Phillies: Bush War Waste Endangers America

From Phillies 2008:

Libertarian Presidential candidate George Phillies today condemned the War on Iraq as an overwhelming financial catastrophe. “We will spend three trillion dollars,” he said, “on a war without a reason. Beyond the irreparable loss, the Iraqi and American war dead, an astronomical financial loss is now being visited on the American taxpayer.

“Thanks to profligate Bush deficit spending, that debt will be visited on every future generation,” he said. “George Bush wasted ten thousand dollars for each man, woman, and child in the United States, and that’s just on his war. Thanks to George Bush, America has more than nine trillion dollars of funded debt, and close to ten times that in unfunded liabilities.”

Phillies noted that the national debt soaks up liquidity, and turns it into consumer spending. “Our banks are in a liquidity and counterparty risk crisis,” Phillies said. “The Federal government is borrowing savings that could have stayed in private hands, and spending those savings on projects with no plausible return. That destabilizes the banking system, motivates banks to foreclose on shaky mortgages, and means that small businessmen face increasing obstacles to borrowing money to expand their businesses and create new jobs.”

Phillies reminded Americans of the link between the national debt and the trade deficit. “The only reason we can run a huge trade deficit,” Phillies said, “is the national debt. All those Treasury bonds mean that China and Korea and Japan can store dollars in their banks, rather than needing to use them to buy American goods. If there were no national debt, worries about outsourcing and foreign competition would largely fade away. That debt is the Republican legacy, a legacy of a generation of wastrel Congressmen throwing money away like drunken sailors on their last binge.”

“The only solution to this crisis,” Phillies said, “is to pay down the debt we have inherited from our foolish ancestors. We can’t do it overnight, but it can be done.”

19 Responses to “Phillies: Bush War Waste Endangers America”

  1. Eric Dondero Says:

    And what would have been the price in dollars and American lives if we had done nothing to respond to 9/11?

    Al Qaeda is encouraged by our weakness. If we had not responded against Radical Islam in the Middle East, we’d likely see our major cities go up in a mushroom cloud from suitcase bombs brought in by Al Qaeda terrorists.

    Weakness leads to surrender and defeat.

  2. G.E. Says:

    “And what would have been the price in dollars and American lives if we had done nothing to respond to 9/11?”

    A lot less than what the FDA murders in a month, I’d bet.

    Al Qeada is a fucking joke, Eric. A band of unwashed savages who wipe their asses with their hands and buttfuck their cousins.

  3. G.E. Says:

    Phillies’s ignorance is truly staggering. If the Chinese and Japanese used their dollars to buy U.S. goods, they would flood the money supply with the Fed’s money. They are staving off inflation right now by holding the paper.

    Jesus Christ, this guy is stupid. I think in a battle between him and Dondero, Dondero wins. Phillies’s statements are even more outlandish and rooted in deep-seated stupidity than Dondero’s.

  4. G.E. Says:

    The fact that the Chinese and Japanese willingly accept our paper tickets for real goods and services is the deal of the century. The notion that we’d be better off if they spent all those dollars in reserve is literally the stupidest thing I’ve ever read in my entire life. Eventually, they WILL spend them, and then we are sunk. Like the true racist nationalist that he is, Phillies finds slant-eyed scapegoats everywhere he can, instead of blaming the entity that’s truly responsible. The trade deficit is caused by the inflationary policies of the Fed.

  5. George Phillies Says:

    G.E.,

    I realize your interpretation of economics is a bit recherche, but you appear to have missed a point.

    In order for all those Treasury Bonds to wing their way from here to the Bank of China, the Chinese had to buy them.

    They may have bought them directly or through intermediaries, but at some point the American dollars buying the bonds had to cross the U.S. border in an inward direction.

    In other words, the dollars are already back here.

    George

  6. Eric Dondero Says:

    I’d love to see you tell the families of the dead 3000 victims of 9/11 that “Al Qaeda is a joke.”

    Love to see you explain that to the tens of thousands of family members of murder victims of Al Qaeda in Iraq and Afghanistan.

