unflinching idealism ... since 1997 archivessitemapabouthelpfeedback
all are welcome to read, write and think
  • Home
  • InFocus
  • Themes
  • Columns
  • Articles
  • Fiction
  • iLogs
  • Gallery
  • Unplugged
  • Writers
  • Interactors
  • Tags
Sign in | Join Chowk
web chowk
  • Unplugged Home
  • Books Movies Music
  • News Sports Biz
  • Off-the-wall
  • Chowk Connect!
  • Chowk related topics

Iraq war waged on credit


POST REPLY
read replies 32

Iraq war waged on credit

Topic started by sadna on May 8, 2008 10:15:53 am


http://www.theweekdaily.com/news_opinion/briefing/40617/briefing_the_iraq_mone y_pit.html

Briefing: The Iraq money pit

"As a point of perspective, consider what the $600 billion we’ve spent already could have purchased, says Bilmes. “The money spent on the war could have fixed Social Security for 75 years or provided health insurance to all American children,” she says.

Has the money been well spent?
In many cases, no. Audits and oversight groups have found that tens of billions have been squandered in waste, fraud, and corruption. Contractors hired to rebuild the country’s infrastructure or provide security have overcharged the U.S. for everything from soft drinks—$45 a can—to gasoline. Millions of dollars in no-bid reconstruction contracts were diverted to things such as Super Bowl tickets, prostitutes, watches, and jewelry. And much of the reconstruction work has been substandard."

...

The credit card war
The Iraq war, says economist Joseph Stiglitz, is “the first U.S. war financed entirely on credit.” When the war started, the Bush administration said it would cost no more than $60 billion. But the U.S. budget was already in deficit, so the administration had to borrow money to finance the invasion. About 40 percent of the money was borrowed from China and other international investors—the first time since the Revolutionary War that foreigners financed a U.S. war. At the same time, the administration and Congress lowered taxes instead of raising them, as is customary in wartime. The Federal Reserve kept interest rates low, which encouraged middle-class Americans to go on a consumption binge financed by credit cards and home-equity loans. Today, say Stiglitz and other economists, the bills for the country’s spending spree are starting to come due, in the form of higher prices, a weakened dollar, and lower living standards. “There’s no such thing as a free war,” Stiglitz said. “The U.S.—and the world—will be paying the price for decades to come.”


flag objectionable content
Posts 17-32 of 32
listing 16-32   1 2 3
Post by MNIPhirSay on May 8, 2008 11:03:51 am

You see, budget deficits in US don't mean anything to the US itself. These are in 'Dollars', their own currency which happens to be the world currency as well. Rest of the world finances those deficits.

I hope you're kidding.


flag objectionable content
Post by Salim_Chauhan on May 8, 2008 11:02:11 am

{"When wasn't there a budget deficit in US? Iraq war or no?"}

Zee,
During Clinton's second term, I think. The era of unabashed prosperity, rising stock market, budget surplus. Sounds like ancient history now. :D:D:D


flag objectionable content
Post by MNIPhirSay on May 8, 2008 11:01:01 am

There was a time in the late 90s when outstanding govt obligations were getting paid off at such a fast pace that rates traders started worrying how they'd calibrate their curves. Among other fine things Bush has done for the Street, you can add this feather to his cap as well. Now rates traders have 9.5 trillion dollars of outstanding obligations to choose from.


flag objectionable content
Post by stuka on May 8, 2008 10:54:22 am

"Abey, I am not plate pissing. I am just plain pissed. They way this stupid administration has squandered our precious lives and treasure in this stupid war, by the time you are ready to become a citizen, that citizenship will carry a per capita burden of hundreds of thousands of dollars"

Agreed. That's why I am supporting a Hussein over a John. (T)

"By the time you get your citizenship, you will be begging for an Orange Card to become a permanent resident of "India Shining."

It's your luck that when you get to the front of the line, they always seem to run out of tickets"

:D:@


flag objectionable content
Post by zeemax on May 8, 2008 10:51:33 am

Post by dullabhatti,

When wasn't there a budget deficit in US? Iraq war or no?

You see, budget deficits in US don't mean anything to the US itself. These are in 'Dollars', their own currency which happens to be the world currency as well. Rest of the world finances those deficits.


flag objectionable content
Post by dullabhatti on May 8, 2008 10:45:27 am

The only way you finance wars is through taxes. Have these increased in the US?
-----

zee, if taxes were raised and money was collected to spend, then it won't be war on credit. it is on credit card because there is budget deficiet (due to this expense) that we will have to fulfill in future.


flag objectionable content
Post by Salim_Chauhan on May 8, 2008 10:44:57 am

Stuckass,
By the time you get your citizenship, you will be begging for an Orange Card to become a permanent resident of "India Shining." :P

It's your luck that when you get to the front of the line, they always seem to run out of tickets. :D


flag objectionable content
Post by Salim_Chauhan on May 8, 2008 10:41:55 am

{"So when are we meeting in court about my citizenship application? I would like to share how certain plate pissing American citizens who live abroad think. "}

