As if we needed any further evidence of the financial foolishness of our nation: it's coming to people's attention that the forthcoming "rebate checks" that were approved several months ago by suspiciously cooperative politicians, in order to stimulate the economy, will in fact be going to OPEC to pay for higher fuel costs (or, indirectly, to farmers who, in turn, buy fertilizers and pesticides that are made primarily of fossil fuels). In the midst of a "war against terror," our government is sending cash to its citizenry that will be used to further enrich the autocrats of the Middle East, especially to that nation that provided the dominant number of footsoldiers who flew the planes into the buildings of New York and Washington. Do we suppose that none of our largesse will find its way to outfits like bin Laden's?
No less ironic is the fact that the Federal government will go further into debt to finance this little boondoggle for our Middle Eastern friends, primarily borrowing the funds from the Chinese and other Asian nations. Coming or going, we continue the one time gigantic firesale of America to nations that do not mean us well.
My favorite little tidbit from the Bloomberg story linked above: OPEC and WalMart will be in competition for the rebate dollars. But here again we fool ourselves if we think this is a real competition. WalMart buys the dominant amount of its products from China, who in turn purchases resins for the massive quantities of plastics it manufactures from - yes, you guessed it - OPEC. Either way, it's a win-win for the Saudis and the Chinese and an absolute disaster for our children, upon whom we'll be saddling the debt from our continued profligacy and adding to the pile of discardable plastic while burning through the remaining cheap energy that we'll be purchasing with the largesse from the government. Where's the outrage? We're too busy shopping to notice.