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【Money becomes a commodity】

〈Japan alone continued to open its foreign exchange market in the world〉

However foeign countries all over the world which thought the price of a dollar dropped rushed to the foreign exchange market in Tokyo and the Bank of Japan bought a large amount of dollars then more than 4 billion dollars.

Those dollars dropped that 1 dollar was 308 yen before long, so Japan lost more than seven hundred million doallars which meant two hundred twenty billion yen.

In addition responding to demand of changing dollars with yen means issuing a plenty of bills of yen, so ...

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【Money bocomes a commodity】

〈Japan alone continued to open its foreign exchange market in the world〉

...so it means issuing a large amount money newly. Without changing economical scale, the bill increased in such a short term that it spurred inflation to Japanese economy after that.

Nixon shock made the Bank of Japan lose its money which was the Japanese people`s and brought inflation in Japan, so the response by the Japanese government was a failure of double meaning.

【It changed into the free-exchange rate system in which the value of money wavers】

The money which each nation in the...

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【Money becomes a commodity】

〈It`s changed into the free exchage rate system in which the value of money wavers〉

The dollars which each nation in the world couldn`t exchange with gold suddenly, so the economy in the world disrupted greatly. Changing rate between dollars and currency of each country couldn`t continued to fix any more.

Thus changing rate on currency of each country changed from the fixed exchange rate system to the free exchage rate system. Exchanging rate with dollars changes according to economic situation of countries.

However a trial of maintain the fixed exchange rate...

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【Money becomes a commodity】

〈It`s changed into the free-exchange rate system in which the value of money wavers〉

A trial of maintaining the fixed exchage rate system was done for a while before moving to a complete free-exchange rate system. Its conference was held at a meeting room of Smithsonian museum in Washington of America in 1971. It was called Smithsonian system named after the museum.

Then the dollar was devaluated. The price a 1 ounce of gold changed from 35 to 38 dollars then.

Being able to buy 1 ounce of gold with 35 dollars until then, but being unable to do it with the price

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【Money becomes a commodity】

〈It`s changed into the free-exchange rate system in which the value of money wavesrs〉

It means the value of dollar dropped, and exchanging rate from Japanese yen to American dollar changed then. 1 dollar was 308 yen. Unitl then we had a fixed idea or common knowledge that 1 dollar was 360 yen, so it was hard for us to understand the exchanging rate between a dollar and yen changed.

Moreover even if it is said the value of 1 dollar changes from 360 to 308 yen,and it`s a strong yen, almost all of the people coundn`t understand it at all then.

However the...

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【Money becomes a commodity】

〈It`s changed into the free-exchanged rate system in which the value of money wavers〉

However the Smithonian system didn`t continued for a long time. After that American trade continued a deficit,and confidence for dollars were lost, and fixed exchanging rate for dollars couldn`t be maintained.

Each nation including Japan moved to the free-exchange rate system one after another in the world. After that the dollar became from around 300 yen to around 200 yen, and the time when it becomes around 100 yen has come.

〈Wasting nature of America wasn`t coming to a stop〉

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【Money becomes a commodity】

〈Wasting nature of the Americans was not coming to a stop〉

There was a possibility that if America printed lots of American bills, the dollars found their ways to foreign countries, and the foreigh countries pressed American to exchange dollars with gold until then, but th possibility vanished.

Even if lots of dollars flowed out to foreign countries, America doesn`t have to exchange the dollars with gold any more.

As a result American trade continued to show deficit without being worried about it, so American dollar flowed out more than as it used to be.

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【Money becomes a commodity】

〈Wasting nature of American wasn`t coming to a stop〉

The American seemed to think that even if they bought foreign commodities so much, it`s all right, for it`s all right as long as they pay them with American dollar.

As a result, wasting nature of the Americans wasn`t coming to a stop in the least. The dollars overflowed the world more and more.

As to the relation between demand and supply, supplying of dollar was too much and it becomes a weak dollar. It means a strong yen made proceed quickly all of sudden.

〈Somethin risky increased in trade owing to the...〉

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【Money becomes a commodity】

〈Something risky has increased in trade due to the free-exchange rate system〉

Companies which do business of trade have increased risk on being unable to prospect in the future thanks to the free-exchange rate system.

