March 5, 2003 broadcast, two weeks before the invasion of Iraq, Yale economist William Nordhaus was ridiculed for predicting a war with Iraq might cost as much as $750 Billion in war costs, $2 Trillion in economic costs, create $75 a barrel oil and $3 a gallon gas.
I don’t know if I should laugh or cry when I watch this.
4 years ago, this economist “guessed” that the cost of war will be about 2 000 Billion US dollars. They made fun of him when he said the price of oil will be $75.
I really like to know if someone could go back and discuss the issue with the same people and ask them what they think now of that analysis and what they said then?
The guy was more optimist, the ACTUAL cost of war is now about 1 000 billion dollars, God knows how much the world has paid in expensive gas and increase in product costs in the past 4 years.
And we are far from the end of this madness.
See the Video | digg story
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