Goldman On Why The Fed Can't Have Its Low Unemployment, And Eat Cheap Oil Too

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Sun, 05/22/2011 - 14:35 | 1300229 Captain Benny
Captain Benny's picture

Man and I thought the Fed ate iPads!  Thats just gross eating oil too!

In all seriousness though, I do think the scarcity of oil is a fundamental game changer for humanity.  I cannot imagine the destruction that humanity must see in the next fifty years.  Its either we destroy the earth and suck it dry of natural resources or we destroy the population and make things self-sustaining once again.  I fear we and humanity will do both.  I chose not to bring a child into this world for that reason.  Let the uneducated proletariat breed and bring their children into the destruction my generation's parents and forefathers have caused.  My generation as a whole will continue kicking the can down the road, so to say... I can't say that I'm too proud of my generation either.

Sun, 05/22/2011 - 14:56 | 1300271 I am Jobe
I am Jobe's picture

Foxconn confirms 3rd death at plant linked to iPad

http://www.reuters.com/article/2011/05/22/us-foxconn-idUSTRE74L2IP20110522

Sun, 05/22/2011 - 14:54 | 1300276 Derpin USA
Derpin USA's picture

I can't wait until the world is full of even more uneducated, drooling tards. Would you like EXTRA BIGASS FRIES?

Sun, 05/22/2011 - 15:06 | 1300280 Captain Benny
Captain Benny's picture

The idea of getting a handjob at Starbucks sounds pretty cool.  I can't believe you like money too.  We should hang out.

Sun, 05/22/2011 - 16:02 | 1300382 max2205
max2205's picture

Oops Mish hates us :(

Sun, 05/22/2011 - 16:31 | 1300421 ibjamming
ibjamming's picture

Then WHY do we make the stupid laws that allow them to breed unfettered?  We're ENCOURAGING them to breed like rabbits...I don't get it...why?  For the votes?  They sure as hell don't pay any appreciable taxes.

Sun, 05/22/2011 - 18:05 | 1300574 EnglishMajor
EnglishMajor's picture

Is not every dime spent on a food stamp or social program adding to GDP?  What about prisons?

Are you sure we havn't tried to acquire some form of immune deficiency for third world population control?

Sun, 05/22/2011 - 19:24 | 1300706 sun tzu
sun tzu's picture

Is not every dime spent on a food stamp or social program adding to GDP?  What about prisons?

In that case, the government should just mail out checks for $1 million to every American so we can boost GDP.


Sun, 05/22/2011 - 18:16 | 1300575 EnglishMajor
EnglishMajor's picture

...

Sun, 05/22/2011 - 18:13 | 1300578 EnglishMajor
EnglishMajor's picture

...

Sun, 05/22/2011 - 15:29 | 1300334 Dejean Splicer
Dejean Splicer's picture

"the scarcity of oil is a fundamental game changer for humanity."

YOU DIPSHIT! PEAK OIL IS A FUCKING SCAM!

~O~

Sun, 05/22/2011 - 15:46 | 1300364 NewThor
NewThor's picture

Yes.

There are unicorns in the middle of the planet who eat magma

and poop out oil. As long as those unicorns never die off, the world

will always have an unlimited supply of oil.

What could be safer and smarter than sucking trillions upon trillions

of cubic feet out of the middle of the planet???

 

 

Sun, 05/22/2011 - 16:26 | 1300414 Dejean Splicer
Dejean Splicer's picture

Yes you're right. Everyone panic! There is no more oil!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!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Let's ratchet up the price. Shall we Dipshit?

Sun, 05/22/2011 - 16:31 | 1300420 NewThor
NewThor's picture

You realize there is a difference between "Peak Oil" and "No Oil"?

Right right?

Yes, false scarcity leads to bigger profit margins, but I'm going to 

bet on the fact that Earth's oil can is less than half-way full.

I think your writing style would be more awesome if you lead with an insult,

put an insult in the middle, then and insult near the end

and finish with a Hiaku.

Sun, 05/22/2011 - 17:08 | 1300473 Captain Benny
Captain Benny's picture

Exactly! Some of us aren't so short sighted as that guy to think that there will be plenty of oil many generations into the future.  Some of humanity truly does care about the long term survival and thriving of life on this planet and oil may in fact be necessary for many years to make a transition away from oil dependence.  We've only been sucking the tit of mother nature for a few years and we've nearly sucked her breast dry... It takes millions of years to replenish...

Sun, 05/22/2011 - 18:51 | 1300649 DebtBasedCurrency
DebtBasedCurrency's picture

So climate change is human caused and not solar related also?

 

Look, the fact is that carbon is the most abundant element in the earths crust.. are diamonds dead dinosaurs? or algea?

