Military action may halt currency meltdown
By Braun McAsh
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The U.S. economy is in terrible shape, thanks to the Bush administration racking up a greater debt than the 42 previous presidencies combined. The national debt is at US$8.4 trillion, with US$1.6 trillion held by foreign governments. The trade deficit is US$750 billion and rising. And due to the Bush tax cuts, federal tax revenues as a percentage of the gross domestic product are at their lowest since 1950, according to the U.S. General Accounting Office.
The world's oil is bought and paid for in American dollars. This constant demand for the U.S. dollar stabilizes the currency. Oil is the single most important factor dictating the value of the U.S. dollar. (U.S. currency hasn't been linked to the price of gold since 1971.)
When the Bush administration invaded Iraq three years ago, many assumed it was about seizing the oil. As it turns out, this was a valid assumption, just not in the manner originally stated.
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Go read this article by my old friend Braun McAsh.
Note the date - May, 2006
Some one did too warn you about this.
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1 comment:
You have to be able to decide what is important.
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