Newtons Thoughts
 

...Reading Iraq China Oil Deal

It's really good that China has become so successful in the world economy... anyone that goes to a store inside the United States will likely find many items made in China. In fact, if a person goes into one of those dollar stores, I expect that 80 or 90% of those items will have come from China... at least it seems that way. That means that China has become rich as a nation overall and many citizens there have much more buying power. This includes purchasing cars.

Demand for oil around the world is at an all time high. China having the capability of using oil increasingly demands much more of it. Unfortunately, our gas will continue to rise.

It's sort of scary to think that China's going around the world looking for oil to purchase because it only makes it worse for us in the United States and other countries. Yes, I know that we in the United States have been spoiled for a long time. We're definitely going to have to tighten our belts in the future as is right now.

Something I have thought about after saying this deal between China and Iraq is that where will the money go to win Iraq gets it? I mean, we have been over there for many years trying to help them get an economy that is somewhat stable. Initially, they were supposed to help pay for everything by using their oil but I don't think that has happened. So, with this $3 billion oil deal with China, will any of that money be paid back to United States citizens? We have paid many years for the reestablishment of Iraq through our tax dollars and it would be nice to have some of that money paid back.

If there's any nation in this world that needs less debt, it seems that we do. We pay all this money to Iraq but we continually increase our mountain of debt as we have continually in the past. This problem in Iraq only makes it worse. So it would be nice if Iraq paid some of that money back.