From Chronicles
By Paul Craig Roberts
According to all accounts, the United States faces its worst economic crisis since the Great Depression, with $2 trillion in near-term financing needs for bailouts and economic stimulus. This is an enormous sum for any country, especially one that is so heavily indebted that it is close to bankruptcy. If the money can’t be borrowed abroad, it will have to be printed—a policy that carries the implication of hyper-inflation.
By Paul Craig Roberts
According to all accounts, the United States faces its worst economic crisis since the Great Depression, with $2 trillion in near-term financing needs for bailouts and economic stimulus. This is an enormous sum for any country, especially one that is so heavily indebted that it is close to bankruptcy. If the money can’t be borrowed abroad, it will have to be printed—a policy that carries the implication of hyper-inflation. In normal life, a borrower who must appeal to creditors makes every effort to bring order to his financial affairs. But not the Bush regime.
The out-of-pocket costs of Bush’s Iraq war are about $600 billion at the present moment, a figure that increases by millions of dollars every hour.
In addition, there are the much larger future costs that have already been incurred, such as long-term care for the wounded and disabled U.S. soldiers, the replacement costs of the used-up equipment, interest payments on the war debt, and the lost economic use of the resources and manpower squandered in war. Experts estimate that the already incurred out-of-pocket and future costs of Bush’s Iraq war to be $3 trillion and rising.
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