RES: [lbo-talk] Bush's War for an Oil Shortage

Alexandre Fenelon afenelon at zaz.com.br
Wed Jun 18 19:32:09 PDT 2003


Charles: You mean because the US imports a lot of oil ? Perhaps you can spell out your economic reasoning chain on this a little more for me ( I'm not exactly a topnotch economist)

However, this would be a contradiction if true. I don't think the argument is that the war would free US imperialism of all contradictions in the current situation. On the contrary, imperialism cannot help but to create more contradictions and crises.

-Right. I think it is nonsense to think the USA wants to rise oil prices since the country not only is a big importer

-(dependent on more than 50% imported oil for his necessities) but also runs a massive trade deficit (around 4%

-of GDP). A worsening trade balance, coupled with the dramatic deterioration of the budget deficit can led to

-really big troubles. Still, Europe and Japan would be even hardly hit by an increase of the oil prices (not to

-mention China). Actually I believe the USA is trying to bring down the oil prices and that was one of the main

-reasons for the colonial adventure in Iraq.

Alexandre

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