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Iraq War Cost: $2b a WeekPosted on Sep 28, 2006That’s the word from a new congressional report, which tallies the spending at $379 billion in total, or 20% more than last year, as we spend more and more on establishing long-term bases in the area.
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By Mike - A High School Economics teacher, September 28, 2006 at 12:22 pm #
(Unregistered commenter)
Adam Smith (In the Wealth of Nations)questioned the economic logic of borrowing money to fight wars. In the short term her worried about the inflation that might occur if a federal government tried to cut the resulting public debt by lowering the value of currency. He also worried about the lack of public attention if there were no immediate fiscal consequences.
In the long term he worried that the wealthy (merchants in his world) would buy the debt and gain more wealth at the expense of future National prosperity. He also worried that a nation would be tied to the money loaned to it by foreign investors. Future generations would pay with a lowered standard of living and diminishing prospects.
I find it strange that The Wealth of Nations is used to support inactive government (which it did not) but never referenced in regard to the public debt and wars. Is this part of the plan to keep us ignorant and controlled? Doesn’t anybody study anymore?
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