Dec 16, 2011
End the "Warfare State."
Congress passed a more than $662 billion dollar defense authorization bill for 2012. It’s headed for the President’s desk. In it, is a provision that imposes sanctions on Iran’s Central Bank. It bans it from the US financial system and bans anyone who does business with it. These are the harshest measures to date on Iran over its nuclear program. Problem is, this could cause a spike in oil prices. One that would benefit Iran financially. Obama administration officials were warning of this, the White House was pressuring Congress to tone them down for that reason. Analysts were telling us that Iran would not be lacking for a customer: But a spike in oil prices would of course hurt US oil consumers. One lawmaker quoted by the Wall Street Journal said the risk of a crude price spike is worth it to punish Tehran. But what if you don’t believe that? What choice is there? Do the leaders Americans elect to the White House or Congress really make any difference? And do Americans share the blame in that? We speak to Lew Rockwell, chairman of the Ludwig von Mises Institute and author of: “The Left, the Right and the State.”