Geithner Says Damage From Debt Default May Be ‘Irrevocable`

[Bob111]

Quote from piezoe:

Perhaps that's the same kind of thinking that led to such a marvelous economic outcome for the old Soviet Union.

Is this is an entirely new thesis of yours: military spending is responsible for keeping oil prices under control. Never mind that the U.S. Military is a huge consumer of oil.

Shortie, have you been drinking again?

+1

http://www.energybulletin.net/node/13199

The US Department of Defense (DoD) is the largest oil consuming government body in the US and in the world

“Military fuel consumption makes the Department of Defense the single largest consumer of petroleum in the U.S” [1]

“Military fuel consumption for aircraft, ships, ground vehicles and facilities makes the DoD the single largest consumer of petroleum in the U.S” [2]

According to the US Defense Energy Support Center Fact Book 2004, in Fiscal Year 2004, the US military fuel consumption increased to 144 million barrels. This is about 40 million barrels more than the average peacetime military usage.

By the way, 144 million barrels makes 395 000 barrels per day, almost as much as daily energy consumption of Greece.

The US military is the biggest purchaser of oil in the world.


http://seekingalpha.com/article/198870-u-s-military-issues-peak-oil-warning

 

[Max-E-Pad]

[Geithner Says Damage From Debt Default May Be ‘Irrevocable


Geithner is a joke.

 

[EMRGLOBAL]

Hey Strauss-Kahn, we're not all European libs over here. The Italian PM pervert can run Caligula-like sessions in Europe; your own wife excuses your behavior. The "electorate" over in Europe just collectively shake their heads and laugh at your somewhat over the top pecadillos, then elect
you back into office. The Roman Polanskis can have their way with 13 year olds over there. But we have some semblance of behavioral propriety in our country, and it doesn't tolerate your @#$%. Take your IMF, your UN, and the rest of your amoral bureaucratic zombies and go back to Europe. We have had enough of you.
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Guither is in bed with the above fool who is now in Custody, in NYC.

Guither, the FED are both in bed with the IMF.

 

[shortie]

Quote from piezoe:

Perhaps that's the same kind of thinking that led to such a marvelous economic outcome for the old Soviet Union.

Is this is an entirely new thesis of yours: military spending is responsible for keeping oil prices under control. Never mind that the U.S. Military is a huge consumer of oil.

Shortie, have you been drinking again?

i did not mean cheaper oil higher consumption by the military.

when Bush W went to war i thought that was the idea: to keep the lid on oil by fighting in the middle east. of course, all i remember is the higher oil prices ever since that war started. so, the cheap-oil-through-war plan has failed.

BUT, one may still argue that oil would have been even more expensive had it not been for US presence in the middle east.

 

[piezoe]

Quote from shortie:

i did not mean cheaper oil higher consumption by the military.

when Bush W went to war i thought that was the idea: to keep the lid on oil by fighting in the middle east. of course, all i remember is the higher oil prices ever since that war started. so, the cheap-oil-through-war plan has failed.

BUT, one may still argue that oil would have been even more expensive had it not been for US presence in the middle east.

So you sobered up a little.

Yes, indeed, one can argue that, but it doesn't seem to make much sense, since these endless Middle East wars destroy oil fields that then have to be rebuilt. I'm having trouble seeing how that makes oil even cheaper then it would have been without "our presence". Problem is whenever we are present we somehow can't resist the urge to try out those new weapon systems.

Maybe we should focus more on our most important source of imported oil, Canada! (I heard a nasty rumor, they have weapons of mass destruction!) Now I imagine if we could invade Canada, bomb the hell out of them, force the Prime Minister into a cave, track him down and hang him, meanwhile forcing some Canadian Mounties to run around in pink panties while we snap photos, we could cause Canadian oil prices to just plummet. What'd'ya think Shortie.

 

[denner]

Quote from shortie:

i did not mean cheaper oil higher consumption by the military.

when Bush W went to war i thought that was the idea: to keep the lid on oil by fighting in the middle east. of course, all i remember is the higher oil prices ever since that war started. so, the cheap-oil-through-war plan has failed.

BUT, one may still argue that oil would have been even more expensive had it not been for US presence in the middle east.

I think this premise is ass backwards. We had $10/bbl oil in 1998. The price rose 15-fold in a decade. Granted the US Dollar fell 30-40%? (don't have a dollar chart in front of me). Still, oil prices greatly outperformed the dollar devaluation.

 

[elon]

Quote from ASusilovic:

Not yet, as China and Japan are holding more than 4500 bn USD in currency reserves. China needs the US and Japan needs the US. Where else to sell their products...

I wouldn't be surprised if they start (or already started) looking for potential markets for the future. The US is at the end of its world reign.

 

[shortie]

Quote from denner:

I think this premise is ass backwards. We had $10/bbl oil in 1998. The price rose 15-fold in a decade. Granted the US Dollar fell 30-40%? (don't have a dollar chart in front of me). Still, oil prices greatly outperformed the dollar devaluation.

do you dispute my belief in the reason behind Bush starting the war in 2003?