From the Raw Story in the USA:
Analysts: Iraq war ‘partly to blame’ for financial crisis
By Daniel Tencer
Saturday, September 4th, 2010 — 10:34 pm
Stiglitz and Bilmes: Recession will be longer because of war
The financial crisis that rocked the world in 2008 and still reverberates today was “due at least in part” to the Iraq war, which also made it more difficult for the government to react when economic problems happened, argue two prominent policy makers.
In an article in Sunday’s Washington Post, former Clinton-era economic adviser Joseph Stiglitz and Harvard University public policy lecturer Linda J. Bilmes say that the Iraq war forced the US to take on more debt than it had to, and caused in part the rising oil prices that resulted in large amounts of money flowing out of the US economy.
To counter the effects of those trends, fiscal policy makers had to keep interest rates unnaturally low, causing the securities and real estate bubbles that burst at the start of the recession, the authors say.
The authors also amended their assessment from several years ago that the Iraq war‘s true cost is around $3 trillion, saying new information suggests that the cost goes “beyond” that estimate.
Much of The Untold War explores the battle between, as author Nancy Sherman puts it, “conscience and obedience” – battles which most of us civvies are only party to in dramatic cases such as those of refusenik Joe Glenton, but which are often raging in the minds of most soldiers: here.
US soldiers engage in gun battle in Baghdad: here.
It’s not polite to say so, but if Americans understood just how many trillions their military was really spending on protecting oil, they wouldn’t stand for it: here.