Bush wants $50 Billion more for Iraq

macgyver06 · August 2007

he better not let me catch him in the streets...i will be famous

answers are fatal · August 2007

JamMastaE wrote:

FUCK IRAQ!!!!

our infrastructure is falling apart and we are in debt well over our heads.

we need to do something about these fucking crooks.

i am sick of being sick.

anyone else?

yeah our US national debt is about 8.5 trillion. use the 50 billion towards that instead of the war. i mean i support our troups and everything but i think its time to bring them home. oh when clinton was president we actually had the US national debt somewhat cleared up and george came along and ruined everything.

JamMastaE · August 2007

answers are fatal wrote:

yeah our US national debt is about 8.5 trillion. use the 50 billion towards that instead of the war. i mean i support our troups and everything but i think its time to bring them home. oh when clinton was president we actually had the US national debt somewhat cleared up and george came along and ruined everything.

while that is true of Clinton,don't get it twisted,they both are controlled by the same people.The opposition between democrats and republicans is about as real as professional wrestling.

people forget what a piece of shit Clinton was just because Bush is an even bigger piece of shit.

Fuck 'em both!

puremagic · August 2007

Bush needs 50 billion to strike Iran because they are also a back door into neutralizing China. If he can draw Iran into the current Iraq conflict, he can effectively either neutralizes China's ecomonic growth and hopefully force China to reevaluate its foreign exchange rate of the yuans. Without a conflict in Iran, China continues to stand aside the U.S. both on the economical and military level. With Japan beginning to feel the economic weight of the Iraq war and the falling dollar, along with the end of Bush's presidency looming, it is now or never to involve Iran.

Iran Leads Attack against US Dollar
By Jerome R. Corsi
Global Research
April 12, 2007

While the world press has focused on Iran's plans to move ahead with enriching uranium, Tehran continues to wage economic war against the U.S. dollar behind the scenes. Tehran has reached a decision to end all oil sales in dollars, according to statements by Iran's central bank governor, Ehrabhim Sheibany, in Kuala Lumpur at the end of last month.

Zhuhai Zhenrong Trading, a Chinese state-run company that buys 240,000 barrels of oil per day from Iran, approximately 10 percent of Iran's 2.2 million barrels per day total output, has confirmed a shift to the euro for its Iranian oil purchases. About 60 percent of Iran's oil income is currently in non-dollar currencies, according to Hojjatollah Ghanimifard, who is responsible for international affairs for National Iranian Oil. Even Japanese refiners who buy some 550,000 barrels of oil a day from Iran have indicated their willingness to buy Iran's oil in yen.

China, which buys approximately 12 percent of its crude oil supply from Iran, signed last year a long-term $100 billion deal with Iran to develop Iran's giant Yadvaran oil field. Estimates indicate China could draw 150,000 barrels of oil from the Yadvaran field for the next 25 years, assuring Iran's position as one of the major suppliers of oil to China for decades to come. One possibility is that China may begin paying Iran for oil in yuans. Meanwhile, China which now holds $1 trillion in foreign reserve holdings, announced March 20 it will no longer accumulate foreign exchange reserves. This is more bad news for the dollar, since approximately 70 percent of China's $1 trillion in foreign reserve holdings are held in U.S. dollar assets. About half of China's foreign exchange U.S. assets are invested in U.S. treasuries, which are vital to financing the continuing U.S. federal budget deficits.

The recent push by Iran to demand payment for Iranian oil in currencies other than the dollar marks a move away from a previous announcement that Tehran planned to open an Iranian oil bourse in March 2006, designed to quote oil prices in the euro. Iran has yet to open an Iranian oil bourse, but demanding payment for Iranian oil in currencies other than the dollar is seen by many experts as a more direct attack on the dollar, especially if the Iranian decision backs a worldwide move away from using the dollar as the underpinning of world foreign exchange reserves.

Iran's central bank governor Sheibany also confirmed Iran is cutting U.S. dollar reserves to less than 20 percent of its total foreign reserve currency holdings. Iran plans to manage its foreign reserve currencies from oil sales in a basket of 20 different currencies. The move by both Iran and China to hold fewer dollars in their foreign exchange reserve reflects a desire to diversify foreign exchange reserve portfolios amid concerns the dollar will continue to lose value versus the euro.

The dollar has lost 9 percent of its value against the euro in the last year and is down 35 percent against the euro in the last five years. WND previously reported the late Iraqi dictator Saddam Hussein virtually signed his death warrant when he obtained the United Nations' permission to hold his Oil for Food foreign exchange reserves in the euro.

puremagic · August 2007

China Threatens 'Nuclear Option' of Dollar Sales
By Ambrose Evans-Pritchard
Telegraph

August 8, 2007

The Chinese government has begun a concerted campaign of economic threats against the United States, hinting that it may liquidate its vast holding of US treasuries if Washington imposes trade sanctions to force a yuan revaluation.

