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overtheedge
Membre depuis mai 2012
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Nowhere to Run, Nowhere to Hide

- James Howard Kunstler -

Wow JC, you really lost track of time.
Hoover was in office 1929-1933
WWI ended in 1918
So it was WWI rationing? All this time I thought it was a leveraged real estate boom and subsequent bust. Roaring 20's ring a bell?

Hoover got the bad rap while FDR continued the same failed programs of Hoover's and got written up as the savior of the common man.

Then you jump on JHK for pointing out that Joe Average is smoking and joking as he heads down the chute going into the financial slaughterhouse's kill room. Joe Average throws away disposable income and saves nothing. Joe Average then demands the nation owes him and his scat a middle-class living. The national debt has become onerous and continues to grow so Joe Average can get another tattoo paid for out of the national purse.

You can never recover monies wasted on entertainment. I will defend Joe Average's right to spend his own earnings on crap. But I despise the idea of picking up his financial insurance premium payments aka safety net programs for tattoos, latest model cell phones, HDTV and premium cable TV subscriptions.

I'll agree on the need to muzzle the environmental community gangsters. However more domestic drilling won't solve the problems facing the US.
1. It takes large amounts of money to move, set up and drill. Money many of the remaining small drilling companies lack.
2. It takes additional infrastructure to move the oil from the head to the existing collection/distribution network. That is more money that isn't available.
3. Even if we streamline the permit process and reduce it to just a few months from application to awarding, it will still take 3-5 years to drill, develop and link new wells into the system. The money for that is covered under #1 and #2 above.
4. The time lag from decision to oil in the pipeline is all expenses, no income and I contend it will take too long to alleviate our financial problems.
5. Don't forget for one minute the long-term effects on oil companies, governments and the public over the Deepwater Horizon event. BP is still financially reeling from the costs and there is no shortage of other court lawsuits still in the wings.
6. Even if we could increase oil production by 50% (doubtful), history demonstrates that the debt won't get paid down, but rather that new programs will be initiated with an ever faster rise in the deficit and accumulated debt of not just the nation, but its sorry ass membership. People and governments borrow and spend based upon their expected long-term earning potential.* History proves one thing, few ever learn from it.

Now, "Drill, baby, Drill" was the mating call of our (Alaska's) albatross tied around McCain's scrawny neck. Palin was/is Alaska's jokester/merry prankster. She is a quitter. And McCain selected her as his running mate. So trotting out that phrase from the court jester isn't going to sway this Alaskan to your opinion.

I don't think there is any necessity for a black swan event to knock over this house of cards. A lame duck with PMS would be more than enough. And it will be global in extent. There is just too much inter-connectivity amongst the various banking empires and governments. That is why the Fed bailed out not just US banks, but foreign banks as well. Do you really honestly think the Fed has been saving a bigger gun just in case? The walls of Jericho are crumbling and Bernanke is out of paper mache to hold it up. A below average food crop yield will be more than enough to finish this game. T-bills will be dumped and the US will be expected to repatriate them. And Joe Average will scream, "I was cheated", and burn everyone out. Read some unsanitized history! For those with ADD, look no further back than the Arab Spring.

*The most consistently successful hold their standard of living at a low level throughout their lifetime and invest the steadily increasing discretionary income in profitable enterprises.

Commenté il y a 3901 jours

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Début de l'article :The Federal Reserve answers only to God, but Ben Bernanke’s must not have known that his boss was such a prankster. All of a sudden here is the interest rate of 10-year Treasury paper rising like an angry carbuncle on Ben’s pale tuchus just when he thought he could sit back and watch the mud wrestling contest between Larry Summers and Janet Yellen. Poor Ben, sedulous student of the Great Depression, who didn’t notice that the country had changed from a nation of farmers and factory workers... Lire la suite

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