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Sunday, March 2, 2008

 
 

Iraq War And The Slowdown Of The US Economy

Posted By: Efren ES Ricalde @ 7:24 PM
Comments: 0

 

from : http://www.fotos.geschichtsthemen.de/iraq-war/iraq.htm

I have seen several DVDs, videos and pictures showing the destruction of Irag. Now, I chanced upon a news item from Truthout.org on the negative impact of the Iraq war to the US economy and perhaps including our country.

Here's an excerpt and the link on an Iraq war news article :

Sourced from http://www.truthout.org/docs_2006/022908T.shtml
Iraq War "Caused Slowdown in the US"
By Peter Wilson
The Australian

Thursday 28 February 2008

The Iraq war has cost the US 50-60 times more than the Bush administration predicted and was a central cause of the sub-prime banking crisis threatening the world economy, according to Nobel Prize-winning economist Joseph Stiglitz.

The former World Bank vice-president yesterday said the war had, so far, cost the US something like $US 3 trillion ($3.3 trillion) compared with the $US 50-$US 60 billion predicted in 2003 ....

Professor Stiglitz told the Chatham House think tank in London that the Bush White House was currently estimating the cost of the war at about $US 500 billion, but that figure massively understated things such as the medical and welfare costs of US military servicemen.

The war was now the second-most expensive in US history after World War II and the second-longest after Vietnam, he said.

The spending on Iraq was a hidden cause of the current credit crunch because the US central bank responded to the massive financial drain of the war by flooding the American economy with cheap credit ....

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  • "MaSci to GSI" is a compendium of experiences from childhood to present. M2G shares my insights and knowledge on education, hard work, integrity, honesty, creativity, transparency, and aspiration of a Filipino. M2G maps my journeys and adventures as a boy, student, dreamer and entrepreneur.
 
 
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Efren, President/CEO of GSI, is an experienced public speaker and an avid tennis player, photographer, a beginner classical guitarist. He was the former Chairman of Philippine Geomatics Association (PhilGeo) and is an active member of other IT associations. He has a diploma in Strategic Business Economics from the University of Asia and the Pacific, units in MS Remote Sensing in UP Diliman, BS Geodetic Engineering at UP Diliman and an alumni of Manila Science High School.

 
 

 

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