Western powers that be, have believed now (for generations) that to secure
favorable oil contracts in the ME, the West would sell themselves out.. . .in
the guise of "recycling", a magical process by which the vast sums paid out for
oil would be recovered both by the sale of equally vast quantitites of
industrial goods and arms and by luring the Arabs into investing their financial
surpluses in the West.
What few paused to consider, or if they did, resignedly rejected as
impracticable, was whether it would not be wiser to press for a reduction of oil
prices. After all, if for any reason the contracts for arms and other Western
manufactures were to be cancelled, the West would still be compelled to pay
excessive prices foroil without being able to offset them by the sale of
Chieftain Tanks and F-16's.
In 1979 the sons of patriarch H.L. Hunt, Nelson Bunker and William Herbert,
together with some wealthy Arabs, formed a silver pool. In a short period of
time they had amassed more than 200 million ounces of silver, equivalent to half
the world's deliverable supply ...