Skip to Content
Streetsblog New York City home
Streetsblog New York City home
Log In
Economics

Jim Kunstler on the Bail Out and What’s Next

Jim Kunstler, author of The Long Emergency, has been predicting today's financial catastrophe for a few years now so it's no surprise that his blog is loading slowly this morning. The people want to know: What's going to happen next?

What themainstream is truly missing here en masse is that another tsunami isbuilding right behind the finance fiasco, and that it will render mootthe whole reeking cargo of schemes and wishes that comprises the GreatBail-out. I am speaking of the global oil problem. In fact, theproblems in banking and money currently roaring in the center ring ofthe world circus, can be described categorically as a product of theoil problem -- since oil is the primary resource of industrialeconomies and therefore the motive force behind our ability to generate"wealth." Without reliable and ever-growing supplies of oil, there isno industrial growth, and without industrial growth things like capitalinvestment instruments lose their legitimacy. That is why theFrankenstein family of Ponzi securities was invented in the first place-- to compensate for the demise of industrial growth by creating wealthout of... nothing!

Stay in touch

Sign up for our free newsletter

More from Streetsblog New York City

More Tantrums: City Halts 34th Street Busway After Threat from Trump DOT

The feds threatened to cut city and state funding if New York doesn't halt all work on the 34th Street busway so the FHWA can review the project.

October 17, 2025

READY, AIM, ‘MISFIRE’: NYPD’s Bike Speed-Limit Effort Only Adds Confusion in Central Park

Two slowly ambling pedestrians were clocked at 19 miles per hour. So what's the point of this, exactly?

October 17, 2025

Friday Video: Drool Over This London School Street

That's cricket! Check out how London transformed a roadway around a big stadium into a play street.

October 17, 2025

Friday’s Headlines: Queen James Edition

State Attorney General Letitia James gave our national security desk reporters Dave Colon and David Meyer the ultimate hat tip. Plus other news.

October 17, 2025

Judge Orders Trump to Restore $34M in Security Funding to MTA

DHS overstepped its authority when it attempted to tie money from the Transit Security Grant Program to the Trump administration's efforts to deport immigrants, Judge Lewis Kaplan said.

October 16, 2025
See all posts