In other words: A discussion of The Bush Administration
Three Happy Things
to think about if you worship deliberately engineered economic hardship, if you're a member of the Bush oil cartel, and if you can't wait to see a nuclear war in the Middle East.
Wall Street's biggest fear is that rising energy prices will further increase the costs of shipping goods to market, thus driving up prices for consumers who are themselves hard hit by high gasoline prices. With fewer consumers shopping and higher costs for corporations, earnings for the current quarter, which ends next month, could falter.
Oil prices are now up 57 percent in the past 12 months, although when adjusted for inflation, oil is still roughly $8 less per barrel than it was leading up to the first Gulf War.
Market watchers said some investors had started to whisper about the possibility of a $60 barrel, even as the head of producers' cartel OPEC made soothing-but-vague comments about ``a significant outcome'' from its next members' meeting in September.
Iran's defense minister, Vice Adm. Ali Shamkhani, has warned that Iran may resort to pre-emptive strikes to prevent an attack on its nuclear facilities.
"We will not sit to wait for what others will do to us," he said. "Some military commanders in Iran are convinced that preventive operations which the Americans talk about are not their monopoly. Any nation, if it feels threatened, can resort to that."
A commander of Iran's hard-line Revolutionary Guards warned this week that Iran would strike Israel's reactor at Dimona if Israel attacked Iran's nuclear sites.
Admiral Shamkhani said Iran was certain that Israel would not carry out such an attack without a green light from the United States. "So you cannot separate the two," he said.
Thank you George Bush, for your doctrine of preemption. You've given a present to the world.
- Michael 10:36 AM - [PermaLink] -
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