (via Article Window).

The expansion of manufacturing in cigarettes globally (see chart) is much like the housing scam in US and Europe. Banks made huge advances, created a bubble, and are now busy foreclosing these loans. The modern myth of Republic Democracy at work.

How maya works in real life.

Gold grand prix – The Chinese challenge

Total Gold demand - Top world markets (Image courtesy 0 ft.com). Click for a larger copy.

Total Gold demand - Top world markets (Image courtesy - ft.com). Click for a larger copy.

Golden ambitions

Western media has breathlessly announced that India’s leadership of many centuries as the largest buyer of gold has been broken by the Chinese. What does this mean for India and China? Not to forget the rest of the world. In the last few months,

India and China combined to contribute 63 percent of the total gold jewelry demand in the world in the first quarter.

Investment demand has grown (in China) by an average 14 percent a year since deregulation of the market in 2001, “a trend that has continued with the strong growth momentum witnessed in the first quarter,” it said. China’s investment demand jumped 123 percent to 90.9 tons in the first three months, compared with an 8 percent rise to 85.6 tons for India.

The country’s total (investment + jewelry)  gold demand in the first quarter jumped 47 percent from a year ago to 233.8 tons, the council said. That still lags behind Indian consumption of 291.8 tons, according to the council. (emphasised text in brackets supplied.)

Gold-to-silver ratios in the past few decades. Image courtesy - wsj.com. Click for larger image.

Gold-to-silver ratios in the past few decades. Image courtesy - wsj.com. Click for larger image.

Law abiding citizens

International regulatory damping of gold demand – especially in USA, India and China eased from 1975 onwards – from December 31st, 1974, with Executive Order 11825 by Gerald Ford.

Unlike India, which was well serviced and supplied with gold by the Indian underworld, China and the USA were deprived of gold supplies during this regulatory blackout of nearly 50 years. Current growth in demand for gold in China is building on a

low base which means that the investment demand and demand for an inflation hedge from 1.3 billion increasingly wealthy Chinese people is more than sustainable.

The not realized important fact that the people of China were banned from owning gold bullion from 1950 to 2003, means that the per capita consumption of over 1.3 billion people is rising from a tiny base. Gold ownership by the Chinese public remains minuscule. Especially when compared to other Asian countries such as Vietnam and India.

Should the Chinese economy crash as some predict, demand could fall. However, sharp declines in Chinese equity and property markets and a depreciation of the yuan would likely lead to significant safe haven demand for gold. Chinese demand alone likely puts a floor under the gold market at $1,450/oz.

It is worth noting that the People’s Bank of China’s gold reserves are very small when compared to those of the U.S. and indebted European nations. China appears to be quietly accumulating gold bullion reserves. As was the case previously, they will not announce their gold purchases in order to ensure they accumulate sizeable reserves at more competitive prices.

China – Biggest gold producer and consumer

China is already the world’s largest producer of gold from 2007, for four years now. China has captured the top position from

South Africa, which was producing as much as 1,000 tons of gold in 1970, (but) has seen its mining production decline for five straight years.

Accelerating a drop in output last year, the country’s mining authorities started a crackdown on unsafe mines after 3,200 workers were trapped at Harmony Gold Mining Ltd.’s Eldestrand mine in October.

Following an order by President Thabo Mbeki, the mining commission in the last three months started to requiring gold mines that suffer a fatal accident to suspend operations while a safety audit takes place. (emphasised text in brackets supplied.)

In 2010 Chinese gold production was

340.88 tonnes of gold in 2010, retaining the position of the world’s largest producer of the precious metal, the China Gold Association said. The number of domestic gold producers shrank to around 700 at the end of 2010, from 1,200 in 2002, through mergers and acquisitions

Further recently, the Chinese Government, through public sector companies, bought South African gold mines from the Australian owner.

Citic Group, China’s biggest state- owned investment company, and partners agreed to buy Gold One International Ltd. (GDO) for about A$444 million ($469 million), gaining gold assets in South Africa.  China Development Bank Corp. and Long March Capital Group are the other members of the bidding group, which is seeking as much as a 75 percent stake and plans to keep the company trading in Australia and South Africa, with a potential listing in Hong Kong. Citic is bidding through its Baiyin Non-Ferrous Group Co. unit and China Development Bank through its China-Africa Development Fund.

Gold One operates the Modder East mine in South Africa and also has projects in Mozambique and Namibia.

A frothing-at-the-mouth FT.com found many reasons to critique the deal.

China and silver

The other big story is silver. Why this sudden spurt in prices? How sustainable is price increase in silver?

