Thursday, February 20, 2003

A short war with Iraq could cost the world one percent of its economic output over the next few years and more than $1 trillion by 2010, Australian researchers said in a report Thursday.

The compounding effects of rising oil prices, extra budget spending and economic uncertainty could cut $173 billion from the world economy in 2003 alone, said the researchers, Reserve Bank of Australia board member Warwick McKibbin and Center for International Economics executive director Andrew Stoeckel....

..."Altogether, there could be a drop of investment in the United States of over eight percent below baseline in 2003 and 2004. The fall is less for Japan and Europe, given the assumptions for their contribution to a war and rebuilding."


I've got an idea: Let's give Saddam half a tril to just vamoose. We'll throw in a few (exiled-)presidential palaces, plus he can keep his personal painter. Sounds to me as if that would be a bargain.

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