Word: opec
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...also means bringing con certed pressure on pro-Western members of OPEC, to recycle more of their petrodollars and petro-yen through the multilateral institu tions. Venezuela, a founding member of OPEC, has been assist ing the poorer nations of the Car ibbean basin, and Saudi Arabia spends about 3% of its G.N.P. on aid programs for such relatively poor Islamic states as Pakistan, Syria and Jordan. But Saudi Ara bia's vast wealth represents a global problem and not just a re gional one, since it has accumulat ed that wealth partly at the ex pense...
...some respects, OPEC is to the dollar what Charles Darwin was to fundamental Christianity; practically overnight a cartel that controlled most of the planet's known oil reserves demonstrated that financial security was not necessarily descended from paper currency. "The store of value," writes Goodman, "had become oil. The yen, the marks, the dollars, the francs were spent; the oil was saved...
...OPEC was founded, modeled on the Texas Railroad Commission and shaped by oilmen who were educated...
What of the future? Goodman does not indulge in hollow optimism or shrill pessimism. He is worried. If Saudi Arabia, which accounts for nearly one-third of OPEC's output, drastically cuts the flow, there will be economic depression in the West. On the brighter side: Saudi Arabian moderation may prevail in the Middle East; conservation and higher production in the West may curb the growth of petrodollars, increase confidence in currency and spur a greater sense of community. The bottom line of Paper Money is that, depending on those pesky exogenous variables, things could go either...
...OPEC hold together? The economists have said no, it can't, it's a cartel, cartels don't survive, it says so right here in this book. The economists knew only numbers, not asibaya, not an Arab sense of community, not the Third World flexing its muscles. We ask, Where will the price go? Ten years ago not a single economist could foresee a tenfold increase in price. OPEC is a Club, not quite a cartel, not as well organized as the Texas Railroad Commission, sometimes more like a bunch of 18th century privateers waiting...