For example, when 1 dollar was 100yen, let`s suppose that a Japanese company came into a contract of importing commodity of which price was a million dollars. Then Japan has to pay for a hundred million yen.

However if 1 dollar becomes 120 yen then, Japan has to pay a hundred and twenty million yen then. Its paying increases to tweny million yen...

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【Money becomes a commodity】

〈Something risky has increased in trade due to the free-exchange rate system〉

Its paying increased by twenty million yen in an instant. Companies which are related to importing and exporting have to pay attention to the future of the foreign exchange rate, and to do their business with preparation for the risk.

The people who have been influenced over the foreign exchange rate increased so much that the price of foreign exchange rate is broadcast every day.

〈Money becomes a commodity〉

Foreign exchange rate changes, so there is something which changes more...

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【Money becomes a commodity】

〈Money becomes merchandise〉

...there is something which changes more than anything. It`s that money itself becomes a commodity.

When having currency, if its foreign exchange rate drops, when exchanges it with other currency of other nation, we lose some money. It`s a currency exchange loss.

On the other hand, if its foreign exchange rate rises, when exchanging, we make some money. It`s a currency exchange profit.

Then some people take action that buying foreign currency with low price and selling it when its price is high and win the currency exchange profit.

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【Money becomes a commodity】

〈Money becomes merchandise〉

It`s exactly we deal with the money as commodity.

〈Selling and buying money becomes a gambling〉

Buying a currency when its price is low, and waiting till its price becomes high, and selling it. This business develops into a gambling before long.

If the currency on which they have their eyes drops its price even a little, they buy it a large amount, and sell it when its price becomes high. Making big money.

On the other hand, when being lower buying plenty of it, but its price dropped more and more. Then there is a loss. It means...

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【Money becomes a commodity】

〈Selling and buying money becomes a gambling〉

It means failing in the gambling.

Dealers who are related to the foreign exchange rate are glued to a screen of computers which shows a change on the foreign exchange rate with their eyes bloodshot.

The scene doesn`t become unusual at present. We sometimes call the situation the capitalism in casino. It means that gamblers who conspire to make money have occupied the foreign exchange market in the world.

If it escalates gradually, without waiting for the currency on which they had their eyes to drop its price...

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【Money becomes a commodity】

〈Selling and buying money becomes a gambling〉

If it escalates gradually, without waiting for the money on which they had their eyes to drop its price, they try to drop it by force, or making the currency which they bought become high price by force and sell to others.

If being aimed at target from them, we`re forced to be at a loss, but it happened at Thailand of Eastsouthern Asia July in 1997 actually.

The gamblers aimed at baht which was currency in Thailand and movement in which making baht become cheap by force appeared, and economy in Thailand was damaged..

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【Money becomes a commodity】

〈Selling and buying money becomes a gambling〉

...and economy in Thailand was damaged heavily then. It`s a monetary crisis.

After Thailand, the trail of the monetary crisis in Thailand led to Malaysia, and Indonesia, and it made Suharto structure which continued for a long time collapse in Indonesia.

Collapse of the Bretton Woods system which supported the world economy after the World War Second have brought about new situation of the world economy that money becomes a commodity.

〈What happened after that?〉

Dealing with money which becomes a commodity has...

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【Money becomes a commodity】

〈What`s happened after that?〉

Dealing with money which becomes a commodity has been active more and more.

When a contract of selling and buying on export and import is formed, a foreign exchange rate changes, there is a possiblity that there is a damage by a currency exchange gain, and a way of avoiding has been contrived. For example, an option.

It decides the price of 1 dollar which would be dealt with after six months beforehand, and selling and buying the right itself of dealing with at the price.

Those financial ways have been developed in varied ways...

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【Money becomes a commodity】

〈What`s happened after that?〉

...and it has been firmly established as derivatives, moreover hedge funds which make use of funds have a good command of the devivatives. They appeared a lot.

Demand of fund for selling and buying money itself is several times as large as demand of actual fund on export and import, so expectation of the ones who take advantage of the funds makes the foreign exchange rate change violently, and the foreign exchange rate becomes unstable so much.

