US dollar has lost about 60% of its value against the euro; oil quitupled;

Paul Craig Roberts: War Abroad, Poverty at Home May 23, 2008
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As the US is broke and deep in debt, every one of the $165 billion dollars will have to be borrowed. American consumers are also broke and deep in debt. Their zero saving rate means every one of the $165 billion dollars will have to be borrowed from foreigners.

The “world’s only superpower” is so broke it can’t even finance its own wars.

Each additional dollar that the irresponsible Bush Regime has to solicit from foreigners puts more downward pressure on the dollar’s value. During the eight wasted and extravagant years of the Bush Regime, the once mighty US dollar has lost about 60% of its value against the euro.

The dollar has lost even more of its value against gold and oil.

Before Bush began his wars of aggression, oil was $25 a barrel. Today it is $130 a barrel. Some of this rise may result from run-away speculation in the futures market. However, the main cause is the eroding value of the dollar. Oil is real, and unlike paper dollars is limited in supply. With US massive trade and budget deficits, the outpouring of dollar obligations mounts, thus driving down the value of the dollar.

Each time the dollar price of oil rises, the US trade deficit rises, requiring more foreign financing of US energy use. Bush has managed to drive the US oil import bill up from $106 billion in 2006 to approximately $500 billion 18 months later--every dollar of which has to be financed by foreigners.

Without foreign money, the US “superpower” cannot finance its imports or its government’s operation.

When the oil price rises, Americans, who are increasingly poor, cannot pay their winter heating bills. Thus, the Senate’s military spending bill contains more heating subsidies for America’s growing legion of poor people.

The rising price of energy drives up the price of producing and transporting all goods, but American incomes are not rising except for the extremely rich.
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The Republican Party is willing to fund war, but sees everything else as an extravagance. The neoconized war party is destroying the economic prospects of American citizens. Is “war abroad and poverty at home” the Republican campaign slogan for the November election?
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Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. ...

John Hagee's Christians United For Israel routinely sing [about] Israel's coming, expected invasion and devastation.

John Hagee's Church Sings For The Invasion and Devastation of Israel | By Bruce Wilson | Wed May 21, 2008

Two days ago I discovered that, according to John Hagee's own written words in Hagee's "Prophecy Study Bible", members of John Hagee's Christians United For Israel routinely sing, at their "Night To Honor Israel" events, a joyful-sounding song which, in scriptural terms, refers to Israel's coming, expected invasion and devastation. Building on my last discovery, of a John Hagee sermon in which John Hagee claims God sent Hitler and the Nazis, to chase Europe's Jews towards Palestine, and that Jews have dead (or non-living, inert) souls (see YouTube video towards the end of this post), this new finding helps solidify my case that Pastor John Hagee, who also has given a sermon espousing a crypto anti-Semitic conspiracy theory - of "international financial power brokers based in Europe", is an anti-Semite of the first magnitude. ...

McCain Pastor:"America was founded with the intention of seeing this false religion [Islam] destroyed,"

McCain Pastor: Islam Is a 'Conspiracy of Spiritual Evil' | McCain Called Pastor 'One of the Truly Great Leaders in America' | By BRIAN ROSS, AVNI PATEL and REHAB EL-BURI

May 22, 2008— Despite his call for the U.S. to win the "hearts and minds of the Islamic world," Sen. John McCain recruited the support of an evangelical minister who describes Islam as "anti-Christ" and Mohammed as "the mouthpiece of a conspiracy of spiritual evil."

McCain sought the support of Pastor Rod Parsley of the World Harvest Church of Columbus, Ohio at a critical time in his campaign in February, when former Arkansas Gov. Mike Huckabee was continuing to draw substantial support from the Christian right.

At a campaign appearance in Cincinnati, McCain introduced Parsley as "one of the truly great leaders in America, a moral compass, a spiritual guide."

Campaign aides positioned Parsley right behind McCain for photographers, apparently unconcerned about Parsley's well-established denunciations of the Islamic faith in a book "Silent No More" and on DVDs of sermons about Islam.

"Islam is an anti-Christ religion that intends through violence to conquer the world," Parsley says on the DVDs reviewed by ABC News.

"America was founded with the intention of seeing this false religion destroyed," Parsley says, "and I believe Sept. 11, 2001 was a generational call to arms that we can no longer ignore."

Parsley's views and his connection to the McCain campaign are now beginning to show up on Arab Web sites and newspapers.

McCain Finally Rejects Hagee's Support ... [after ignoring slight to Catholics, comments about Jews go too far for McCain. ed.]

McCain Finally Rejects Hagee's Support -- And Makes It All About Obama And Wright | By Eric Kleefeld - May 22, 2008, 3:57PM

The controversy surrounding John Hagee's endorsement has finally gotten to John McCain. In the wake of new quotes being circulated by the Huffington Post in which Hagee called Hitler an instrument of God's will, McCain has now rejected Hagee's support.

"Obviously, I find these remarks and others deeply offensive and indefensible, and I repudiate them," McCain told CNN in a statement. "I did not know of them before Reverend Hagee's endorsement, and I feel I must reject his endorsement as well." ...

McCain Backer Hagee Said Hitler Was Fulfilling God's Will (AUDIO) - Politics on The Huffington Post

McCain Backer Hagee Said Hitler Was Fulfilling God's Will (AUDIO) - Politics on The Huffington PostMay 21, 2008

John Hagee, the controversial evangelical leader and endorser of Sen. John McCain, argued in a late 1990s sermon that the Nazis had operated on God's behalf to chase the Jews from Europe and shepherd them to Palestine. According to the Reverend, Adolph Hitler was a "hunter," sent by God, who was tasked with expediting God's will of having the Jews re-establish a state of Israel.
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As Wilson notes, in his 2006 book "Jerusalem Countdown", Hagee proposed the theory that "anti-Semitism, and thus the Holocaust, was the fault of Jews themselves -- the result of an age old divine curse incurred by the ancient Hebrews through worshiping idols and passed, down the ages, to all Jews now alive." He also wrote that "Most readers will be shocked by the clear record of history linking Adolf Hitler and the Roman Catholic Church in a conspiracy to exterminate the Jews."

Hagee is considered, in many political circles, to be one of the most passionate and strident supporters of Israel. He has spoken at AIPAC conferences and leads the evangelical group Christians United for Israel. But his views of the country, while possibly shared by others in the evangelical community, can be, at times, startling. Holding to the belief that Armageddon will come to earth following the reestablishment of the Kingdom of Israel, Hagee has advocated an aggressive war against Iran and has opposed any Israeli military withdrawal from the West Bank.

McCain, at least in the public record, has sought to thread the needle with the Hagee association: distancing himself from the controversial comment while reaping the political benefits of the Reverend's endorsement. Appearing on ABC's "'This Week" in late April 2008, McCain criticized Hagee's past remarks on the Catholic Church, but said that, "I admire and appreciate his advocacy for the state of Israel, the independence of the state of Israel." ...