Silver is down nearly 30% this month in volatile trading. Such a move in the Dow Jones Industrial Average would equate to an eye-popping drop of more than 3,700 points. Tony Crescenzi of Pacific Investment Management Co. called silver’s parabolic rise and subsequent skid a “tulip mania-style move.”

Silver backers counter that even with its recent drop, the lesser precious metal has retained a nearly 80% gain over the past year.

While gold supply is well understood, silver bulls and bears argue about just how much silver is out there. Some analysts make the case that silver in batteries and photographic film is “recycled” back into the market, reducing scarcity. Silver bulls, of course, think that’s a bunch of poppycock.

More important, the gold-silver price ratio has gotten out of whack. During most of the past 10 years, the ratio hovered around 60, meaning gold was 60 times more expensive than silver. Silver’s incredible surge over the past year has pushed the ratio down to 43, a level not seen since silver’s last crazed phase in the early 1980s. At its peak, back on April 29, the ratio narrowed to 31, a level not seen in three decades.

Silver bulls will argue that the gold-silver price ratio should reflect the 15.5 level authorized by France in 1803, or the 15 level outlined in the U.S. Coinage Act of 1792. It’s more likely that the ratio will revert to modern-era norms rather than race back to the Napoleonic era. And that means that gold, more than silver, looks like the solid store of value today.

Behind this huge spike in silver prices

The Chinese.

As 2ndlook has pointed out earlier, Chinese love silver – and Indians love gold. Most of Chinese consumption of gold is by a few well-heeled elites with guanxi.

But only look at the Chinese trading frenzy in silver.

Chinese speculators have emerged as a big driver of silver’s spectacular rally and subsequent crash with trading in the metal in Shanghai soaring nearly 30-fold since the start of the year.

The commodity, nicknamed “the devil’s metal” for its wild price swings, surged 175 per cent from August to a peak of almost $50 a troy ounce two weeks ago. Since then, it has plummeted 35 per cent, hitting a low of $32.33 on Thursday.

At the same time, silver turnover on the Shanghai Gold Exchange, China’s main precious metals trading hub spiked, rising 2,837 per cent from the start of this year to a peak of 70m ounces on April 26, according to exchange data.

The number of contracts outstanding, an indicator of investor exposure, doubled over the same period.

Silver trading in Shanghai remains below the levels in London and New York, the two main global hubs, but its rapid growth means its has become increasingly significant in driving prices.  “I’m pretty certain it’s the Chinese retail [investment] that is driving this move,” one senior precious metals banker said. “There’s an enormous amount of speculation going on out there, they’ve got the bit between their teeth.”

The Chinese gorilla

Looking at the reports of the market and commodities, it is plain that the Chinese Government is an interested player in gold acquisition – something that 2ndlook projected nearly 4 years ago. And the Chinese consumer is behind the rise in silver prices.

Since China is anyway the world’s largest producer of gold, disruption in gold supplies has not highly marked. If other Governments follow the Chinese example, gold prices could explode. If Chinese buying gets very aggressive, again, prices could spike.

The only cloud on the horizon could be some kind of consensus to bring some undeclared quantities of gold into the market – like the Central Banks Gold Agreement (CBGA). Is that likely? The only such seller could be EU members? With the Euro-zone and the Euro-currency itself in such trouble,  would ECB members dare to sell gold?

Especially, if the Chinese Government is ready to buy?

Top national central bank gold holdings. (Image courtesy - FT.com.). Click for larger copy.

Top national central bank gold holdings. (Image courtesy - FT.com.). Click for larger copy.

Of Mice and Men – 2015 Gold Outlook

USA, EU traderelationships with oil producers. The European hands-on, micro-management issue of trade balance seems to be delivering? Some may question, what it is delivering, though.

USA, EU trade relationships with oil producers. The European hands-on, micro-management issue of trade balance seems to be delivering? Some may question, what it is delivering, though.

Of mice and men

While the US dollar is weakening, by design, Greece, Ireland, Portugal and Spain are being bankrupted by a deliberately overvalued Euro.

In such a scenario, China believes that it has a winning hand. Even though, the Chinese exports juggernaut has been slowed by a yuan, trading at 17 year-highs. March 2011 reports indicate

an unexpected $7.3 billion trade deficit, the biggest in seven years. The nation’s (China’s) exports rose at the slowest pace since November 2009.

The US is betting that a weak dollar will reignite economic growth – much like what happened after the Japanese Yen strengthened due to Plaza Accord (1985).

For Europe, the grand prix is to replace the dollar as the currency of international trade – especially oil trade. Euro as a international trade-currency-of-choice, will give the Euro region access to more than 1 trillion euros in zero-cost floating balances.

China is expecting the yuan to play a similar role. Such are plans made by mice and men.

Monsieur Murphy says

What can go wrong with these plans? Plenty.