【Petroleum becomes a weapon】

〈Price of oil rose up and strikes of resistance happened〉

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【Petroleum becomes a weapon】

〈Price of oil rose up and strikes of resistance happened〉

Movements of resistance against rising up the price of gasoline happened each place in Europe September in 2000. The ones who were engaged in farming blockaded a railway with tractors and resisted against the rise in price.

Movement of recovering prosperity expanded in central Asia, and price of crude oil went up in the world.

Vulnerability on the world economy which has been influenced greatly by changing the price of petroleum became clear.

〈Housewifes who crowded over toilet paper〉

″There are ...″

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【Petroleum becomes a weapon】

〈Housewives who crowded over toilet papers〉

″There are enough commodities. Please don`t panic! Please don`t push!″ a sales clerk cried himself hoarse. Customers who were pushed from backward and cried.

At first the people who sought for toilet paper rushed to a supermarket in Kansai region November in 1973.

After the information conveyed, there was a line of people in front of a supermarket in Tokyo before two hours the supermarket was open in Tokyo. It`s a panic. It was an oil shcok.

Some countries which export petroleum in the Middle East announced that...

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【Petroleum becomes a weapon】

〈Housewives who crowded over toilet papers〉

Some countries who exported oil in the Middle East announced that price of petroleum went up and reduce its produce October in the same year.

Anxiety that petroleum products may be shortage, and its price may go up spread over the society, strange to say, a rumor that toilet paper may be shortage spread over, and housewives rushed to super markets.

Plenty of houses had installed flush toilets, and the toilet papers were indispensable. Anxiety that what if we can`t get any toilet papers? spread over the people.

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【Petroleum becomes a weapon】

〈Housewives who crowded over toilet papers〉

Though oil shock had nothing to do with toilet papers, once a person who stocked up toilet papres appeared, the toilet paper actually disappeared from a shelf of a super market.

The people rushed to the super market so as to stock up the toilet paper, and shortage of goods promoted.

There are some peopel who stocked up toilet paper and their closets are filled with the toilet papers.

On the other hand, stock of the toilet paper is restrained to be necessary and minimum, so even if the toilet paper vanished from ...

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【Petroleum becomes a weapon】

〈Housewifes who crowded over toilet papers〉

...so even if the toilet papers vanished from shelves from super markets, it took some time until its production expanded and the product was shown on the super market.

Some makers held back their commodity so as to gain more profits, so it spurred on the shortage of commodity.

As a groundless rumor that commodities disappeared spread over the people, the people learned to know how terrible commodities disappeared actually.

〈Oil becomes a weapon〉

Egypt and Syria made a surprise attack at Israel in the Middl East...

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【Petroleum becomes a weapon】

〈Oil becomes a weapon〉

Egypt and Syria made a surprise attack at Israel in the Middle East October in 1973, and the fourth War in the Middle East broke out then.

At the same time, six countries who joined the OPEC announced that price of the crude oil went up by 21% in the same month.

Then ten countries who participated in the OAPEC announced that they would reduce the amount of producing oil for countries which supported Israel by every five percent every month, being based on the amount of producing oil in the last month.

Moreover they announced that...

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【Petroleum becomes a weapon】

〈Oil becomes a weapon〉

Moreover they announced that they would supply the oil for the countries as usual which supported Arab, and others which took a strong measures to seek Israel to withdraw from the place where Israel occupied.

As to America and Holland which supported Israel, each country in the Middle East took measure to forbid to export oil in its entirety.

It means while they would sell oil for the countries which supported Arab as usual, they would reduce oil for the countries which didn`t support Arab.

Arab countries made the countries which...

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【Petroleum becomes a weapon】

〈Oil becomes a weapon〉

Arab countries made other countries which consumed petroleum take an allegiance test, which country they choose, Arab or Israel? It was an open threat.

Arabian countries which produced oil noticed that if oil was their weapon, they would have influence over the international society.

Having petroleum as weapon and spreads supporting Arab, and making Israel being isolated from international society. It`s a strategy of petroleum by Arab.

〈Preparing for a day when the oil dries up〉

At the same time countries of producing oil in the...

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【Petroleum becomes a weapon】

〈Preparing for a day when the oil would dry up〉

At the same time, countries of producing oil in the Middle East had a sense of inpending crisis for their future.

