25 May 2006

a first class economist…

The minimum you’d expect to learn from a first class economist:

America spends 50 percent of her income on the military. That’s about 1.4 trillion dollars in 2006/7 (a trillion dollar is a million million dollar). Most of the military expenditure goes to “protecting” imports of about 2.3 million barrels of oil per day from Saudi Arabia and other Persian Gulf emirates. The American taxpayer is therefore paying as much as $1,800 for every barrel of oil imported from the Persian Gulf. Other nations pay only about $70 per barrel for the same oil.

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