This is primerly due to the Iraq war slapped on the americans citizens with a view to get compensated by other world economies (U.K. India, China,Japan, Germany names of few). By draining Iraqi oil. and export the same Iraqi oil to energy hungry countries. This idea boomranged and after passing 2-3 years burning hands on Iraq american economy going into back gear. being worlds biggest economy hitting other countries.
RE:recession in us.
by Pravin on Feb 09, 2008 07:26 PM Permalink
I did not think it boomeranged but what it clearly did was to procrastinate the recession which the US and its currency was staring straight into. Had Saddam had it way and started oil trade only in Euro or some other currency........
