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OfflineEchoVortex
(hard) member
Registered: 02/07/02
Posts: 859
Last seen: 14 years, 4 months
Re: Euro VS Dollar [Re: infidelGOD]
    #1989397 - 10/08/03 04:07 PM (19 years, 4 months ago)

Found it: Link

Read I Fart Blue's post (the eighth one from the top). He makes a rather convincing case for the economic benefits of lower oil prices.


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InvisibleinfidelGOD
illusion

Registered: 04/19/02
Posts: 3,040
Loc: there
Re: Euro VS Dollar [Re: GazzBut]
    #1989407 - 10/08/03 04:25 PM (19 years, 4 months ago)

For starters the article doesnt say outright that the US would have collapsed if you hadnt attacked Iraq

well maybe the original article doesn't say that but the commentator certainly does:

"It is time those in the US who are arguing against the Iraq War to open their eyes and understand exactly what they are supporting, the economic destruction of their country"

I find the above quote to be incredibly ironic, since those who supported the war are the ones putting our economic security at risk.

this whole euro v. dollar conspiracy crap is nonsense. currency is not a commodity, it represents the wealth that's created in the country of its origin. since both the euro and the dollar are floating currencies, it only reflects the economic balance.

and that article you posted about the Yuan is also nonsense. first of all, economists estimate that it is undervalued 25% at most, not 40 or 50%. and even if they did adjust their currency 25%, does anyone really think that the electronics industry or the toy industry or the textile industry will return to the US? not likely. all it will do is make things more expensive for American consumers and businesses, causing inflation, which we've been able to hold off for a decade. the author is also ignoring some key points, like the fact that China's imports are increasing faster than their exports. they're not just holding on to all those dollars flowing into China, they're buying things, domestic demand in China is the only growth engine for many American companies. they're also buying US treasury bonds, which keeps interest rates low, and finances deficit spending in the US.

it should also be noted that many American companies with operations in China are exporting to the rest of the world. much of the efficiency gains from manufacturing in China benefits American companies. this guy sounds like another currency conspiracy nut picking and choosing his info and not seeing the big picture. check out the latest issue of BusinessWeek for more info on this. there are lot of misconceptions about it being spouted by conspiracy nuts and politicians trying to buy votes.



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InvisibleinfidelGOD
illusion

Registered: 04/19/02
Posts: 3,040
Loc: there
Re: Euro VS Dollar [Re: EchoVortex]
    #1989441 - 10/08/03 04:51 PM (19 years, 4 months ago)

that was an interesting thread. but I think they're assuming that we could flood the market with Iraqi oil to lower prices. as it turns out, infrastructure problems and sabatoge has reduced it to a trickle. I'll grant that they could have been motivated by oil, so blinded by dollar signs that they couldn't anticipate the problems like sabotage, but I don't think they had the best economic interests of the whole country in mind. I think you had it right in that thread:

"Even if you were right that this thing will result in a net economic loss for the US, Bush couldn't care less. The war was paid with taxpayer money and with deficit spending (which you'll pay for eventually with inflation), the profits will go his friends in industry who get the contracts in Iraq"

I_Fart_Blue's economics is sound but to think that the oil companies would have passed the savings on to the American consumer in the form of lower gas prices is I think, a bit too optimistic. and even if we were able to flood the market with cheap Iraqi oil, OPEC would have reduced production to keep the prices artificially high. they've done this in the past when prices dipped.

so I agree that oil played a role in the war, but it wasn't to benefit the average American consumer.


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