On War: Part 4. The Hidden Cost of the War and The Limits of Power
The War is the Main issue affecting the economy and the US dollar, IMO. Greenspans low rates were in part to provide Americans enough heroine via easy credit and cheap money, to not object to the policy of the occupying of Iraq. No other issue is near as relevant as the war to America's economy.
Watch these videos and see if you can understand my position (Bill Moyer's Interview is 20+ mintunes, but worth your time):
The Hidden Cost of War
In 2003, Donald Rumsfeld estimated a war with Iraq would cost $60 billion. Five years later, the cost of Iraq war operations is more than 10 times that estimate. So what’s behind the ballooning figures? Joseph E. Stiglitz and Linda J. Bilme’s exhaustively researched book, The Three Trillion Dollar War: The True Cost of the Iraq Conflict, breaks down the price tag, from current debts to the unseen costs we’ll pay for many years to… Bombshell in Baghdad (Laura Logan 3:19)
Hat tip to The Big Picture for this Great Find. Bill Moyers is an outstanding source for information.
Bacevich: The Limits of Power
, September 30, 2008 | 12:30 AM in Economy
Is an imperial presidency destroying what America stands for?
Bill Moyers sits down with history and international relations expert and former US Army Colonel Andrew J. Bacevich who identifies three major problems facing our democracy: the crises of economy, government and militarism, and calls for a redefinition of the American way of life.
click for video
ANDREW BACEVICH: One of the most striking things about it is that there was no effort made to mobilize the country, there was actually no effort even made to expand the size of the armed forces, as a matter of fact. The President said just two weeks or so after 9/11, "Go to Disney World. Go shopping." Well, there's something out of whack here, if indeed the Global War on Terror, and Iraq as a subset of the Global War on Terror is said to be so critically important, on the one hand. And on the other hand, when the country basically goes about its business, as if, really, there were no War on Terror, and no war in Iraq ongoing at all.
ANDREW BACEVICH: Well, we don't live within our means. I mean, the nation doesn't, and increasingly, individual Americans don't. Our saving - the individual savings rate in this country is below zero. The personal debt, national debt, however you want to measure it, as individuals and as a government, and as a nation we assume an endless line of credit.
As individuals, the line of credit is not endless, that's one of the reasons why we're having this current problem with the housing crisis, and so on. And my view would be that the nation's assumption, that its line of credit is endless, is also going to be shown to be false. And when that day occurs it's going to be a black day, indeed.