The biggest scam Part I

Recently my little cousin asked me to explain why was USA against Saddam. This, i explained would be unfeasible to explain in one go. So I plan to begin gathering my answers and hence i write what i have read/assimilated/heard...

Back in 1971, the US of A printed far more paper money than it could back with Gold.
A few years later, the French demanded redemption of its paper-dollar holdings in gold. Soon to be rejected the America, as it actually didn’t have enough gold for the dollar it had already printed out and spent all over the workld, ths committing an act of bankruptcy.
So, the US goes to the Saudis and cut a deal, OPEn dominate all sales ofcrude oil in US$ ( the cartel took actions to offset the devaluation of the U.S. dollar, not by switching to another currency but by setting the price of crude.)
From that point every nation that needed to buy oil had to first hold US$, which meant they first exchanged their goods and services for US$, which America had just printed.
Now, the US bought the oil literally for free by printing those dollars, the ultimate free lunch for the americans at the expense of the world
However, the scam began to unravel when Saddam Hussain began to sell Iraq’s oil in Europe directly for Euro, hence abrogating the cozy arrangements the Americans had with the OPEC, hence he had to be stoped.
US concocted up a pretext to wage war, invade Iraq an the first thing they did was to revert the oil sales back to Dollar. Averting the currency crisis for the moment.
Now, Hugo Chevez, the Presidnt of Venezuela, also started selling Venezuelan oil for currencies other than dollar, so there were a number of attemts on his life and regime change, traceable right back to the CIA.
The Iran president, Ahmedinejad, decided to kick the great satan and sell oild for every currency EXCEPT dollars.
The cat was out of the bag.

**Like all commodities whose derivatives are traded through NYMEX and CBOT, contracts are written and settled in dollar terms.
**At one point, the U.S. was the world's leading producer and leading consumer of crude oil, so it would make sense that where oil is pumped, refined, distilled, traded and sold, it would adapt the local currency.
** more to some