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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?


To: TH who wrote (48195)3/16/2006 11:21:15 AM
From: mishedlo  Read Replies (1) | Respond to of 116555
 
This is actually the stupidest assessment of the Bourse in all of the total of stupid commentary on the Bourse (which is saying a lot).
If you read it, he is proposing that pricing unit of oil is more important than the oil itself. I bolded the highlight.
It is an obviously asinine statement as is everything else this clown wrote.

Mish

Many have criticized Bush for staging the war in Iraq in order to seize Iraqi oil fields. However, those critics can’t explain why Bush would want to seize those fields—he could simply print dollars for nothing and use them to get all the oil in the world that he needs. He must have had some other reason to invade Iraq.

History teaches that an empire should go to war for one of two reasons: (1) to defend itself or (2) benefit from war; if not, as Paul Kennedy illustrates in his magisterial The Rise and Fall of the Great Powers, a military overstretch will drain its economic resources and precipitate its collapse. Economically speaking, in order for an empire to initiate and conduct a war, its benefits must outweigh its military and social costs. Benefits from Iraqi oil fields are hardly worth the long-term, multi-year military cost. Instead, Bush must have went into Iraq to defend his Empire. Indeed, this is the case: two months after the United States invaded Iraq, the Oil for Food Program was terminated, the Iraqi Euro accounts were switched back to dollars, and oil was sold once again only for U.S. dollars. No longer could the world buy oil from Iraq with Euro. Global dollar supremacy was once again restored. Bush descended victoriously from a fighter jet and declared the mission accomplished—he had successfully defended the U.S. dollar, and thus the American Empire.



To: TH who wrote (48195)3/16/2006 11:48:48 AM
From: LLCF  Respond to of 116555
 
Oh, it's a great idea... the Deutche Termin Borse would be smart to do it or the London... but the Iranaians? Who cares really is my only point. Anyone with 1/2 a brain going to trade a future with that NUT as the counterparty?

Non-starter.

DAK



To: TH who wrote (48195)3/16/2006 12:13:11 PM
From: mishedlo  Read Replies (1) | Respond to of 116555
 
Mideast Contagion?
globaleconomicanalysis.blogspot.com
Mish