Bankruptcy

Bloomberg notes bin Laden's strategy, in a nutshell.....

Al-Qaeda leader Osama bin Laden said he is trying to bankrupt the U.S. through its war on terror, a strategy he says felled the Soviet Union two decades ago in Afghanistan, according to a translation by al-Jazeera television of his full, videotaped statement.

``The mujahedeen recently forced Bush to resort to emergency funds to continue the fight in Afghanistan and Iraq, which is evidence of the success of the bleed-until-bankruptcy plan -- with Allah's permission,'' bin Laden said in the video that aired on the Qatar-based satellite network, according to the translation, posted today to al-Jazeera's Web site. The channel aired portions of the statement on Oct. 29.

President George W. Bush's administration plans to seek an additional $70 billion from lawmakers for Iraq and Afghanistan, the head of the U.S. Army Materiel Command, General Paul Kern, said on Oct. 26. The U.S. Congress last year approved $87 billion for military operations and rebuilding in the two countries.

Bin Laden's video appearance, his first since September 2003, came four days before the Nov. 2 presidential vote in which Bush's anti-terrorism policies will play a central role. Bush's challenger, Democratic Senator John Kerry of Massachusetts, said in debates and campaign speeches that the president should have focused on capturing bin Laden rather than invading Iraq.