The High Cost Of Our Alliance With A Pariah
Oil Zooms Nearly 9% Higher to Record $139 After Israeli Threat to Attack Iran
"Crude oil prices went on a record-setting surge Friday as fears of a new Middle East conflict were fanned by comments from an Israeli official about Iran."
The High Cost of a Single War-Like Remark
"One remark by a minor Israeli cabinet officer hinting at a possible US or Israeli attack on Iran has sent oil prices up by a record $11/barrel to a record $139 per barrel Friday. That should tell us what would happen if the Bush administration were crazy enough to attack Iran, or to let its vassal state of Israel do it.
Most analysts say an actual attack on Iran would send oil almost immediately to past $300 per barrel—a level that would strangle economies worldwide and send the world into an economic collapse not since the Smoot-Hawley Tariffs kicked off the Great Depression.The repercussions of that would be staggering.
America, which runs on oil, would grind to a halt. Gasoline and home heating oil would double or triple in price, leading to desperation in the coming winter for those living north of the Mason-Dixon line, and to a mass exodus of the elderly from Florida and Arizona, where air-conditioning would no longer be affordable.
In China, an economy almost wholly dependent upon the manufacture of goods for sale to American consumers, hundreds of millions of workers would suddenly find themselves unemployed. With their remittances to their peasant relatives halted, half the country would be kicked back to the pre-capitalist era, only without guaranteed wages, homes, food and healthcare. It is likely that unrest unprecedented since the Cultural Revolution would erupt.
The Middle East would explode."
"Crude oil prices went on a record-setting surge Friday as fears of a new Middle East conflict were fanned by comments from an Israeli official about Iran."
The High Cost of a Single War-Like Remark
"One remark by a minor Israeli cabinet officer hinting at a possible US or Israeli attack on Iran has sent oil prices up by a record $11/barrel to a record $139 per barrel Friday. That should tell us what would happen if the Bush administration were crazy enough to attack Iran, or to let its vassal state of Israel do it.
Most analysts say an actual attack on Iran would send oil almost immediately to past $300 per barrel—a level that would strangle economies worldwide and send the world into an economic collapse not since the Smoot-Hawley Tariffs kicked off the Great Depression.The repercussions of that would be staggering.
America, which runs on oil, would grind to a halt. Gasoline and home heating oil would double or triple in price, leading to desperation in the coming winter for those living north of the Mason-Dixon line, and to a mass exodus of the elderly from Florida and Arizona, where air-conditioning would no longer be affordable.
In China, an economy almost wholly dependent upon the manufacture of goods for sale to American consumers, hundreds of millions of workers would suddenly find themselves unemployed. With their remittances to their peasant relatives halted, half the country would be kicked back to the pre-capitalist era, only without guaranteed wages, homes, food and healthcare. It is likely that unrest unprecedented since the Cultural Revolution would erupt.
The Middle East would explode."
posted by nolocontendere at 11:23 PM
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