The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
Back in 2009, during his heavily promoted Cairo speech on American relations with the Muslim world, U.S. President Barack Obama noted, in passing, that “in the middle of the Cold War, the United States played a role in the overthrow of a democratically elected Iranian government.” Obama was referring to the 1953 coup that toppled Iranian Prime Minister Mohammad Mosaddeq and consolidated the rule of the shah, Mohammad Reza Pahlavi. Obama would go on to remind his audience that Iran had also committed its share of misdeeds against Americans. But he clearly intended his allusion to Washington’s role in the coup as a concession -- a public acknowledgment that the United States shared some of the blame for its long-simmering conflict with the Islamic Republic.
Yet there was a supreme irony to Obama’s concession. The history of the U.S. role in Iran’s 1953 coup may be “well known,”