Skip to Content
Streetsblog USA home
Streetsblog USA home
Log In
Economics

Jim Kunstler on the Bail Out and What’s Next

10:54 AM EDT on September 29, 2008

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 USA

NYC Debuts Public E-Bike Charging for Delivery Workers

Finally, they’re taking charge! The city’s first public e-bike charging station opened in Cooper Square on Thursday — the start of an overdue six-month pilot that is part of a “Charge Safe Ride Safe Action Plan” for delivery workers that Mayor Adams announced last year.

March 1, 2024

Friday’s Headlines Have Questions

What's an optimal rebate to get people to buy e-bikes without wasting money on those who were going to buy one anyway?

March 1, 2024

To Recruit Transit Workers, More Than Just Higher Pay Is Needed

Labor shortages continue threatening public transit systems, and a new report adds another layer to the conversation.

February 29, 2024

Talking Headways Podcast: Streets for Skateboards

Aaron Breetwor on skateboards for transportation and designing streets for safer skateboarding.

February 29, 2024

Agencies Need to Use Federal Funding to Buy Land for Transit Oriented Development

Transit agencies do not prioritize transit-adjacent housing development often because they lack funding to acquire land.

February 29, 2024
See all posts