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Re: <nettime> War Economics 101
John Horvath on Wed, 29 Jan 2003 01:44:33 +0100 (CET)


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Re: <nettime> War Economics 101


Sorry, this is a bit late. 

Are Flagan wrote:

> I think the euro link, even if it is somewhat misconstrued from my
> non-economist point of view, brings home a useful perspective on 
> "Showdown Iraq."
 
Not at all. The US economy was already in a steep and steady slide
downward prior to the "Iraq Crisis" or even 9/11. At best, they merely
helped along the demise of the dollar and the crashing stock market in
the direction they were already headed. In fact, it works to Bush's
propaganda advantage to to suggest 9/11 and/or Iraq as primarily
responsible for US economic woes, when in fact it all has to do with the
inability of the Republican administration to handle a bubble that had
burst the year prior to stealing power. Even now, you can see the
plunging markets and dollar tied to how loud Georgie boy beats the war
drums: every time it looked as though there was the possible resolution
of the Iraq issue, the markets went up and the dollar strengthened.
Likewise, now that the war seems imminent, so too does the DOW slipping
well below 8,000 points and the euro surpassing $1.10 for a USD.

John

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