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 the
mainstream is truly missing here en masse is that another tsunami is
building right behind the finance fiasco, and that it will render moot
the whole reeking cargo of schemes and wishes that comprises the Great
Bail-out. I am speaking of the global oil problem. In fact, the
problems in banking and money currently roaring in the center ring of
the world circus, can be described categorically as a product of the
oil problem — since oil is the primary resource of industrial
economies and therefore the motive force behind our ability to generate
"wealth." Without reliable and ever-growing supplies of oil, there is
no industrial growth, and without industrial growth things like capital
investment instruments lose their legitimacy. That is why the
Frankenstein family of Ponzi securities was invented in the first place
— to compensate for the demise of industrial growth by creating wealth
out of… nothing!

ALSO ON STREETSBLOG

St. Louis Blogger Tells Kunstler He Got It Wrong

|
Steve Patterson, the writer of Streetsblog Network member blog UrbanReviewSTL, has long been a fan of anti-sprawl guru James Howard Kunstler. But Patterson takes issue with Kunstler in a post today about the new St. Louis Amtrak station, a multimodal facility that also serves as a bus depot and light rail link. Kunstler just named […]

New Urbanists: No Economic Recovery Without Smart Growth

|
What happened to the United States over the past several years is most commonly described as a recession. By the technical definition of the word we’re two years into a recovery. But it sure doesn’t seem that way. Meanwhile, a growing chorus of intellectual leaders says the country is experiencing something different than a normal […]

Pseudo-Environmental Hummers

|
A lone Hummer driver with a conscience? At first glance, it seems so. But this is actually becoming something of a trend: Everyone who is pitching an alternative fuel these days is using a Hummer to make his or her point. And the reason is obvious. Everyone knows that Hummers are the most gas guzzing private vehicles on […]

Today’s Headlines

|
Dems Retreat on Energy, Oil-Spill Bills (The Hill) Obesity Rates Continue To Rise (NYT) BP’s "Static Kill" Called a Success (BBC) AJC Op-Ed: Transit, Not Roads, Will Drive Tomorrow’s Economic Growth Reason Foundation: Transit a "Peripheral Concern" to National Transpo Policy Voters Like Bridges to Nowhere in Their Own Districts (Des Moines Register) A Call […]

Today’s Headlines

|
Senate climate bill, with its contentious transportation section, could be coming next week even without its chief GOP author (NatJo Blogs) Tele-work bill, which would let federal employees trim transport costs by working from home, fails unexpectedly in the House (WashPost Blogs) David Roberts asks: Is the answer to the nation’s transportation problem better cars, […]