[bsrsharma]

People elected a moron because they don't bother to learn about the world….

That is a popular view and only partly true. In my opinion, the single greatest cancer on US today is our Congress. Their ability to face up to the existential threats facing us is zero. They rubber stamped the War Resolution mainly based on political survivability. They vote on every War appropriation based on which way the winds are blowing. They find time to hold Hearings on Baseball players alleged drug use when we are sinking into national bankruptcy. We have a Congress fit for a banana republic when the problems are those of a superpower.

[bsrsharma]

"multi-cultural" push is largely responsible for the apathy and lack of patriotism over the past couple of decades

You make many good points, but I have to disagree with the above. If you look at the two costliest blunders in our nation's history, (The Iraq war and Housing Bubble disaster), most of the leadership – the Wall Streeters, Congress, Fed, Federal & State regulators are all pretty "uni-cultural". I think it is their collective incompetence rather than a sudden change to apathy and treason that caused this catastrophe

[bsrsharma]

"multi-cultural" push is largely responsible for the apathy and lack of patriotism over the past couple of decades

You make many good points, but I have to disagree with the above. If you look at the two costliest blunders in our nation's history, (The Iraq war and Housing Bubble disaster), most of the leadership – the Wall Streeters, Congress, Fed, Federal & State regulators are all pretty "uni-cultural". I think it is their collective incompetence rather than a sudden change to apathy and treason that caused this catastrophe

[bsrsharma]

"multi-cultural" push is largely responsible for the apathy and lack of patriotism over the past couple of decades

You make many good points, but I have to disagree with the above. If you look at the two costliest blunders in our nation's history, (The Iraq war and Housing Bubble disaster), most of the leadership – the Wall Streeters, Congress, Fed, Federal & State regulators are all pretty "uni-cultural". I think it is their collective incompetence rather than a sudden change to apathy and treason that caused this catastrophe

[bsrsharma]

"multi-cultural" push is largely responsible for the apathy and lack of patriotism over the past couple of decades

You make many good points, but I have to disagree with the above. If you look at the two costliest blunders in our nation's history, (The Iraq war and Housing Bubble disaster), most of the leadership – the Wall Streeters, Congress, Fed, Federal & State regulators are all pretty "uni-cultural". I think it is their collective incompetence rather than a sudden change to apathy and treason that caused this catastrophe

[bsrsharma]

"multi-cultural" push is largely responsible for the apathy and lack of patriotism over the past couple of decades

You make many good points, but I have to disagree with the above. If you look at the two costliest blunders in our nation's history, (The Iraq war and Housing Bubble disaster), most of the leadership – the Wall Streeters, Congress, Fed, Federal & State regulators are all pretty "uni-cultural". I think it is their collective incompetence rather than a sudden change to apathy and treason that caused this catastrophe

[bsrsharma]

How much production was taken off the market from the war and where would production be if there was no war?

See Summary of Reserve Data as of 2007 in

http://en.wikipedia.org/wiki/Oil_reserves 

If, instead of war/sanctions etc, Iraq and Iran were somehow well integrated into oil markets (just like Saudis, Russia, Libya, Venizuela who are no angels either!), the oil price can easily come down to $50 per bbl. A lot of pricing potential is at the margins.

Our leaders are fighting to save us 12 cents of tax when we are probably paying $2 too much for our foreign policy incompetence.

[bsrsharma]

How much production was taken off the market from the war and where would production be if there was no war?

See Summary of Reserve Data as of 2007 in

http://en.wikipedia.org/wiki/Oil_reserves 

If, instead of war/sanctions etc, Iraq and Iran were somehow well integrated into oil markets (just like Saudis, Russia, Libya, Venizuela who are no angels either!), the oil price can easily come down to $50 per bbl. A lot of pricing potential is at the margins.

Our leaders are fighting to save us 12 cents of tax when we are probably paying $2 too much for our foreign policy incompetence.

[bsrsharma]

How much production was taken off the market from the war and where would production be if there was no war?

See Summary of Reserve Data as of 2007 in

http://en.wikipedia.org/wiki/Oil_reserves 

If, instead of war/sanctions etc, Iraq and Iran were somehow well integrated into oil markets (just like Saudis, Russia, Libya, Venizuela who are no angels either!), the oil price can easily come down to $50 per bbl. A lot of pricing potential is at the margins.

Our leaders are fighting to save us 12 cents of tax when we are probably paying $2 too much for our foreign policy incompetence.

[bsrsharma]

How much production was taken off the market from the war and where would production be if there was no war?

See Summary of Reserve Data as of 2007 in

http://en.wikipedia.org/wiki/Oil_reserves 

If, instead of war/sanctions etc, Iraq and Iran were somehow well integrated into oil markets (just like Saudis, Russia, Libya, Venizuela who are no angels either!), the oil price can easily come down to $50 per bbl. A lot of pricing potential is at the margins.

Our leaders are fighting to save us 12 cents of tax when we are probably paying $2 too much for our foreign policy incompetence.

[bsrsharma]

How much production was taken off the market from the war and where would production be if there was no war?

See Summary of Reserve Data as of 2007 in

http://en.wikipedia.org/wiki/Oil_reserves 

If, instead of war/sanctions etc, Iraq and Iran were somehow well integrated into oil markets (just like Saudis, Russia, Libya, Venizuela who are no angels either!), the oil price can easily come down to $50 per bbl. A lot of pricing potential is at the margins.

Our leaders are fighting to save us 12 cents of tax when we are probably paying $2 too much for our foreign policy incompetence.

[bsrsharma]

Gas prices increase when measured in dollars. If you measure in euros, pounds, swiss francs, yen, etc… they haven't

Oil was below $40 per bbl in 2003; $120 in 2008

Euro was between USD 1.1 to 1.2 in 2003; $1.6 in 2008

Obviously, US $ depreciation is only part of the story.

More interestingly, I think, at least part of $ devaluation is DUE to increase in trade deficits due to rise in oil prices. These two have been mutually reinforcing each other's instability – leading to a vicious cycle.

[bsrsharma]

Gas prices increase when measured in dollars. If you measure in euros, pounds, swiss francs, yen, etc… they haven't

Oil was below $40 per bbl in 2003; $120 in 2008

Euro was between USD 1.1 to 1.2 in 2003; $1.6 in 2008

Obviously, US $ depreciation is only part of the story.

More interestingly, I think, at least part of $ devaluation is DUE to increase in trade deficits due to rise in oil prices. These two have been mutually reinforcing each other's instability – leading to a vicious cycle.

[bsrsharma]

Gas prices increase when measured in dollars. If you measure in euros, pounds, swiss francs, yen, etc… they haven't

Oil was below $40 per bbl in 2003; $120 in 2008

Euro was between USD 1.1 to 1.2 in 2003; $1.6 in 2008

Obviously, US $ depreciation is only part of the story.

More interestingly, I think, at least part of $ devaluation is DUE to increase in trade deficits due to rise in oil prices. These two have been mutually reinforcing each other's instability – leading to a vicious cycle.

[bsrsharma]

Gas prices increase when measured in dollars. If you measure in euros, pounds, swiss francs, yen, etc… they haven't

Oil was below $40 per bbl in 2003; $120 in 2008

Euro was between USD 1.1 to 1.2 in 2003; $1.6 in 2008

Obviously, US $ depreciation is only part of the story.

More interestingly, I think, at least part of $ devaluation is DUE to increase in trade deficits due to rise in oil prices. These two have been mutually reinforcing each other's instability – leading to a vicious cycle.

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