Wednesday, May 21, 2008


Welcome to the Greatest Show on Earth
America's war against Iraq had its roots in many improving impulses. According to John McCain and Alan Greenspan, however, the taproot sank into Iraq's oil fields; America wanted to secure its access to cheap oil, they say.

Unfortunately, this program - like all government meddling - backfired. The price of oil was only $25 a barrel when the war began in September of 2003. Yesterday, it hit $130 a barrel. And the war itself is expected to cost the nation $1 trillion or more. For all its efforts, the United States secured the most expensive energy in world history. (And then pushed food prices up to their highest levels in modern times too - keep reading…)

China, meanwhile, decided to take the capitalist road. Instead, of using military force to get oil, it simply bought it on the open market. It has sent its agents to secure, peacefully and honestly, long-term contracts for oil and the other natural resources it needs to feed its ravenous economy. Its buying is driving up prices for everything. But what would you expect?

1 comment:

Anonymous said...

China took the capitalist road? Not quite. CNOOC is the STATE-OWNED energy company buying up all that oil. Sort of like the U.S. Dept. of Energy doing likewise and issuing stock in USDOE INC. It's clear what your politics are, Fritz, but get your economics straight.