Skip to Content
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

Tuesday’s Headlines Are Trending Down

An estimated 19,515 people died in car crashes during the first half of 2023, which is down 3.3 percent but still 19,515 too many.

October 3, 2023

What Do ‘Livable’ Streets Look Like in an Era of Driverless Cars?

Does a world of autonomous cars really have to make our streets less human?

October 3, 2023

Why Chicago Advocates Are Providing Bikes to Migrants

Unless funds are freed up from a larger entity, bike distribution to asylum seekers is going to stay in crisis mode indefinitely.

October 2, 2023

Monday’s Headlines Are Open for Business

Monday will be just another Monday for federal employees, as Congress avoided a government shutdown. Plus, declining gas tax revenue provides an opportunity to rethink transportation funding.

October 2, 2023
See all posts