Date: 2025-08-20 Page is: DBtxt003.php txt00026199
THE MIDDLE EAST
ROLE OF IRAN
24H World News: Iran Nervous! US B-52 bombers prepare for
a massive airstrike on Iran after deadly strike on US base
ROLE OF IRAN
24H World News: Iran Nervous! US B-52 bombers prepare for
a massive airstrike on Iran after deadly strike on US base
Original article:
Peter Burgess COMMENTARY
I do not know much about the 24H World News channel being promulgated by YouTube. At the moment I see this as more opinion than news reporting, but quite interesting and relevant.
I chose to migrate to North America from the UK almost 60 years ago. I was an economic migrant and able to earn more as an employee in Northe America in one month than I could in one year in the UK.
Post WWII the US economy was driving greater prosperity for its population than any country anywhere ... especially for white males, and some might say with a lot of justification, only for white males!
Post WWII the biggest economic event has been the Arab oil boycott of 1973 and the associated emergence of the OPEC cartel. The global economic disruption caused by the increase in the global price of crude oil from just $3.50 a barrel to $13.50 in 1973 and then to around $30.00 a barrel by 1980 caused massive cost increases for everything and then massive price increases.During the 1970s the economics of everything changes, and perhaps the greatest change was needed in the low energy efficiency American production sector which relied on very low price crude oil to be profitable.
By the early 1980s the USA was moving towards importing goods rather than producing goods. Many countries had more energy efficient production facilities than there were in the USA, part;y because the facilities were more modern and partly because taxes on energy were substantially higher in most non-oil producting countries than in the USA. In the new global environment of hiugh energy costs, the USA, with its high wage costs, became uncompetitive.
Fast forward to the present time (January 2024) and the USA has changed significantly from pre 1973 and in the era post 1980. In some ways the USA has become econmically and militarily very powerful but in both cases ... economically and militarily, a long way from being a good as it ought to be, Economically, the success of 'financialization' has been good for thoise with wealth to accumulate more wealth, and the scale of the military has been good for the military industry complex and rather less for delivering peace.
Peter Burgess
24H World News
YouTube ... 24H World News ·
Jan 31, 2024