Two officials at leading Communist Party bodies have given interviews in recent days warning - for the first time - that Beijing may use its $1.33 trillion (£658bn) of foreign reserves as a political weapon to counter pressure from the US Congress. Shifts in Chinese policy are often announced through key think tanks and academies. Described as China's "nuclear option" in the state media, such action could trigger a dollar crash at a time when the US currency is already breaking down through historic support levels. It would also cause a spike in US bond yields, hammering the US housing market and perhaps tipping the economy into recession. It is estimated that China holds over $900bn in a mix of US bonds.

Xia Bin, finance chief at the Development Research Centre (which has cabinet rank), kicked off what now appears to be government policy with a comment last week that Beijing's foreign reserves should be used as a "bargaining chip" in talks with the US. "Of course, China doesn't want any undesirable phenomenon in the global financial order," he added. He Fan, an official at the Chinese Academy of Social Sciences, went even further today, letting it be known that Beijing had the power to set off a dollar collapse if it choose to do so. "China has accumulated a large sum of US dollars. Such a big sum, of which a considerable portion is in US treasury bonds, contributes a great deal to maintaining the position of the dollar as a reserve currency. Russia, Switzerland, and several other countries have reduced the their dollar holdings. "China is unlikely to follow suit as long as the yuan's exchange rate is stable against the dollar. The Chinese central bank will be forced to sell dollars once the yuan appreciated dramatically, which might lead to a mass depreciation of the dollar," he told China Daily.

The threats play into the presidential electoral campaign of Hillary Clinton, who has called for restrictive legislation to prevent America being "held hostage to economic decisions being made in Beijing, Shanghai, or Tokyo". She said foreign control over 44pc of the US national debt had left America acutely vulnerable. Simon Derrick, a currency strategist at the Bank of New York Mellon, said the comments were a message to the US Senate as Capitol Hill prepares legislation for the Autumn session. "The words are alarming and unambiguous. This carries a clear political threat and could have very serious consequences at a time when the credit markets are already afraid of contagion from the subprime troubles," he said.

A bill drafted by a group of US senators, and backed by the Senate Finance Committee, calls for trade tariffs against Chinese goods as retaliation for alleged currency manipulation. The yuan has appreciated 9pc against the dollar over the last two years under a crawling peg but it has failed to halt the rise of China's trade surplus, which reached $26.9bn in June. Henry Paulson, the US Tresury Secretary, said any such sanctions would undermine American authority and "could trigger a global cycle of protectionist legislation".

Mr Paulson is a China expert from his days as head of Goldman Sachs. He has opted for a softer form of diplomacy, but appeared to win few concession from Beijing on a unscheduled trip to China last week aimed at calming the waters.

FredFlintstone · August 2007

Pure Magic- you obviously haven't been paying attention.
Its not about the dollar or economics.

They hate us for our freedoms.
Get with it - and enough of these "wordy" assessments about geo politics. My brain hurts.

RolandTD20Kdrummer · August 2007

FredFlintstone wrote:

Pure Magic- you obviously haven't been paying attention.
Its not about the dollar or economics.

They hate us for our freedoms.
Get with it - and enough of these "wordy" assessments about geo politics. My brain hurts.

hehe...yes they hate free people....amazing isn't it...

...how some idiots actually buy that shit?

the media sure shovels it out though...

Iran is gong to start any day now...they are already sizing up a bunch of ground targets to strike.

1970RR · August 2007

answers are fatal wrote:

yeah our US national debt is about 8.5 trillion. use the 50 billion towards that instead of the war. i mean i support our troups and everything but i think its time to bring them home. oh when clinton was president we actually had the US national debt somewhat cleared up and george came along and ruined everything.

The national debt has not been anywhere near cleared up under Clinton or any other president.
Clinton cleared up the budget deficit, which Bush has since ruined.

http://www.cedarcomm.com/~stevelm1/usdebt.htm

DriftingByTheStorm · August 2007

answers are fatal wrote:

yeah our US national debt is about 8.5 trillion.

it may sound absurd, but the truth is that hte US Congress has the power to print up a 9 Trillion Dollar "Note" and hand it off to The Federal Reserve and say, "Hey. Fuck You Very Much. Have A Nice Life."

Alternately,
they could say, "Hey. Mr. Federal Reserve Corporation, you are an unconstutional entity. By the power vested in the US Government, we hereby abolish you, devest you of all your power, and declare the illegal debt you have imposed on the american people to be NULL AND VOID. Oh. and Fuck You Very Much!"

Chew on that.
While we're talking about things that will never happen.

Why is our government a puppeted shill to "The Money Man"?

DriftingByTheStorm · August 2007

1970RR wrote:

The national debt has not been anywhere near cleared up under Clinton or any other president.

"THE ELIMINATION OF THE NATIONAL DEBT IN 1835 AND THE MEANING OF JACKSONIAN DEMOCRACY"
Ahem!

"The bank is trying to kill me, but I will kill it!" - Andrew Jackson

DOWN WITH THE FEDERAL RESERVE!

I Am Gone · August 2007

Lets Impeach The President

Bush wants $50 Billion more for Iraq

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