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.

Funds provided by Congress for the rape and pillage = $1.05 trillion.

To put this amount into perspective, consider that;

1) Iraq has 112 billion barrels of proven oil reserves.

2) In December 1998, only 3 years before the U.S. attacked Afghanistan, oil sold for $10.35 a barrel in New York.

At this price the U.S. could have bought;

1050000000000/(10.35 x 112000000000) = 0.9058 = 91% of Iraq's oil.


It is important to realize that the funds provided by Congress are only a fraction of the true cost of the wars.

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 has 112 billion barrels of proven oil reserves.

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

2.2 to 4.2 trillion dollars left over.


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

The economics of American stupidity, can be quickly summarized;

WAR FOR OIL) $5 to 7 trillion spent for no oil at all.

PEACE FOR OIL) $2.8 trillion spent for all of Iraq's oil.
preearth
 
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