They could produce plenty of petroleum then, so it`s all right, but underground resource would dry up in the future. Preparing for the day, they had to arrange economic base so as to develop its economy without the petroleum.

Then they need a large amount of funds. If countries of producing oil try to increase the crude oil and to increase their income at will, price of the crude oil would drop and ...

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【Petroleum becomes a weapon】

〈Preparing for a day when the oil would dry up〉

...and drying up the crude oil of underground resouce quickens.

Otherwise, countries of producing oil cooperate each other and restrain supply, they can protect the underground resource and its value would be raised.

If they arrange the economic base with the funds, even if the resource of petroleum dried up in the future, they would survive. They figured it.

〈Robbing the Seven Sisters off decision-making authority〉

Enormous international oil companies which we called Major or Seven Sisters controlled the oil...

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【Petroleum becomes a weapon】

〈They robbed the Seven Sisters off decision-making authority〉

Enormous international oil companies called Major or Seven Sisters controlled the oil in the world after the 1930s until then.

The oil companies were made of seven countries like America, England,and Holland, and they made an agreement on production and price, and they adjusted the production at will, maintained high profits.

A Side of producing oil countries resisted against the Seven Sisters and founded the OPEC October in 1960. Besides OAPEC which was made of producing oil in Arab alone was...

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【Petroleum becomes a weapon】

〈They robbed the Seven Sisters off decision-making authority〉

Besides, OAPEC which was made of producing oil in Arab alone was formed January in 1968. Amount of producing oil increased from five hundred million ton directly after the World War Second to 2.3 billion ton in the beginning of the 1970s.

Amount of producing oil in the Middle East accounted for 36% in the world, so the world`s dependency for oil on the Middle East heightened.

The countries of producing oil went on the offensive with a background of those situations.

The strategy on oil by Arab...

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【Petroleum becomes a weapon】

〈They robbed the Seven Sisters off decision-making authority〉

The strategy on oil by Arab robbed the gignatic compnies, Seven Sisters off decision-making suthortiy on price and output on petroleum, so it was epoch-making.

〈Oil shock attacked〉

After a sudden announcement, oil shock attacked all over the world including Japan.

America had a large amount of producing oil in its own country and imported oil from south America, so the oil shoch didn`t have influence over America so much.

However Japan and Europe which relied on oil in the Middle East greatly...

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【Petroleum becomes a weapon】

〈Oil shock attacked〉

However Japan and Europe which relied on the oil by the Middle East were greatly shocked at the oil shock.

Economuc development used to be natural after the World War Second, but the Middle East pressed to forced to plan to be revised again.

The price of importing the crude oil in Japan in average of 1972 was 2.6 dollars a barrel, one barrel is 159 liters, but it became 11.5 dollars in 1974. It was about fourth times.

Then percentage of depending on oil in Japanese energy was 77 %, and more than its 99 % was import.

If it were not any...

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【petroleum becomes a weapon】

〈Oil shock attacked〉

If it were not any oil from the Middle East...but there was none of crisis management in Japan, for we the Japanese had never thought of it at all.

Taichi Sakaiya who was a bureaucrat in the Ministry of Finance used to depict it in a novel in the near future. Its title was 油断. It was exactly 油断 which means that being quitted the oil happnened then.

The petroleum isn`t only an indispensable and essential fuel in our life but a raw material for the petrochemical industry.

Not only gasoline, kerosene, and and heavy oil of commodity of...

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【Pertoleum becomes a weapon】

〈Oil shock attacked〉

Not only gasoline, kerosene, and heavy oil of commodity from petroleum but polyethylene,synthetic detergent 合成洗剤 are commodity of petrochemichal.

In Japan, we depended on oil with regard to even agriculture. Agricultural machine of which fuel is petroleum, chemical fertilizer of which raw material is petroleum, and a vinyl house in which the petroleum is fuel for warming.

Prices on all those commodities rose all together. Some of them were the follow-up price increase 便乗値上, then the prime minister called it skyrocketing price.

Wholesale...

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【Petroleum becomes a weapon】

〈Oil shock attacked〉

Wholesaale price went up 37%, retail price 25%, on the other hand, average wage increased 32.9%. They were high number.

