United States commits economic suicide in Middle East.

United States commits economic suicide in Middle East.

Postby preearth » Sun Jul 04, 2010 2:53 am

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Let's look at the economics of raping and pillaging Iraq and Afghanistan.

On Thursday (28 Feb 2008), Joseph Stiglitz (former chief economist for the World Bank and a Nobel laureate) told the congressional Joint Economic Committee that $3 trillion was at the low end of estimated war costs. After factoring in the cost of weapons and operations, future health-care costs for veterans, interest on foreign loans used to fund the war, and future borrowing, Stiglitz said the costs of the wars in Iraq and Afghanistan would be somewhere between $5 trillion and $7 trillion for the US alone. Another estimated $6 trillion will be borne by other countries, he said.

Estimated Total Cost of wars is between $5 trillion and $7 trillion.

To put this amount into perspective, consider that;

1) Iraq's proven oil reserves are 112 billion barrels.

2) In October, 2001, in the days before the U.S. attacked Afghanistan, oil sold for about $25 a barrel.

For this amount the U.S. could have bought ALL of Iraq's oil and had 2 to 4 trillion dollars left over.

Of course, since this time, the wars in Iraq and Afghanistan have pushed the price of oil sky high.

So, how stupid are the people running the United States?

American stupidity, can be quickly summarized;

Stealing the oil (WAR FOR OIL) costs $5 to 7 trillion and obtains no oil at all.

Buying the oil (PEACE FOR OIL) would have cost $2.8 trillion for all of Iraq's oil.
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