The eternal enemy of currency manipulation – gold. As a million bureaucrats work on the mechanics of their plans,

Increasingly, everyone is a victim - except the powerful 0.5% elite that rules the world. Break their power. Buy gold. (Cartoonist - Ted Rall; courtesy - http://charlesgoyette.com). Click for larger image.

Increasingly, everyone is a victim - except the powerful 0.5% elite that rules the world. Break their power. Buy gold. (Cartoonist - Ted Rall; courtesy - http://charlesgoyette.com). Click for larger image.

Sales of gold coins are on track for the best month in a year amid the worst commodities rout since 2008, a sign that bullion’s longest bull market in nine decades has further to run, if history is a guide.

The U.S. Mint sold 85,000 ounces of American Eagle coins since May 1 as the Standard & Poor’s GSCI Index of 24 raw materials fell 9.9 percent. The last time sales reached that level, bullion rose 21 percent in the next year. Gold will advance 17 percent to a record $1,750 an ounce by Dec. 31 and keep gaining in 2012, the median estimate in a Bloomberg survey of 31 analysts, traders and investors shows.

UBS AG, Switzerland’s biggest bank, had its second-best day this year for physical sales on May 9, according to a report the following day. The bank’s sales to India, the world’s top bullion consumer, are more than 10 percent higher than in 2010. (via Gold Coins Show Bull Market Unbowed in Commodities Decline – Bloomberg).

You take free advice …?

While George Soros talks of gold being the ultimate bubble, his companies are quietly buying gold.

Back in late January, as the world’s important people rubbed elbows in Davos, billionaire investor George Soros had some rather definitive thoughts to offer on gold, which he called “the ultimate asset bubble,” according to reports.

However, he neglected to mention that his hedge fund had been buying.

Another report points out that the liquidation (by people like Soros) of investments in public investment vehicles may be replaced by private investments.

In this game of musical chairs, when the music stops, everyone who does not own gold is out. (Cartoon by David Horsey; Courtesy - http://politicalhumor.about.com). Click for larger image.

In this game of musical chairs, when the music stops, everyone who does not own gold is out. (Cartoon by David Horsey; Courtesy - http://politicalhumor.about.com). Click for larger image.

The new filings from funds “may show that big names exited ETPs and this news may cause prices to slip in the very short term,” said Bayram Dincer, an analyst at LGT Capital Management in Pfaeffikon, Switzerland. Some funds switched to holding gold directly so they wouldn’t have to announce it publicly, he said.

Is gold a bubble?

A rather disbelieving journalist writes of the situation in the West

Gold is in a bubble. Anyone will tell you that. They’ve been saying it since gold was about, oh, $500 an ounce. But it’s a funny kind of a bubble. It’s the only one I’ve encountered where so few people seem to own the asset in question.

During the dot-com bubble, you met lots of people with tech stocks. Taxi drivers told you what dot-coms they owned. During the housing bubble you met normal, ordinary people who were trading up to expensive homes using adjustable-rate mortgages, buying new condos off plan to flip, and cashing out their fictional “equity” through a refinance mortgage.

But who actually owns gold? I keep hearing about the gold bubble, but every time I ask people if they own any themselves, they say, “no, no, of course not, it’s a bubble.”

Some bubble.

Central banks around the world are printing more dollars, euros, pounds and yen. Gold may simply be a less awful currency than all the others. Banks can’t print any more of it, so its price should probably rise while other currencies fall.

For this year, the question in India seems to be, “Will gold cross Rs.25000, by 2011 Diwali?”

The shadow of oil

Middle East Politics (from Coming apart, coming together By Edward R. Kantowicz; Page 165; courtesy - books.google.com). Click to go to source.

Middle East Politics (from Coming apart, coming together By Edward R. Kantowicz; Page 165; courtesy - books.google.com). Click to go to source.

Is the USA like Britain was a hundred years ago? (Caroon courtesy - mpg50.com.). Click for larger image.

Is Pax Americana like Britain was a hundred years ago? (Cartoon courtesy - mpg50.com.). Click for larger image.

Fat and lazy

Between 1875-1935, Britain was dependent on India for gunpowder, on USA and Iran for  oil, on Malaya and India for rubber. British economy had grown fat and uncompetitive – unlike Italian, German and Japanese economies.

Even though Britain won WWII, their economy was a lost cause. Though Germany, Italy and Japan were losers, with their economy in shambles, they could make a brilliant recovery and vastly out-compete Britain.

The story of Middle East oil is similar for USA and West. The Welfare State, built on a diet of cheap oil, easy dollars,  is now too expensive for the West to sustain. The above book extract gives an excellent snapshot of the oil industry in the 20th century.

And the shadow of oil on the 21st century.

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