Re: Oil, the Euro and Iraq

Most of the world has been living in a state of economic depression for the past 3 decades so watching the US economy spin down the toilet would actually benefit local producers and consumers in the peripheral states in a number of ways:
Local economies would not be so deeply penetrated with cheap mass produced goods from core economic states which the local producers cannot compete against and thus lose market share to;   local economies could then produce for local consumers instead of developing cash crops for export to core, foreign economies; local production and development could then meet local needs which are currently subservient to the demands of core, foreign economies.   During the economic boom of the last decade,  a great deal of real wealth flowed from the third world at dirt cheap prices and into the United States through our national version of Rotterdam,  -Shreveport, Louisiana.   I call it real wealth because it was composed of raw material items.  The artificial wealth being created in Silicon Valley at the time amounted to dot.coms minting their own currencies in the form of stock certificates and watching them inflate far beyond their true value.  So people who produced and transfered real wealth from the periphery only saw themselves becoming poorer due to depressed prices in the face of increased demand due to overproduction at the behest of international lenders while watching the gap between the wealth of the peripheral consumers deminish in relative, absolute and real terms to individuals in core economies, who were in the process of generating their wealth on the basis of illusion.  Therefore, if the US economy tanked, the world would be far better off.

KR