Oil $700 Billion per year wealth transfer, is actually a good thing for the US?

[crgarcia]

Countries receiving these 700 Billion, spend most of it on Western produced goods like refined gasoline (Venezuela and Iran), cars, industrial equipment, foods, etc.

They spend a lot in weapons, which helps "justify" our half trillion a year defense budget (500 Billion creates a lot of jobs).

Finally what they don't spend, they invest abroad, usually by buying Treasury Bonds.

 

[hoodooman]

Do you have a reference on that.

 

[Pa(b)st Prime]

How much economic utility does the imported oil provide the U.S. economy? Quite a bit, eh? If you own a trucking company it matters little to you where the oil comes from only that your livelihood is provided for by the use of that oil.

Quote from crgarcia:

Countries receiving these 700 Billion, spend most of it on Western produced goods like refined gasoline (Venezuela and Iran), cars, industrial equipment, foods, etc.

They spend a lot in weapons, which helps "justify" our half trillion a year defense budget (500 Billion creates a lot of jobs).

Finally what they don't spend, they invest abroad, usually by buying Treasury Bonds.

 

[Econmajor]

No what these countries are doing is building billion dollar islands and creating 2000 ft buildings. Dubai is built with American dollars. All of that money could have been used here.

 

[mgookin]

Quote from crgarcia:

Countries receiving these 700 Billion, spend most of it on Western produced goods like refined gasoline (Venezuela and Iran), cars, industrial equipment, foods, etc.

They spend a lot in weapons, which helps "justify" our half trillion a year defense budget (500 Billion creates a lot of jobs).

Finally what they don't spend, they invest abroad, usually by buying Treasury Bonds.

That's just like idiot Bush1 and idiot Bush2 saying "If we send the American jobs to other countries those countries will buy Cadillacs made in Texas." It's as stuck on stupid as stupid gets. Somebody making $0.58 USD/ day in a third world country is not going to buy anything made in America. Especially since nothing is made here anymore.

The way to prosper is to KEEP your money, not send it away. We should be keeping jobs and exporting product; not vice versa.

 

[crgarcia]

Quote from Econmajor:

No what these countries are doing is building billion dollar islands and creating 2000 ft buildings. Dubai is built with American dollars. All of that money could have been used here.

They must use huge bulldozers (likely Caterpillar) to build them.

Not to mention the steel, glass, carpets, aluminum, etc.
Most Western made.

 

[MarketMasher]

Quote from mgookin:


The way to prosper is to KEEP your money, not send it away.

That only applies to government taxes.

 

[psychonin]

Quote from mgookin:

That's just like idiot Bush1 and idiot Bush2 saying "If we send the American jobs to other countries those countries will buy Cadillacs made in Texas." It's as stuck on stupid as stupid gets. Somebody making $0.58 USD/ day in a third world country is not going to buy anything made in America. Especially since nothing is made here anymore.

The way to prosper is to KEEP your money, not send it away. We should be keeping jobs and exporting product; not vice versa.

Who is going to buy American exports?

 

[mgookin]

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Quote from mgookin:


The way to prosper is to KEEP your money, not send it away.
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Quote from MarketMasher:

That only applies to government taxes.

what planet are you on?

 

[MarketMasher]

Quote from mgookin:

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Quote from mgookin:


The way to prosper is to KEEP your money, not send it away.
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what planet are you on?

Earth. You should visit it some time.

Making money is inserting yourself in the middle and taking your cut. If your job goes overseas and I can get my slice of the pie as it's shipping out, what do I care?

Look and see if this isn't how it works.

You need to wake up.