http://www.counterpunch.org/2014/06/12/black-flags-over-mosul/
The United States has not experienced such a spectacular foreign policy debacle since the Saigon withdrawal in April 1975. The fall of Mosul is not a minor setback that can be corrected by deploying special ops and lobbing a few bombs on targets in Mosul. It is a complete policy collapse that illustrates the shortcomings of the abysmal War on Terror. The American invasion and occupation of Iraq is entirely responsible for the problems that plague Iraq today.
Let’s face it: If the ISIS starts taking out pipelines and oil installations around Mosul, it’s Game-Over USA. Oil futures will spike, markets will crash, and the global economy will slump back into a severe recession. Obama has a very small window to reverse the current dynamic or there’s going to be hell to pay.
According to a June 10 report by the Institute for the Study of War (ISW):
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