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On 26 July 1956, in retaliation for the loss of funding and to help pay for the Aswan project, Nasser gave a speech in Alexandria where he denounced Western influence in the Arab world and announced the nationalization of the Suez Canal Company.The British tried to stage a phony crisis in order to send in peacekeeping troops that was aborted when Eisenhower threatened to use the Treasury to destroy the British Pound. Eisenhower would later go on to regret it, but the deed was done.
(SULTAN KNISH) Eisenhower's intervention on behalf of Nasser's seizure of the Suez Canal, and against England, (despite Nasser being a Soviet ally) demonstrated that America would rather turn on its allies, than risk alienating Arab and Muslim states. When the Saudis nationalized ARAMCO, they were confident that America would do nothing. And they were only partially wrong.
America did something, it used taxpayer money to compensate shareholders
for the nationalized by our "Saudi" friends.
