For years, the official narrative of the 2011 Libyan intervention focused on a humanitarian crusade to save the people of Benghazi from a “madman.” However, in 2015, a massive leak of over 3,000 emails from Hillary Clinton’s private server provided a different perspective. These documents contained a “smoking gun” memo that suggested NATO’s intervention was less about protecting civilians and more about protecting the French Franc and the US Dollar.
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The intelligence reports revealed that the West’s biggest fear wasn’t Gaddafi the dictator—it was Gaddafi the banker.
France’s Client and Gaddafi’s Gold
On April 2, 2011, just as the bombing campaign was intensifying, Hillary Clinton’s advisor Sydney Blumenthal sent an email titled “France’s client and Qaddafi’s gold.” This memo cited “knowledgeable individuals” who claimed that French intelligence had discovered a plan that threatened the very foundation of European influence in Africa.
The Five Reasons for War
According to the memo, French President Nicolas Sarkozy’s decision to commit France to the attack was driven by five specific objectives:
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A desire to gain a greater share of Libya oil production.
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Increase French influence in North Africa.
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Improve his internal political situation in France.
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Provide the French military with a chance to reassert its position in the world.
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To address the threat of Gaddafi’s influence in “Francophone Africa.”
The Gold Dinar: The $7 Billion Threat
The most explosive revelation in the intelligence reports was Gaddafi’s plan to create a pan-African currency. The memo stated:
“Qaddafi’s government holds 143 tons of gold, and a similar amount in silver… This gold was accumulated prior to the current rebellion and was intended to be used to establish a pan-African currency based on the Libyan golden Dinar.”
This plan was designed to provide the French-speaking African nations with an alternative to the CFA Franc, the currency France uses to maintain economic control over 14 of its former colonies. The gold reserves, valued at over $7 billion at the time, would have given Africa the financial independence to trade oil and resources on its own terms, bypassing the US Dollar and the French Treasury.
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Contradicting the “Universal Uprising” Narrative
While Gaddafi claimed in his letter to Obama that “all the people are with me,” Western intelligence was privately painting a more nuanced and cynical picture. Reports revealed that while there was genuine dissent, the “rebels” were far from a unified democratic front.
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The Al-Qaeda Connection: Internal memos acknowledged that “militant Islamist elements” were deeply embedded in the rebel forces in Eastern Libya. This validated Gaddafi’s claim in his letter that he was fighting “armed gangs from Al-Qaeda.”
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Pre-planned Intervention: Memoirs from French spy chiefs later confirmed that special forces were on the ground in Libya training rebels before the UN Security Council even voted on the “no-fly zone.”
The Disappearance of the Treasure
One of the greatest mysteries of the 2011 war is the fate of the 143 tons of gold. Following the memo’s trail, the gold was moved from Tripoli to the southern city of Sabha in late March 2011.
After Gaddafi’s death, the gold simply vanished. It was never returned to the Libyan Central Bank, and it never funded the “new democracy.” Some analysts believe it was looted by militias, while others suspect it was “secured” by foreign intelligence services to ensure the Gold Dinar project would stay dead forever.
The Witness Who Survived
This intelligence is exactly why the West remains wary of Saif al-Islam Gaddafi. Unlike his father, Saif was the “technocrat” who managed many of these international deals. He holds the records of:
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The $50 million payment allegedly sent to Nicolas Sarkozy’s campaign.
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The secret torture sites used by the CIA in Libya (rendition).
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The bank transfers that prove which Western companies were paying bribes to the regime right up until the first bombs fell.
Gaddafi’s letter to Obama was an appeal to a “son” to remember their partnership. The Clinton emails suggest the “son” and his allies had $7 billion reasons to forget it.