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
Why Sustainable Transportation Advocates Need to Talk About Long COVID
Covid-19 transformed many U.S. cities' approach to sustainable transportation forever. But how did it transform the lives of sustainable transportation advocates who developed lasting symptoms from the disease?
Analysis: ‘Dangerous Vehicle Abatement Program’ is a Failure By All Measures
The Department of Transportation wants the Dangerous Vehicle Abatement Program to simply expire in part because it did not dramatically improve safety among these worst-of-the-worst drivers and led to a tiny number of vehicle seizures.
School Bus Driver Kills Cyclist in Boro Park, 24th Bike Death of 2023
Luis Perez-Ramirez, 44, was biking south on Fort Hamilton Parkway just before 3:15 p.m. when he was struck a by school bus driver making a right turn.
‘Betrayal’: Adams Caves to Opposition, Abandons Bus Improvement Plan on Fordham Road
The capitulation on Fordham Road is the latest episode in which the mayor has delayed or watered down a transportation project in deference to powerful interests.
Friday’s Headlines: Yes He Said Yes He Will Yes Edition
That headline above is a reference to the last line of James Joyce's Ulysses, which we won't pretend to have read. But we have that ... and other news.
