I’m not much of an economist, but I know that my credit score goes down when I charge a lot on my credit card.
You idiots who voted for Bush both times, congratulations, we are screwed. At least you got your office of “faith based initiatives.” That and an illegal war charged on the country’s credit card.
Why did they decide to borrow the money for their war? Because if the buffoons who were in favor of this idiotic war were told that their income taxes would rise by $1000 a year to pay for it, they would rise up in virtual revolution. You can’t get Red State voters to approve $10 a year for high schools, which is why those states remain Red.
The plan was brilliant. Charge the war, and by the time the idiots who supported it have to pay for it, they’ll be to wacked out on NASCAR and crystal meth to remember why we are in such a dire financial situation.
I just can’t believe that nobody inside the beltway considered how it exposed our economic flank.
I’ve said for years that all Iran or Venezuela had to do to crush our economy was to question whether they wanted to take greenbacks for their oil anymore.
Well, the chickenhawks have come home to roost.
OPEC to Study Effect of Dollar on Prices
Sunday November 18, 12:54 pm ET
By Sebastian Abbot, Associated Press Writer
Iranian Oil Minister Says OPEC Will Study Effect of Weak Dollar, Possible Currency BasketRIYADH, Saudi Arabia (AP) — OPEC will study the weak U.S. dollar’s effect on the oil cartel’s earnings and investigate the possibility of a currency basket, Iran’s oil minister said Sunday.
“We have agreed to set up a committee consisting of oil and finance ministers from OPEC countries to study the impact of the dollar on oil prices,” Gholam Hussein Nozari told Dow Jones Newswires at a rare heads-of-state OPEC summit.
Iraqi Oil Minister Hussein al-Shahristani also confirmed that the Organization of Petroleum Exporting Countries was forming the committee, which would “submit to OPEC its recommendation on a basket of currencies that OPEC members will deal with.” He did not give a timeline for the recommendation.
Though a final statement issued Sunday at the end of the summit did not specifically mention the dollar or a committee, it did say the oil-producing group would look into ways of improving financial cooperation.
OPEC will “study ways and means of enhancing financial cooperation among OPEC … including proposals by some of the heads of state and governments in their statements to the summit,” OPEC Secretary General Abdalla Salem el-Badri said, reading the statement.
Iran and Venezuela have been pressuring OPEC to study the effect of the falling dollar. But the suggestions were met with resistance from other OPEC members, including Saudi Arabia’s foreign minister, who warned Friday that even talking publicly about the currency’s decline could further hurt its value.
Yes, talking about how screwed up our economy is will only make it worse. This is true.
Put your cash into gold, Euros, or Canadian Dollars people.
Of course, I actually don’t mind that much. My student debt is huge, my mortgage is six figures, so if the dollar becomes worth as much as the Turkish Lira, what do I care? I can’t wait until a loaf of bread costs $100. I’ll be able to pay off my debt with a half a day’s pay.
Any pro-war commenters must tell me when they plan to enlist in the military, or if they are too old, which unit their children serve in. The rest of you can shut the hell up. My blog. My rules.