The price of commodity rose, and it caused the wage to go up, and it pulled up costs, and the price of commodity rose...Japan fell into a vicious circle.

Japan raised the official rate by 9%, and tried to restrain the inflation, but couldn`t prevent the price of commodities from rising , and inflation deteoriotated.

In spite of recession, inflation advanced which means stagflation. It was conbination of inflation and...

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【Petroleum becomes a weapon】

〈Oil shock attacked〉

Stagflation is a combination of inflation and stagnation, and the new word was born then. Number of the unemployed was over a million in Japan Febrary in 1975.

『Column, a summit has begun』

The oil shock made recession in the world serious, and international friction over trade also happened. Then the President in France, Giscard d`Estaing called to the leaders in developed countries, let`s talk over various things in the future.

It`s a beginning of summit. The first time was done in Rabouuillet in France in 1975. Then leadrs of six...

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【Petroleum becomes a weapon】

『Column, summit has begun』

Leaders of six developed countries of France, America, England,West Germany, Italy and Japan gathered in France then.

After that the summit has been held every year, and the country where it was held changed every time. Canada and EC joined them. EC changed into EU later.

After Soviet Union collapsed, Russia also joined in 1997 formally, but Russia wasn`t a developed country, so the way calling conference by develpoped countries changes into conference by leaders of main countries, though it`s word for word by me.

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【Petroleum becomes a weapon】

〈Time of TV broadcasting shortened〉

Japanese government which was flurried over a sudden rise on petroleum started save petroleum then.

So saving petroleum and electirc power by the government and municipal office, shortening business hours on department stores and supre market, saving neon signs, and limitting of using elevator was done.

Number of fluorescent light was decreased on corridors from every building, and it became dim. Neon signs turned off in towns. TV boradcasting in the midnight was restrained themselves after 0：00.

〈Is Japan close to Arab..〉

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【Petroleum becomes a weapon】

〈Is Japan close to Arab or...?〉

Japanese government which had never spoken positively on the situation of the Middle East was forced to turn its plan. After announcement of OPEC of raising the price of crude oil was hoped establishment of peace by base of resolution by UN.

However it changed into the one in which Japan involved itself one step into the situation on the Middle East like the next.

Our country supports the resolution by UN which admitted equal and self-determination for the Palestine.

After that the Chief Cabinet Secretary said the government...

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【Petroleum becomes a weapon】

〈Is Japan close to Arab or...〉

Moreover the Chief Cabinet Secretary 官房長官 said the government of our country would be forced to consider policy on Israel again, according to change on the situation of the Middle East.

In the beginning the way of saying was objective, but it became to close to Arab gradually, and finally hinted to be anti-Israel.

If it was criticized by making sure on the situation of the Middle East exactly, its judgement would be evaluated, but it was done because of wanting petroleum. It was obvious.

Changing policy on diplomacy of...

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【Pertoleum becomes a weapon】

〈Is Japan close to Arab or...〉

Changing policy on diplomacy of Japanese government was made a cynical remakr like the next.

Japan is rather close to アブラ than close to Arab.

Arab rhymes with アブラ in the Japanese in the book, so I`ve wanted to express in English alone, but I find it hard. I`m sorry for it.

〈Each nation in the world was close to Arab〉

However it wasn`t Japan alone which behaved shamefully. A threat of may be unable to get oil was effective. Each nation in EC showed clerary it was close to Arab.

Lots of developing countries started criticize..

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【Petroleum becomes a weapon】

〈Each nation in the world was close to Arab〉

Lots of developing countries started to criticize Israel, and Israel was isolated.

〈Things which were brought in the countries of producing oil in the Middle East〉

Strategy on oil by Arab made a large amount of oil money flow into countries of producing oil in the Middle East. As a result, developmets happened all of sudden, and a strain spread over their society.

Gap between the poor and rich became bigger, and dissatisfaction between the people heightened, so a movement of Islamic fundamentalism of being equal...

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【Petroleum becomes a weapon】

〈Things which were brought in coutries of producing oil in the Middle East〉

...so a movement of Islamic fundamentalism of being equal in front of the god which was a principle in the beginning of Islam, and the movement was trying to return to the beginning of Islam.

