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I have to say that my cynical mind always found this theory appealing, and I first heard it years ago. But ultimately, I think it's a creative form of wishful thinking from people who believe Iran is the exception to the rule. Everyone else who opposes the Anglo-Zionists is being cut down, but somehow, Iran won't be touched, just because the Anglo-American empire was involved in putting the mullahs in power. Boogymen like the mullahs with their fake revolution and ISIS can have their uses, but they don't last forever. The imperial powers are king makers and king breakers. They get rid of the same people they put in power when they feel like it.
The mullahs were backed in 1979 because they were seen as the least worst option compared to communists, which were unacceptable in the cold war, and the democratic/secular nationalists who were too much like the rogue Shah or Mossadegh. My suspicion is that they were not supposed to survive the Iran-Iraq War, and that both Iraq and Iran were meant to be pretty much destroyed by it, obviating the need for a major American war commitment against two problematic countries. Furthermore, at the time it was thought that Iran's oil production would soon go into steep decline leading to financial ruin for the country, followed by dangerous acts of desperation from the Shah/government in the 1980s/90s. They really thought it would be better to have the mullahs there when that happened rather than the Shah/Mossadegh types. Iraq has now been ruined, but Iran is still standing, for now.
The last Shah is a good example of how kings are made and broken. He was put there by the British after they removed his father in 1941. The British asserted their right to remove him later if necessary. When the nationalists tried to keep more Iranian oil wealth for themselves in the early 50s, the Shah was supported by the British and Americans. But by the mid 70s he started to go rogue and was dying of cancer. His time was up. The trouble is, there were no good replacements.
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