    “Al Qaeda is just a joke.”

  7. Laura Jenkins Says:

    The insane $200 billion defense supplemental before congress - tabled for the weekend - is profane theft of tax dollars.

    Thank You for focus on this, the most important issue.

    As Portfollio.com article points out….the Pentagon can’t track the $1 Trillion per year - already disappearing into crony contractor pockets.

  8. knapps ass pump Says:

    Marys Bush Endangers America!

    mary mary quite ruary, trim that pussy it’s so goddamn hairy! hooooooo

  9. knapps ass pump Says:

    Al Qeada is a fucking joke, Eric. A band of unwashed savages who wipe their asses with their hands and buttfuck their cousins.

    ummm who cares about the buttfucking bro, you spelled Al Qualude wrong dude.

  10. Trollin Inshit Says:

    Take a big steaming dump at thirdpottywatch.com

  11. Stefan Says:

    Eric,
    Love to see you explain that to the tens of thousands of family members of murder victims of Al Qaeda in Iraq that it was for the “noble cause” of American oil interests and to mboost the profits of Halliburton and to the innocent Iraqi’s killed, that it was for their “freedom and democracy”...

  12. Stefan Says:

    Dr. Phillies:

    Yes, discusssing the real issues and the issue the LP should attack the two major parties one. Good. Prof. Joseph Stiglitz has said -after his newest book - that the cost of the Iraq war may be closer to 5 trillion, not 3 trillion. And to think the oil price is going from record to record and Goldman Sachs and others projecting 200
    USD. A few months ago economists said 100 USD oil will already drive the US economy into recession. If that is so, imagine what 200 USD is going to do: depression?

  13. G.E. Says:

    “In other words, the dollars are already back here.”

    You severely wounded my pride here, George. I made an error, frothing at the mouth at another of your protectionist rants and responded, arrogantly, without thinking. I’m stung. They do hold our dollars in reserve, but your point is correct, nonetheless, and it was foolish of me to say otherwise.

    I will refrain from criticizing George Phillies for one week.

    But this is the first response I’ve gotten from George—where I’ve made a factual error. I guess he concedes my other criticisms.

  14. disinter Says:

    If we had not responded against Radical Islam in the Middle East, we’d likely see our major cities go up in a mushroom cloud from suitcase bombs brought in by Al Qaeda terrorists.

    We are likely to see that anyway:

    judicial-inc.biz/Nuclear_attacks_on_america.htm

    (TPW conveniently censors the whole address)

  15. disinter Says:

    I’d love to see you tell the families of the dead 3000 victims of 9/11 that “Al Qaeda is a joke.”

    “Al Qaeda” IS a joke you idiot! And, the joke is on you.

    “Ana raicha Al Qaeda” is colloquial for “I’m going to the toilet”. A very common and widespread use of the word “Al-Qaeda” in different Arab countries in the public language is for the toilet bowl. This name comes from the Arabic verb “Qa’ada” which mean “to sit”, pertinently, on the “Toilet Bowl”. In most Arabs homes there are two kinds of toilets: “Al-Qaeda” also called the “Hamam Franji” or foreign toilet, and “Hamam Arabi” or “Arab toilet” which is a hole in the ground. Lest we forget it, the potty used by small children is called “Ma Qa’adia” or “Little Qaeda”.

    So, if you were forming a terrorist group, would you call yourself, “The Toilet”?

    http://whatreallyhappened.com/fakealqaeda.html

  16. Trollin Inshit Says:

    “Ana raicha Al Qaeda” at www.turdpottywatch.com

  17. Bill Woolsey Says:

    Phillies explanation of the relationship between the trade deficit and
    the budget deficit is a bit twisted, but maybe correct. By using up a larger share of U.S. national savings, a budget deficit attracts foreign savings—a net capital inflow. Other things being equal, this raises the value of the dollar and generates a trade deficit.

