Tuesday, October 16, 2007

Mission Recomplished

Here's the lead from a Washington Post story yesterday:

The U.S. military believes it has dealt devastating and perhaps irreversible blows to al-Qaeda in Iraq in recent months, leading some generals to advocate a declaration of victory over the group, which the Bush administration has long described as the most lethal U.S. adversary in Iraq.

We've won! We've beat the group we had to beat! So let's get the heck out of Dodge, no? Or are we fighting Sunnis and Shiites? You're not telling me we're actually over there just to be in the middle of someone else's civil war, are you Mr. Bush?

In the meantime we get this news from Reuters today:

Oil thundered to a new peak above $88 a barrel on Tuesday as investors eyeing supply concerns and tensions in northern Iraq extended the nine-dollar rally that started last week.

For let's not forget what Laurence Lindsay, then President Bush's senior economic advisor, said prior to the invasion of Iraq:

"Under every plausible scenario, the negative effect will be quite small relative to the economic benefits that would come from a successful prosecution of the war. The key issue is oil, and a regime change in Iraq would facilitate an increase in world oil."

It will also be good to hear how those who espouse the free market as the corrective balancing answer to all economic woes will try to spin this latest increase in the price of crude. That Reuters article says, "The record surge raised alarm bells for producer group OPEC, which blamed rampant speculation by big money investors rather than any shortage of supply." That is, supply and demand don't regulate the price of oil, those trying to make money off oil regulate its price. Or to put it in other terms--the richest of the rich have us by our oil-greedy nuts.

That article also points out the soaring prices of oil are just one problem. After all there's the "economic pressure from the meltdown in the subprime mortgage market." And then Business Day reports: "The gold price hit a 28-year high yesterday, with the precious metal's appeal polished by a weak dollar, record-high oil prices and geopolitical tension."

So, all will be just fine for those of us buying up gold and oil. I'm sure that's most of my readership.

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Blogger Trekking Left said...

You all laughed at me when I decided to dip my gold in oil. Who's laughing now?

Is it me, or does the pricing of oil seem like a big scam that no one really understands?

10:59 AM  
Blogger Generik said...

Being a Republican means never having to say you're sorry. Or admit that you were wrong.

3:29 PM  

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