Monday, April 28, 2008

Can it be true that the growth in the US economy in the last seven years, such as it is, consists entirely of debt?

FROM THE MYTHS AND HARSH EFFECTS OF BUSH'S ECONOMIC CLASS WAR or WHOEVER HIRED THE BRAINIAC BEHIND HARKEN ENERGY TO BE PRESIDENT SHOULD BE HUNG UP BY THEIR THUMBS



"...The problem is that the government, the nation, and the individuals in our country have all taken on massive amounts of new debt. Without investing in anything productive. Even our conquests of Afghanistan and Iraq are not profitable (except for specific war profiteers), they are drains, endlessly creating more debts. Debts which are, bizarrely, kept off the books the way Enron used to do it, or more pertinently, the way George Bush used to do it when he was at Harken Energy.

This is quite accurately reflected in the fall of the dollar against such currencies as the Euro. The dollar is now worth one third less than it was in 2001, pretty much the size of the bubble, one third of the economy.

It is also the primary cause of half of the increase in the price of oil. Since oil is priced in dollars, oil producers have had to raise their prices by fifty percent just to keep even. As our energy policy has been to just keep using oil, that makes the problem self-perpetuating, sending more and more money out of the country..."

I aint worried, I got 600 bucks coming from my uncle sugar. Then I can quit worrying about the economy and get that big ol' reefer I've had my eye on!

Please GO.READ this important article.


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As Jim Hightower explains it, is that “the wealthiest 1 percent of Americans possess more net worth today than the bottom 90 percent of us combined. Worse, these privileged few and their political henchmen have structured a new economic ‘normal’ of long-term joblessness, low wages, no benefits or worker rights, miserly public services, and a steadily widening chasm between the rich and the rest of us.” We must restore sanity to this nation.