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Regime Change Libya: Privatization of their Central Bank and the Theft of their Nationalized Oil Profits

by Scott Creighton

(I couldn’t resist)

“Give me your hungry, your tired, your poor, I’ll piss on em

that’s what the Statue of Bigotry says

Your poor huddled masses, let’s club em to death

get it over with and dump them on the boulevard” Lou Reed


There is no question anymore as to why the Obama administration is attempting to impose a change of the regime of Libya.

On March 17th I wrote about the invasion of Libya being about two main objectives: privatizing the national oil company and the state-owned central banking system. I pointed out that the US and British inserted language in the UN resolution that allowed them to freeze the accounts of the nationalized oil company as well as the central bank of Libya. Well, before they have even won their coup, the CIA backed pro-west opposition has taken the time to announce that they have formed a new national oil company and central bank. Obviously they have allowed our neo-liberal economic hit-men to write-up the legal documentation for this action and I am sure it hands over control to multinationals outside Libya.  This is why so many globalist apologists and neo-liberals have been running around the last week claiming that the real government in Libya is the Transitional National Council.

It has always been about gaining control of the central banking system in Libya. Oil is just a profitable side issue like every other state asset that is waiting in Libya to be privatized and sold off to multinational corporations like Bechtel, GE, and Goldman Sachs.  Oil is important and it is certainly a target but it isn’t the driving force behind these global wars for profit. Banking is.


Once the Coalition Provisional Authority took over in Iraq, the second thing they did, after signing a law banning the Baathists and disbanding the military, was to sign over the state-owned central banking system to privately held banking interests, bringing Iraq online with the web of private central banks. That took place the very first day of the CPA’s control of Iraq.

United Nations resolution 1483 transferred the authority to authorize expenditures from Iraq’s oil revenue from the United Nations to the Coalition Provisional AuthorityThe International Advisory and Monitoring Board consisted of senior financial experts from the United Nations, the International Monetary Fund, the World Bank...

… After the U.S. military came in and took over Iraq, the CPA quickly began issuing many binding orders privatizing Iraq’s economy and opening it up to foreign investment. This was welcomed by many multinational corporations who saw the war as an opportunity to make billions of dollars in profits.“  Wiki

If you control the issuance of money in a country and can turn huge profits while enslaving the population with the debt that it produces, then everything, everything including the oil and everything else, belongs to you.

“You control the debt, you control everything. This is the very nature of banking. To make us all, whether it is a nation or an individual, slaves to debt.” The International

That is why control of the central bank was far more important than the oil in Iraq or in Libya.

“The rebels in Libya are in the middle of a life or death civil war and Moammar Gadhafi is still in power and yet somehow the Libyan rebels have had enough time to establish a new Central Bank of Libya and form a new national oil company.

…  According to Bloomberg, the Transitional National Council has “designated the Central Bank of Benghazi as a monetary authority competent in monetary policies in Libya and the appointment of a governor to the Central Bank of Libya, with a temporary headquarters in Benghazi.”  Apparently someone felt that it was very important to get pesky matters such as control of the banks and control of the money supply out of the way even before a new government is formed.”  The Economic Collapse

The UN security council resolution was passed on the 17th of March late in the day. I wrote about it the very same night. According to the statement released by the “new government” of Libya, they met and hashed out the details of their new oil company and central bank system on the 19th,  not 48 hours after the UN resolution promised ONLY to provide an no-fly zone over Libya for “humanitarian purposes”.

More than anything else, this new disclosure from the “new government” of Libya proves that this was NEVER about protecting the civilians, it was ALWAYS about stealing from them control of their monetary system and the nationalized oil profits that provide them with health-care, education, and even cash put right into each and every Libyan bank account as their part of the profits derived from a natural resource that belongs to them.

“The Transitional National Council released a statement announcing the decision made at a March 19 meeting to establish the “Libyan Oil Company as supervisory authority on oil production and policies in the country, based temporarily in Benghazi, and the appointment of an interim director general” of the company.

The Council also said it “designated the Central Bank of Benghazi as a monetary authority competent in monetary policies in Libya and the appointment of a governor to the Central Bank of Libya, with a temporary headquarters in Benghazi.”

The Security Council adopted a resolution on March 17 that froze the foreign assets of the Libyan National Oil Corp. and the Central Bank of Libya, both described in the text as “a potential source of funding” for Qaddafi’s regime.” Bloomberg

Obama prevented no humanitarian catastrophe, he saved not one single life. What he has done is not in service to the people of Libya but rather those who he serves, the banking interests that put him in power in the first place. In Libya, Obama’s intervention was not designed to protect the people but to ensure that they too are enslaved just as we are enslaved. That is why a waitress at the hotel the press corp was staying at called Eman a traitor. They know what is at stake here just like most American liberals know. But to them it is more important to maintain the shared illusion in the face of a crumbling liberal ideology that is literally rotting from the inside.

What is happening in Libya will hurt the people of Libya, not help them. It will steal from them their health-care and their education. It will return them to a time before Gadhafi when they had an literacy rate of only 10% and sky-rocketing poverty. It will impose upon them the same crippling banking structure that the people of this country know altogether too well.  There is no question anymore, there is no argument. The only question is how much damage will we allow our corrupt government to inflict on the rest of the world before we stand up and say enough. That is the only question that is left and the only question worth discussing.

Are we as morally bankrupt as the phonies who run our country or not?  It’s just that simple.

“Give me your hungry, your tired, your poor, I’ll piss on em

that’s what the Statue of Bigotry says

Your poor huddled masses, let’s club em to death

get it over with and dump them on the boulevard” Lou Reed


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