This is the Pot calling the Kettle, can you hear me?
This would be a riot if it were standup comedy, but it's rather unsettling seeing that it's not.
U.S. Treasury Secretary John Snow said oil exporters from the Middle East and Africa should spend their surging revenue "wisely" to help expand their economies.Everyone wants in on the moneylending game. Why should Westerners be the only ones who sit back and collect interest?
"It's important the funds be used wisely and well," [like we do, here in America!] Snow said today at a press conference in Sharm el-Sheik, an Egyptian resort where he met with counterparts from Egypt, Saudi Arabia, Jordan, Tunisia and eight other nations from the Middle East and North Africa. Oil producers are "intent on putting the oil revenue to use to pay long term dividends for their countries."
Too bad the whole insane system is thoroughly unsustainable.
Many of the countries Snow met with today are choosing to save most of the revenue from surging crude prices rather than spend it on schools, roads and ports, a report by the International Monetary Fund said this month. Fourteen Middle Eastern and Central Asian oil exporters used more than half of a $400 billion increase in their budget surpluses between 2003 and 2005 to build foreign reserves, the IMF study said.Instead of investing their profits into productive projects in their own countries, these morons are lending their money back to US!
And, like idiots, WE are borrowing it and paying interest!!!
It can't possibly get more absurd than this.
Those spending decisions are contributing to the U.S.'s record $805 billion current-account deficit in 2005 as oil exporters funnel their savings into the world's largest economy, mostly through the purchase of government debt.Or maybe it can. Oil producing countries are not without fault. But, to say that their greed is to blame for the thoroughly corrupt debt-based monetary system that's been in place for centuries is nothing short of ludicrous.
Snow for more than a year has been pushing emerging markets to take steps to boost domestic demand in order to draw some of the world's exports and investment cash away from the U.S.That would seem like the sane thing to do (for Oil producing nations), except that without putting into place an alternative system of funding for America, such a move would effectively cut-off a large source of financing for our own government. In effect, under the system as it now stands, Snow is calling for America's economic assassination.
Egypt's Finance Minister Youssef Boutros-Ghali, who held the press conference with Snow, said that oil nations were being "wise" with the windfall revenue.We're milking you for everything you're worth! says Kettle to Pot.
Who gives a flying sh*t that our people need the capital to improve the domestic economy and that the dollar is depreciating by the second - we'll take our chances - much like you do!
After all, we - the rulers - are sitting pretty. Our peoples have tolerated much worse than this.
The amount the 11-members of the Organization of Petroleum Exporting Countries hold of U.S. Treasuries has risen 158 percent since 2003.If this doesn't thoroughly convince you that the world is being run by a handful of corrupt half-wits, I'm not sure that anything will.