Just like a regular banya - always intrested in his/her own parchi. 8-|

Abey, I am not plate pissing. I am just plain pissed. :@ They way this stupid administration has squandered our precious lives and treasure in this stupid war, by the time you are ready to become a citizen, that citizenship will carry a per capita burden of hundreds of thousands of dollars. 8-|


flag objectionable content
Post by zeemax on May 8, 2008 10:39:13 am

... re the Dollar, see where it is today as compared to a week ago. When it hits 1.48 against the Euro within a month, give me a thumbs up.


flag objectionable content
Post by stuka on May 8, 2008 10:38:04 am

"Muslims wage war across generations. They lost the First Crusade in 1099, lost Jerusalem for 88 years, and lost huge areas of Palestine, Syria, Jordan, and what's today Antakya region in Turkey. By 1187, they took back Jerusalem, and by 1260s the last remnants of Crusader success were wiped out. So, war is just not war, but struggle across generations, including economic, political, military, and yes, what you call terrorism."

Good to know. So when are we meeting in court about my citizenship application? I would like to share how certain plate pissing American citizens who live abroad think. (T)


flag objectionable content
Post by zeemax on May 8, 2008 10:37:22 am

No Sadna, this article is wrong. The Iraq war is financed by Iraqi oil. Iraq produces more than 2 million barrels per day.

The only way you finance wars is through taxes. Have these increased in the US?

The consumer (credit card) boom was because of Greenspan's easing of monetary policies. Nothing wrong with them after 9/11 recession, but Bernanke took it too far with his tightening. That's all.


flag objectionable content
Post by Salim_Chauhan on May 8, 2008 10:33:05 am

Muslims wage war across generations. They lost the First Crusade in 1099, lost Jerusalem for 88 years, and lost huge areas of Palestine, Syria, Jordan, and what's today Antakya region in Turkey. By 1187, they took back Jerusalem, and by 1260s the last remnants of Crusader success were wiped out. So, war is just not war, but struggle across generations, including economic, political, military, and yes, what you call terrorism. (T)


flag objectionable content
Post by stuka on May 8, 2008 10:26:58 am

dude, the real waste has been in "reconstruction" not in waging the war. Good to see your real Jihadi face come to the fore. (T)


flag objectionable content
Post by Salim_Chauhan on May 8, 2008 10:25:52 am

When the full costs of the Iraq and Afghanistan adventures are calculated, it will be a long time before another Crusade is ever launched. (T)

It took 500-600 years after the last set of Crusades that the Crusaders even thought about invading Muslim lands again. :(W)


flag objectionable content
Post by Salim_Chauhan on May 8, 2008 10:22:50 am

{"Yeah, but think of the pleasure of kicking Moosla ass"} is probably what Muslim-hating, Paki-hating Hindu assholes like Choostahai, Dr. Bang A Lun, and Stuckass would say. 8-|

Talk about cutting your nose off to spite your face. :D:D:D


flag objectionable content
Post by sadna on May 8, 2008 10:19:10 am

Republicans are whopping big spenders compared to Democrats


flag objectionable content
Posts 17-32 of 32
listing 16-32   1 2 3

Latest Interacts

  • laddu: I predict : 1.NS would... How real is your
  • masadi: Majumdar writes "Yes, but... How real is your
  • masadi: Majumdar writes "Yes, but... How real is your
  • masadi: HP sahib, You are absolving... How real is your
  • masadi: PM writes "Re Working... How real is your
  • VRV: NK, In a limited way... How real is your
  • Kamath: Zardari is a good... Writings on the Wall
  • PM: MNI Masadi sahib, It must... How real is your

Latest iLogs

  • kashkin 08:41 am
    One Thousand and One Nights
  • Ravi_Kopra 06:48 am
    tum aur fareb khaao - Aga Hashr ( and running commentaries etc.)
  • Tazeen 05:04 am
    Why in English .....
  • Optimistic_Aadil 03:15 am
    Empty bowls
  • 2ndlook 11:55 pm
    Indian \'Hacker\' Shakes Crimeworld
  • Delirium 09:07 pm
    Zur and Zardari
  • FakirIppi 07:53 pm
    AFGHAN AMBASSADOR WANTS THE USA TO ATTACK PAKISTAN
  • FakirIppi 07:50 pm
    Collaboration for a Visa
  • Diesel 07:19 pm
    Postmortem of Farahnaz Isphahani and Hussain Haqqani
  • outlander 07:19 pm
    Ae pyari larkii
  • typhoon 05:11 pm
    oye charlatan: pksz_shadbad, lrng2lv, quin, crazhghan, lilmewhatever, Xroad
  • babajan 02:04 pm
    my very first comment at the chowk (please help me in understanding such things)
more »

Write on Chowk Interact Guidelines Privacy policy Terms Contact

Copyright © 1997 - 2008 chowk.com. All Rights Reserved
Reproduction of material on any www.chowk.com pages without prior written permissions is strictly prohibited