| we’re dissipating our wealth at the rate of 500 to 800 billion dollars a year paying for imported oil.
It's true that The Other Guys are accumulating lots of green paper. Should we care? If they never buy anything from us, then we win: we got their oil and they got squat. If they do buy stuff, then we have a big export boom with lots of jobs and profits while The Other Guys buy stuff from us. That sounds like a good deal, too. |
What does that mean? Here's what I see: The Other Guys ship us actual oil, and we ship them little green pieces of paper. Meanwhile, our own oil remains in the ground, where it will still be when The Other Guys run out. This sounds like a great deal to me.