Today the Dow Jones Average was down 350-some points, gold was up $32, and oil was up another $5. There is a lot of chaos out there and everyone is worried about $4 gasoline. But I don't think there is a clear understanding [of] exactly why that has occurred.
We do know that there is a supply and demand issue, but there are other reasons for the high cost of energy. One is inflation. In order to pay for the war that has been going on, and the domestic spending, we've been spending a lot more money than we have. So what do we do? We send the bills over to the Federal Reserve and they create new money, and in the last three years, our government, through the Federal Reserve and the banking system, has created $4 trillion of new money. That is one of the main reasons why we have this high cost of energy and $4 per gallon gasoline.
But there is another factor that I want to talk about tonight, and that is not only the fear of inflation and future inflation, but the fear factor dealing with our foreign policy. In the last several weeks, if not for months, we have heard a lot of talk about the potential of Israel and/or the United States bombing Iran. And it is in the marketplace. Energy prices are being bid up because of this fear. It has been predicted that if bombs start dropping, that we will see energy prices double or triple. It is just the thought of it right now that is helping to push these energy prices up. And that is a very real thing going on right now.
But to me it is almost like deja vu all over again. We listened to the rhetoric for years and years before we went into Iraq. We did not go in the correct manner, we did not declare war, we are there and it is an endless struggle. And I cannot believe it, that we may well be on the verge of initiating the bombing of Iran!
Leaders on both sides of the aisle, and in the administration, have all said so often, 'No options should be taken off the table—including a nuclear first strike on Iran.' The fear is, they say, maybe someday [Iran is] going to get a nuclear weapon, even though our own CIA's National Intelligence Estimate has said that the Iranians have not been working on a nuclear weapon since 2003. They say they're enriching uranium, but they have no evidence whatsoever that they're enriching uranium for weapons purposes. They may well be enriching uranium for peaceful purposes, and that is perfectly legal. They have been a member of the non-proliferation treaties, and they are under the investigation of the IAEA, and El Baradei has verified that in the last year there have been nine unannounced investigations and examinations of the Iranian nuclear structure and they have never been found to be in violation. And yet, this country and Israel are talking about a preventive war—starting bombing for this reason, without negotiations, without talks.
Now the one issue that I do want to mention tonight is a resolution that is about to come to this floor if our suspicions are correct, after the July 4th holiday. And this bill will probably be brought up under suspension. It will be expected to be passed easily. It probably will be. And it is just more war propaganda, just more preparation to go to war against Iran.
This resolution, H.J. Res 362 [listed as H. Con. Res 362 online] is a virtual war resolution. It is the declaration of tremendous sanctions, and boycotts and embargoes on the Iranians. It is very, very severe. Let me just read what is involved if this bill passes and what we're telling the President what he must do:
This demands that the President impose stringent inspection requirements on all persons, vehicles, ships, planes, trains and cargo entering or departing Iran, and prohibiting the international movement of all Iranian officials.
This is unbelievable! This is closing down Iran. Where do we have this authority? Where do we get the moral authority? Where do we get the international legality for this? Where do we get the Constitutional authority for this? This is what we did for ten years before we went into Iraq. We starved children—50,000 individuals it was admitted probably died because of the sanctions on the Iraqis. They were incapable at the time of attacking us. And all the propaganda that was given for our need to go into Iraq was not true.
And it is not true today about the severity [of the need to attack Iran]. But they say, "Yeah, but Ahmadinejad—he's a bad guy. He's threatened violence." But you know what? Us threatening violence is very, very similar. We must—we must look at this carefully. We just can't go to war again under these careless, frivolous conditions.
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This story was published on July 2, 2008.