    GE’s noition that the accumulation of bonds by the Chinese (or
    whoever) tends to reduce inflation is also more or less correct, though
    it isn’t because the Chinese are accumulating U.S. currency or
    bank deposits. It is rather than the increased value of the dollar has a transitional effect of lowering the price of imports and the domestic sales of exporting firms. In a country where inflation is the norm, this results in less inflation for a time. However, we are now in the reverse phase where the falling dollar is exacerbating inflation. (And will reduce the trade deficit too.)

    Even if there were no war and no budget deficit (and even a surplus,) foreigners could accumulate dollar assets (including the outstanding
    national debt,) generate a net capital inflow and a trade deficit.

    I believe, however, that Phillies is correct that the war, higher budget
    deficit, does result in a trade deficit larger than it otherwise would be.

    I believe that most free market economists (and probably most others as well) would argue that regulatory mechanisms to reduce the trade deficit will probably not increase national savings, and even if they did, it would be a bad thing.

    For example, with the budget deficit, it is more like that increase in the
    trade deficit reduces the other sorts of harms the budget deficit would do.

    Reforms that incease national savings may wll be a good idea for other reasons (like balancing the federal budget,) and they will tend to reduce the trade deficit. But the trade deficit, in and of itself, is not the problem.

  18. Andy Says:

    “Eric Dondero Says:

    May 9th, 2008 at 7:05 pm
    And what would have been the price in dollars and American lives if we had done nothing to respond to 9/11?”

    ZERO, considering that 9/11 was an inside job carried out by factions within the US government.

  19. Andy Says:

    “Eric Dondero Says:

    May 9th, 2008 at 8:32 pm
    I’d love to see you tell the families of the dead 3000 victims of 9/11 that ‘Al Qaeda is a joke.’”

    Love to see you explain that to the tens of thousands of family members of murder victims of Al Qaeda in Iraq and Afghanistan.

    ‘Al Qaeda is just a joke.’”

    Representative Of Largest 9/11 Families Group Says Government Complicit In Attack
    Tells radio host 9/11 Commission a sham, “cover-up beyond belief”

    Paul Joseph Watson/Prison Planet.com | July 8 2006

    The representative of the largest group of 9/11 families says that the official version of events is a fallacy and that the NORAD stand down and evidence of incendiary devices used to bring down the towers amount to government complicity in the attacks - a conclusion shared by half of the 9/11 families he represents.

    Bill Doyle heads the Coalition of 9/11 Families and lost his own son Joey in the collapse of the twin towers.

    “If you want to believe what they want to snow you under on like the 9/11 Commission - that’s a total fallacy,” said Doyle.

    “The continuing cover-up is beyond belief,” Doyle told GCN radio host Alex Jones.

    Doyle questioned why WTC steel that was withheld from NIST for examination for explosives was used instead to build a battleship.

    “Isn’t it amazing how they got it out of this country within days,” said Doyle as he addressed the cover-up of the physical evidence from a crime scene.

    Doyle said he had personally talked to six different individuals who were at the World Trade Center site and described incendiary devices before the collapse of the towers.

    “It’s documented proof that tower 7 was not hit by a plane yet it goes up in flames then the owner of the place Larry Silverstein himself ordered it to be pulled at 4 o’clock that afternoon and all of a sudden it exploded straight down.”

    “We have two planes fly into the towers and all of a sudden they get blown up within an hour and a half - that’s impossible,” said Doyle.

    Doyle estimated that around half of the family members his organization represents think that there was government complicity in the attacks.

    “It looks like there was a conspiracy behind 9/11 if you really look at all the facts - a lot of families now feel the same way.”

    “Where was NORAD,” asked Doyle as he highlighted the implausible gap between the known hijacking times of Flight 93 and Flight 77 and their eventual destruction.

    “It was called a step-down - don’t do anything - let it happen.”

    “From everything I look at I’m sure there was a lot of complicity - in the least there had to be a lot of complicity - if you read all the facts there’s no way that nineteen hijackers carried out this mission,” Doyle told Jones.

    Doyle also spoke out on establishment charities withholding large portions of donations from 9/11 families and how 9/11 whistleblowers have been punished meanwhile individuals who facilitated the attacks were rewarded.

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