 

http://freeenergynews.com/Directory/Theory/SustainableOil/

http://www.google.com/search?q=russian+abiotic+wells&sourceid=ie7&rls=com.microsoft:en-us:IE-SearchBox&ie=&oe=

TPTB WANT high oil not cheap oil.

Sun, 05/22/2011 - 19:13 | 1300686 EnglishMajor
EnglishMajor's picture

Okay, as soon as oil reaches $200 or $250 a barrel, it might be economically viable to invest in the infastructure and technology necessary to produce Abiotic Oil in a sufficient enough quantity to compensate for the decline in Middle Eastern production.  I'm sure we have another 5 or 10 years.  We'll only need 100,000,000 barrels a day by then.  That's a brilliant solution.

Sun, 05/22/2011 - 19:05 | 1300677 Mactheknife
Mactheknife's picture

The world will never run out of oil.  It will run out of oil that you can afford to buy in order to ship or fly stuff half way around the world.  What we have already run out of is 50$ oil and probably 60 & 70$ oil.  We might have some more 80$ oil left.  Rest assured that before long we will be out of 100$, then 150$ oil. That's when "Necessity is (and will be) the mother of invention."

Sun, 05/22/2011 - 18:27 | 1300618 EnglishMajor
EnglishMajor's picture

It's a simple concept.

The International Energy Agency along with numerous others agree that world oil production peaked in 2006 around 86,000,000 barrels a day.  We will never pull it out of the ground that quickly again because it no longer bubbles up out of the ground in Pennsylvania.  We have to scrape it out of sand and burn it out of rocks.  We get excited about oil that is three miles deep off the coast of Brazil.  None of that oil gets to market quickly or flows as easily to the refineries as it does in the desert a few miles from a waiting tanker.

World oil demand is expected to reach 89,000,000 barrels a day this year.

The back half of the peak is proven science.  Once we are off the plateau, expect a 2% to 4% decline in production every year.

Simple supply and demand, Dipshit.

Sun, 05/22/2011 - 19:20 | 1300700 Dejean Splicer
Dejean Splicer's picture

"We will never pull it out of the ground that quickly again"

Ok, dipshit. Maybe you didn't watch the underwater cameras that were pointed at the BP wellhead in the GOM. I'll assume you did not see that evidence. Just to clue you in, the pressure was so high they couldn't cap it for months.

Sun, 05/22/2011 - 19:31 | 1300714 sun tzu
sun tzu's picture

You're pretty fucking stupid, aren't you? How many miles did they have to drill under the sea for that oil to come out? The deeper they have to drill, the more it costs.

Mon, 05/23/2011 - 00:38 | 1301156 TempFlashback
TempFlashback's picture

To echo Sun's post, the fact that they were drilling that far underwater in the GoM should be a huge hint as to the current oil situation.

Sun, 05/22/2011 - 14:28 | 1300230 williambanzai7
williambanzai7's picture

Amazing how many words and graphs are necessary for them to say what has been said here by many for months and months.

Sun, 05/22/2011 - 16:10 | 1300398 Careless Whisper
Careless Whisper's picture

The words and graphs are just part of the dog and pony show to try and make Goldman look like a legit investment bank. In my opinion they're just a bunch of wall street gangsters. How many of Goldman's clients declared bankruptcy after being sold a boatload of shitizzle?

Courtesy of Senator Levin's Report on Wall Street Crooks (page 394):

 

On June 18, 2007, Goldman sold $100 million worth of Timberwolf securities to an
Australian hedge fund, Basis Capital. Just 16 days later, on July 4, Goldman informed Basis Capital that the securities had lost value, and it had to post additional cash collateral to secure its CDS contract. On July 12, Goldman told Basis Capital that the value had dropped again, and still more collateral needed to be posted. In less than a month, the value of Timberwolf had fallen by
$37.5 million. Basis Capital posted the additional capital, but soon after declared bankruptcy.

Sun, 05/22/2011 - 14:36 | 1300234 Re-Discovery
Re-Discovery's picture

Yes, of course.  The cure for problems caused by government intervention is more government intervention.

The lapses in logical construction of these weekly pronouncements is staggering.

No need to discuss what happens to the rest of the economy when the price of oil increases artifically through reverse price controls, i.e. higher gas tax, increasing the rate of inflation in all gas/oil related goods, squeezing profit margins, and leading to the tried and true method of cutting costs --- layoffs.

Sun, 05/22/2011 - 14:47 | 1300253 JW n FL
JW n FL's picture

its just like the Voters.. they voted last time and the time before to get this exact same result.. now they cant! Yep! you guessed it! they cant wait to Vote some more... like that will change anything! ever!

 

But hope springs eternal! or?.. you cant fix stupid! depends on your point of view!

Sun, 05/22/2011 - 15:35 | 1300342 samsara
samsara's picture

"--- layoffs."

See my post above.

The thing that stays constant is that 84 million barrels will be pumped today that we will never see again.

