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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: Nadine Carroll who wrote (244091)	10/5/2007 2:31:36 PM
From: c.hinton	Respond to of 281500

Nadine ,all i am saying is that it is a two way street...... You may like to dismiss history when it suits you but its leaves it legacy none the less. In the early 1950s, oil was used as a political weapon for the first time -- _by_ the United States and Britain and _against_ Iran. Iran had nationalized its British-owned oil company which had refused to share its astronomical profits with the host government. In response, Washington and London organized a boycott of Iranian oil which brought Iran's economy to the brink of collapse. The CIA then instigated a coup, entrenching the Shah in power and effectively un-nationalizing the oil company, with U.S. firms getting 40 percent of the formerly 100 percent British-owned company. This was, in the view of the _New York Times_, an "object lesson in the heavy cost that must be paid" when an oil-rich Third World nation "goes berserk with fanatical nationalism."<8> zmag.org