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The Bear Reaches Out for Commodities

The author states "Boone Pickens claims that the U.S. will send $700B overseas to pay for oil this year and perhaps as much as $10 trillion over the next 10 years. Americans are borrowing to pay a good portion of that bill using depreciating dollars. These loans are increasingly imported from overseas."

The US government is not spending this money. The oil companies are buying crude, refining it and selling it to Americans. It is wrong to imply the national debt is related to oil prices. Congress is responsible for the debt and never held accountable.