Relentless,  Day by day. 

Since we are past peak,  Everyday is a day squandered.  No Long term plan being implemented.  

Good economy, bad economy.  84 million bpd gone either way.

The candle burns down.  And we, in the mean time, are doing nothing long term about the darkness.  We feel prould to scrap a little dripped wax from the sides and put it on top,  thinking that will help us.

Taking my grandaughter to the DC Zoo yesterday,  Taking the Metro Blue Line from the southern end, Onto the Red line walking to the zoo. 

We Need that simplicity to jump on a train ANYWHERE on our rail line and get to anyother city just as easily.

Mass Transit plans?  forget it.  They only TALK about bullet trains in the same manner that they talk about fusion.

ONE DAY......

Ya,  Fusion is the energy source of the future and always will be.  Same can be said about Mass transit.

Just ONE example.

WE ARE PHUKED

Sun, 05/22/2011 - 15:51 | 1300368 NewThor
NewThor's picture

There is no spoon.

So I am eating my Fruity Pebbles with my hand.

It's almost impossible to get them out from underneath my

finger nails once they've dried.

 

Sun, 05/22/2011 - 16:28 | 1300422 Dejean Splicer
Dejean Splicer's picture

Try using your teeth and scrape them out. You'll also consume the dried feces that is caked under your nails but it will not harm your health to consume the same shit that you produce.

Sun, 05/22/2011 - 16:37 | 1300431 NewThor
NewThor's picture

I'm sorry you didn't get raptured,

but why don't you fry the egg on your

face and make the best of it.

I keep my dried feces cakes in my arm pits,

and I only eat them on Canadian Frosting day.

Sun, 05/22/2011 - 17:15 | 1300483 Dejean Splicer
Dejean Splicer's picture

Very clever. Can we call that peak dipshit? Or is your supply going to overwhelm our demand?

Sun, 05/22/2011 - 17:55 | 1300557 NewThor
NewThor's picture

Can we be serious for a moment?

"Peak Nikola Telsa Blood" is a FUCKING POOP HOLE SCAM!!!!

There will always be a infinite supply of Nikola Tesla's blood!

Anyone who tells you other wise is a dipshit stick!

Sun, 05/22/2011 - 14:30 | 1300235 Motorhead
Motorhead's picture

Another tax?  Hmmm.  And how much did Goldman give to the President Barry Soetoro campaign?

Sun, 05/22/2011 - 14:45 | 1300256 JW n FL
JW n FL's picture

it will be a tax on the retial side only.. same as it ever was.. it is called.. or it should have been called! the stupid tax.. as it is the same ole' shit!

Sun, 05/22/2011 - 16:18 | 1300409 NewThor
NewThor's picture

A better question is "How many elections will Goldman Sachs give to

the President Nobel Prize Weiner?"

Sun, 05/22/2011 - 14:30 | 1300237 moonstears
moonstears's picture

Who'ld a thunk it?"According to the
Labor Department, the bottom 20% of the income distribution devote 4.6% of their total spending to gasoline purchases, against 3.5% for the top 20%. This implies that a 10% increase in gasoline prices cuts about 0.1% more from the real income of lower-income households than higher-income ones."
These figures are misleading, lower incomes are hit much harder than Labor dept suggests, surely! Look out Walmart!

Sun, 05/22/2011 - 14:33 | 1300242 Flakmeister
Flakmeister's picture

I will get flamed and junked beyond compare for the following...

The most sane thing the US can do is to implement a carbon tax that is also applied to imports. There must be a corresponding reduction in payroll taxes to reduce the regressivity.

Why would it make sense? It would make lot of Chinese imports uncompetative. Per pound of carbon, the US is the most efficient manufacturer of steel. It would exploit the less carbon intensive NG reserves that the US posseses. It also exploits the internal lines of communication that the US possesses, an unmatched freight rail system.

A gradually phased increase in the Carbon tax would also alternatives more viable without directly subsidizing them, i.e. the market decides the winners. The government is determining the loosers not picking winners....

Sun, 05/22/2011 - 14:44 | 1300248 Arius
Arius's picture

make the chinese products uncompetitive? why? with all due respect to chuck schumer if that was the goal you dont built up china in the first place...

 

"but you cant have both" - try telling it to the masses...

Sun, 05/22/2011 - 14:46 | 1300257 falak pema
falak pema's picture

Everything you say makes sense to me... I would love to buy you a bottle of pinot noir...that a friend I knew long time ago when we were in University, and who've I've lost from view and rediscovered forty years later, makes in California. You are the first educated and seemingly, I say it in all humility, as I don't consider myself one,intelligent american who understands energy and the 'international labor arbitrage' trap.

Kudos to you...

