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fragmentation. The resulting political chaos could well — under public pressure from Henry Kissinger, Zbigniew be filled by elements hostile to our values and Brzezinski and David Rockefeller, precipitated the sympathetic to our adversaries." The “arc of crisis". hostage crisis, which occurred on 4 November. Ten days stretched from Indochina to southern Africa, although, later, Carter froze all Iranian assets in US banks on the more specifically, the particular area of focus was "the advice of his Treasury Secretary, William Miller. Miller nations that stretch across the southern flank of the —_ just happened to have ties to Chase Manhattan Bank.* Soviet Union from the Indian subcontinent to Turkey, In 1979, "effectively restricting the access of Iran to the and southward through the Arabian Peninsula to the global oil market, the Iranian assets freeze became a Horn of Africa". "The center of gravity of this arcis Iran, major factor in the huge oil price increases of 1979 and the world's fourth largest oil producer and formore than 1981".” Added to this, in 1979 British Petroleum two decades a citadel of US military and economic cancelled major oil contracts for oil supply which, along strength in the Middle East. Now it appears that the 37- _ with cancellations taken by Royal Dutch Shell, drove the year reign of Shah Mohammed Reza Pahlavi is almost price of oil up higher.” With the first major oil price over, ended by months of rising civil unrest and rises in 1973 (urged on by US Secretary of State Henry revolution.” Kissinger), the Third World was forced to borrow heavily With rising discontent in the region, "[t]here was this from US and European banks to finance development. idea that the Islamic forces could be used against the | With the second oil price shocks of 1979, the US Federal Soviet Union. The theory was, there was an arc of crisis, | Reserve, with Paul Volcker as its new Chairman (himself and so an arc of Islam could be mobilized to contain the —_ having served a career under David Rockefeller at Chase Soviets. It was a Brzezinski concept". Manhattan), dramatically raised interest rates from two It is important to note that per cent in the late 1970s to 18 Rockefeller interests "had per cent in the early 1980s. seca UBpolnrh rans | Deyelopingnations J Detleineratons eu a Following the Shah's flight from could not afford to pay their loans, and thus the 1980s debt crisis spread throughout the Third World, with the IMF and World Bank coming to the "rescue" with their structural adjustment programs (SAPs), which ensured western control over the developing world's Iran, there were increased : 1 pressures within the United such interest on their loans, States by a handful of powerful and thus the 1980s debt people to have the Shah oe admitted to the United States. Crisis spread throughout These individuals were the Third World... Zbigniew Brzezinski, former Secretary of State Henry economies.” issinger, John J. McCloy, former Covertly, the United States statesman and senior member of the Bilderberg Group, _ helped a radical Islamist government come to power in Trilateral Commission and the Council on Foreign Iran, the centre of the "arc of crisis", and then Relations, who was also a lawyer for Chase Manhattan, | immediately stirred up conflict and war in the region. and, of course, David Rockefeller.” Five months before Iraq invaded Iran, in April 1980 Chase Manhattan Bank had more interests in Iran Zbigniew Brzezinski openly declared the willingness of han any other US bank. In fact, the Shah had "ordered _ the US to work closely with Irag. Two months before the hat all his government's major operating accounts be war, Brzezinski met with Saddam Hussein in Jordan, eld at Chase and that letters of credit for the purchase _—_ where he gave support for the destabilisation of Iran.* of oil be handled exclusively through Chase. The bank While Saddam was in Jordan, he also met with three also became the agent and lead manager for many of | senior CIA agents, the meeting arranged by King he loans to Iran. In short, Iran became the crown jewel = Hussein of Jordan. He then went to meet with King of Chase's international banking portfolio". Fahd in Saudi Arabia, informing him of his plans to In February 1979, Iran had been taking "steps to _ invade Iran, and then met with the King of Kuwait to market its oil independently of the Western oil majors. inform him of the same thing. He gained support from n 1979, as in 1953, a freeze of Iranian assets made this America and financial and arms support from the Arab action more difficult.’ This was significant for Chase oil-producing countries. Arms to Iraq were funnelled Manhattan not simply because of the close interlocking through Jordan, Saudi Arabia and Kuwait.” The war of the board with the boards of oil companies, and not __ lasted until 1988 and resulted in over a million deaths. oO mention Rockefeller himself—patriarch of the family This was the emergence of the "strategy of tension” in whose name is synonymous with oil—but also because _ the “arc of crisis"; in particular, the covert support Chase exclusively handled all the letters of credit forthe (whether in arming, training or financing) of radical purchase of Iranian oil.” Islamic elements to foment violence and conflict in a The Shah being accepted into the United States, region. It was the old imperial tactic of "divide and Developing nations could not afford to pay such interest on their loans, a Anan ra. crisis spread throughout the Third World... 12 * NEXUS and thus the 1980s debt OCTOBER - NOVEMBER 2010 www.nexusmagazine.com