Why all the financial crisis going on?…..
Oil exploded in price in the 70’s under Carter. Destroying the economy and his presidency. He hired Paul Volker(yes that him in the news on Ob’s team) who raised interest rates to 16 % or so and cleaned out the bankrupt assets from the American economic system. Giving us the “great orator” Reagan presidency with it.
Oil exploded in price this year and is taking the economy with it. Same medicine will be necessary to save our sorry asses. Now or later. The damage has to be limited. No one can duck the consequences of unsupported credit expansion. Eventually you run out of suckers to buy your debt.
Guess what Obama has to do?
As Ive been saying for years we need to take over a small oil producing country to stave off the Depression. Not much else a broken poorly run empire can do. This was planned years ago and executed in Iraq. Probably time to do it again after OB plays Jimmy Carter and inspires everybody with his soaring rhetoric. And hires the Clinton gang to institute “change.”
By the way, all you have to do is pay attention to what the elite are telling each other. Not that anyone pays attention to these people talking to each other. Only their speeches for the masses are covered by the Corporate media.
Anyways Cheney ran Haliburton the oil service company. Read what he was saying right after gaining office as VP:
A report commissioned by Cheney and released in April 2001 was no less disturbing:
The most significant difference between now and a decade ago is the extraordinarily rapid erosion of spare capacities at critical segments of energy chains. Today, shortfalls appear to be endemic. Among the most extraordinary of these losses of spare capacity is in the oil arena. Source
In light of this information, Cheney knew the only way for Western oil majors to stay oil majors was to use force to grab what’s left in the Middle East and then give the contracts to pump that oil to the oil majors. Four years after the invasion of Iraq, this is exactly what is happening. U.K. Independent journalist Geoffrey Lean explains:
“So where is this oil going to come from?” Cheney asked His answer: the Middle East was “where the prize ultimately lies”.