Sun, 05/22/2011 - 14:57 | 1300275 Flakmeister
Flakmeister's picture

I consider myself flattered and I do have a weakness for Pinot. Partial to Burgandies though, make mine a  Charmes-Chambertain... :)

But seriously, a carbon tax is a no brainer, no cap'n trade bullshit. It rewards efficient producers and users, it weeds out the marginal. A carbon tax that allows the reduction, nay, elimination of payroll taxes is a boost for employment. It is straightforward to apply, no need for an over-reaching bureaucracy.

Sun, 05/22/2011 - 14:49 | 1300264 moonstears
moonstears's picture

I disagree, Mr. Gore, but I will not junk you.

Sun, 05/22/2011 - 14:58 | 1300278 Flakmeister
Flakmeister's picture

I don't mind disagreement, but what do you propose?

Sun, 05/22/2011 - 15:32 | 1300305 moonstears
moonstears's picture

Well, at this point any tax levied goes to a junkie. I propose SOME FUCKIN' FISCAL RESTRAINT prior to any "implementation of ideas". Having said that, some things I've thought about: Semi annual National tax exempt Federal lottery(10% to the winner's home state, 40% to big brother, 50% to the winner). Maybe a look at international financial aid sent abroad? Remember the WTO loves the $$ support, but oil's thicker than dollars, do you really think that'll(carbon tax to benefit the US)last, what? 5 minutes, maybe 10 minutes, before the cartel hikes barrel prices? How many Nat Gas converter kits are available to negate instant $25 dollar a gallon gasoline?

Sun, 05/22/2011 - 16:55 | 1300462 Flakmeister
Flakmeister's picture

Let's talk real numbers....

What fraction of the US budget is related to the securing of oil? 300 billion per year is a reasonable estimate. Maybe, just maybe, the price that the US consumer pays should reflect that hidden cost. If you want to have 2 wars, have a draft instead of funnelling money to private contractors at 7 times the cost. I don;t like the idea of "private mercenaries" playing a role in National security. Any glance at history reveals this to be a bad idea.

Fiscal responsibility, lets go...

 1) Claw back SS if mandatory IRA/401-K withdrawals exceed $75,000 pa

 1a) Raise SS/Medicare eligibility ages...

 2) Accept that Medicare cannot underwrite certain medical procedures. Sorry, but getting a quadruple bypass at 82 costing $400,000 when you paid in a total of $20,000 just doesn't cut it... 

 3) Tax rent income at a higher rate than productive captial. Encourage active capital formation.

 4) Tobin tax, to discourage short term non-productive transactions.

 5) Phase out income tax up to a certain level, replace with National Sales tax to discourage mindless consumption.

  6) Raise the cap on SS contributions currently $106,000, lower the   witholding..

  7) Eliminate corporate welfare for Big Ag, in general eliminate most Ag subsidies.

  8) Eliminate Ethanol tax credit

  9) Claw back the true cost of the financial bailout...

 10) Eliminate the hidden subsidies the trucking industry recieves. Make them pay for the damage they are responsible for. 

Just a few ideas... some better some worse...

Sun, 05/22/2011 - 20:41 | 1300847 sun tzu
sun tzu's picture

What will happen is that congress will raise new taxes and not cut any of the old ones. 

Do you have any experience in the tax industry? 

Sun, 05/22/2011 - 22:20 | 1300986 Flakmeister
Flakmeister's picture

 I cannot be held responsible for the behaviour of others. If these people are the choice of the American voter, and they fail to hold them accountable, what can I do. I was requested to come up with some fiscal sanity....

The tax code has to be scrapped. There are too many provisions, loop holes, special cases, riders etc... Too many people and entities are subsidized in the tax code. It is not about who pays, it is about how those that don't pay don't....

Sun, 05/22/2011 - 15:06 | 1300286 Derpin USA
Derpin USA's picture

The carbon tax is an excellent idea. Steering towards something is almost always bad government policy designed to help the profits of one corporation or another. Steering away, however, is just intelligent governing.

Great post.

Sun, 05/22/2011 - 17:04 | 1300468 Flakmeister
Flakmeister's picture

I have always believed that government policies should like behave like that. It is not easy to agree on what it right and how to get there, but a consensus on what is wrong is easier to achieve. 

Sun, 05/22/2011 - 16:36 | 1300425 catch edge ghost
catch edge ghost's picture

You need to let Them achieve absolute control of the supply and distribution of energy producing natural resources, and the reserve currency with which they will be transacted, before you ask Them to dictate the affordability of using those resources.

You'll have to be patient.. let the emergers emerge.. enjoy the float for a while.. then you can happily collect the value added Utopian peace dividend ever after.

Sun, 05/22/2011 - 19:29 | 1300710 NidStyles
NidStyles's picture

LOL, your answer for corrupt and incompetent statism, is for more corruption and statism. Typical statist.

Do NOT follow this link or you will be banned from the site!