On the other hand, a part of the rich tried to increase their wealth through international investement. Oil money went around all over the world for seeking increaseing itself, so international speculation became active more and more.

Besides, a movement of buying lots of weapons with the oil...

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【Petroleum becomes a weapon】

〈Things which have been brought in countries of producing oil in the Middle East〉

Furthermore a movement of buying lots of weapons with the oil money and expanding armanents advanced, and it spurred on competition of increasing armanents in the Middle East.

〈Situation of developing countries which couldn`t produce oil becomes serious〉

Wealth from the world gathered to countries of exporting petroleum. The rich in Arab learned to live it up 豪遊 in Europe, and they disgusted people.

On the other hand, gathering wealth in one place made poverty serious.

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【Petroleum becomes a weapon】

〈Situation of developing countries which couldn`t produce oil becomes serious〉

Oil shock was serious for developing countries which couldn`t produce oil. Petroleum is indispensable fuel and important raw material even in developed countries.

However developing countries didn`t have any technology which reduce amount of consuming petroleum, and rising of price on commodity hit directly them.

International fund which should have used for help for developing countries was done for paying to the countries of producing oil. A gap between the haves and the haves...

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【Pertoleum becomes a weapon】

〈Situation of developing countries which couldn`t produce oil became serious〉

A gap between the haves and the haves-not expanded bigger.

Economy in East Europe was damaged heavily. Each nation in East Eurpe was in the block of Soviet then, and it could buy the crude oil with low price extremely.

However as the international price of crude oil rose, Soviet also raised the price of oil. It was a heavy damage to the economy in East Europe where economic dullness continued,and it triggered a failure on economy of soialism each nation in 1980s, so it led to...

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【Petroleum becomes a weapon】

〈Situation of developing countries which couldn`t produce oil became serious〉

...so price of crude oil rising led collapse of each nation of socialism in East Europe.

〈Japnese economy which got over the oil shock〉

The fourth Middle East War became a cease-fire November and OPEC decided to stop reduction of　petroleum and to start producing December. Oil shock was over for the present.

Japanese government and private section tackled the oil shock hand in hand, and technology on development of omitting energy advanced in Japan.

After the oil shock, percentage...

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【Petroleum becomes a weapon】

〈Japanese economy which got over the oil shock〉

After the oil shock,percentage of reducing consumption on petroleum became a top among deloped countries.

Development and study on energy which is replaced with petroleum has started. Movement that instead of petroleum, adopting atomic energy advanced, but opposition movement was unfurled each place.

Automobiles made in Japan which were small and got good mileage were popular among America, and it made Japanese automobile industry develope greatly.

Oil shock promoted efficiency on Japanese economy, and founded...

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【Petroleum becomes a weapon】

〈Japanese economy which got over the oil shock〉

...and as a result the oil shock founded a base of development on Japanese economy after that. Japan practiced turning a misfortune into a blessing.

〈After that what`s happened?〉

Not only petroleum becomes a weapon but a commodity which earns a large amount of fund.

After the oil shock settled a matter for the time being, international price of petroleum dropped, but whenever situation in the Middle East was unstable, the price of petroleum rose remarkably. Pertoleum becomes an object for speculation.

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【Petroleum becomes a weapon】

〈Aftet that what`s happnened?〉

There are main markets where petroleum is dealt with in New York, Tokyo, and London, especially the price where it was handled in New York has have a great influence over the world.

Money flows into the market in New York from hedge fund, and speculation has made the price of petroleum rise and fall.

Besides, with development of economy on China and India, demand for petroleum extends, and it caused its price rise.

Petroleum becomes so high that development on energy which replaced with petroleum has advanced. An automobile...

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【Petroleum becomes a weapon】

〈After that what`s happened?〉

An automobile of which fuel is ethanol made by corn or sugarcane runs.

Hedge fund is a large investment trust which avoids crisis and tries to earn profit. Gathering fund from limited investors, making full use of derivative, and adopting speculative ways.

【A dream for a single Europe】

〈Euro was born〉

Euro which is common money in Europe was born in 1999, but it was 2002 when both bills and coins for euro began to be used actually.

When euro was born, 15 countries joined EU, but the countries which adopted the euro was 12.

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