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Shit. Then there is only one thing left to do.
Dow 30,000, here we come!
Gold $30,000, here we come!
either end the fiat enslavement or convince the world reserve status of the dollar guarantees world security and continuing globalization
europe and america are going to look like zimbabwe soon
Youre right....hmmm...maybe zimbabwe is the safer place to move to.
What a brilliant idea.
Instead of writing down the debt and breaking-up the TBTF banks and reforming the currency, tax the assets of those who still hold them in country.
That's one way to deal with the looting of a country by the financial sector and its enabler, self-owned central bank.
Oh, and keep the central bank and debt-based money in place so that we can do it again. That will go over REALLLL GOODDDDD. Hyuk.
Assuming 3% growth to GDP while the cost of oil will continue to rise is probably a bad call.
-3% sounds like a more realistic number for long-term planning. That is probably overly optimistic as well, though...
Economists seem to be genetically unable to comprehend resource depletion. Therefore, none of their predictive models will work. But it isn't just an economic problem. In a few decades, it will become a question of survival of our modern technological civilization. The future will not follow the trendlines of the past. The data is all out there, but the experts are too specialized to comprehend it.
Rhodes and Stelter? That's a comedy team, right?
Oh yea Peak Oil bullshit...please we will be burning more oil in 20 years than we are now.
Yes, sure, but what will the price of that "more oil" be in 20 years time?
It ain't about lack of oil, it IS about what it will cost to explore, develope and pump that "more oil". Peak Oil doesn't mean there isn't plenty of oil, it means the new oil that is found is expensive to produce. Big difference between Saudi oil just under the sand and oil from tar sands or deep water oil off of the Falklands or new arctic oil produced in the newly ice free portions of the arctic sea.
>what will the price of that "more oil" be
When priced in gold, probably the same as it is now. The same as it was 60 years ago.
10 cents a gallon.
60 years ago, some red necks in East Texas threw up some wood derricks, drilled, and pumped oil at great profit.
A similar field might exist in the Beaufort Sea off the North shores of Alaska.
Now, do you think the price of oil 60 years ago is the price of oil today is the price of oil tomorrow?
The energy inputs required to produce are steadily going up. At some point it will take as much energy input as there is output at which point its game over. At that time, there may still be a lot of oil somewhere, but it won't get developed.
It's unfortunate that so many people in the world rely on food production levels which are only possible due to fossil fuel inputs. I am 30 something and if I live to see 70 something I will have lived through some of the darkest moments in our species history.
With usage-levels scaling as they are now, it's projected that after (aprox.) 2050, there will be no more oil left in the ground.
All major reserves tapped. Sure, they'll work to stretch availability with difficult/expensive extraction techniques w/ oil shale and such, but. The sand countries that have one singular export - oil - will not be happy. Along with the oil-consumers. So, 40 years out things will get very interesting.
Peak Everything is correct. Even Peak Manliness and Womanliness.
Tipping point is definitely behind us.
Of Tipping Points and Shape Shifting
Doesn't matter how much oil is in the ground. If the gov't declares an Energy Czar that controls it, you bet its gonna cost ya.
And I think we are looking at a situation where gov't (or friends of gov't) will be controlling a good deal of resources and distributing them "to each according to his need" (er, votes and campaign contributions).
I think politics are more important to consider, rather than arguing over how much oil there is.
How much of what we pay today is pure tax? The cost to us of oil, not just at the pump, but the tax dollars that go into regulation and gov't "studies" and regulation of the transport of oil, and regulation of the environmental impact, and on and on. Then you add that our tax dollars purchase most of the world's oil for our military, we are already paying a massive cost that has very little to do with the science of drilling it out of the ground. Has much more to do with WHERE (within which nation's boundaries) the oil exists, and the control of that oil (domestic production as well as use, and geopolitically on the world stage).
You've got it Sir. Financial economy is the Matrix. Political economy is the real world.
Queen Elizabeth II and Queen Beatrix will have to take a hair cut on their oil revenues in the not too distant future.
Unless I missed it being mentioned, BCG has missed the biggest initiater and thus the biggest forthcoming 'tax' of all. War. World war. All in the guise of international security. Everyone's gonna pay either by fiat or by blood one way or the other, brother. The economic engines of man against man are ready to rock and roll like never before. There's no business like war business. You can bank on it.
Human population has increased by 500% since 1900. I argue that this is mainly due to the utilization of fossil fuels for fuel, transportation, fertilizers, pesticides, plastics, tires, etc. I argue that this is a population bubble, and is unsustainable without fossil fuels.
"The era of cheap oil is over. Current trends in energy supply and consumption are patently unsustainable--environmentally, economically and socially--they can and must be altered." Nobuo Tanaka, executive director of the International Energy Agency (IEA), in World Energy Outlook 2008.
Oh, by the way, it's not just peak oil. It's peak everything. Go ahead and try to cleverly innovate your way out of that. I predict that the human race will do what comes naturally, until it's much too late (which it may already be). Then the usual mechanisms will take care of the population problem. It's our choice: controlled adaptation to the future, or uncontrolled.
Heh. Peak oil. They sweat now. 40 years out, year 2050, projected all major oil reserves tapped? The "military-industrial complex", the world at large .. there will be much gnashing of teeth.
You can argue whatever you want but you'd be wrong. Populations in Western countries with most technological development / access and use to fuel rose much less than the rest of the world that was not as technologically developed, and had little access to the fuel.
yeah preserves the system and keeps parts of everyones debt.
This isn't about setting the serfs free.
You would probably need a border fence to prevent people from flooding into Canada.
Ron Paul not so dumb. Not dumb at all.
That's whats amazing about that comment... I know people who are so indebted, they are seriously considering leaving the country to escape their loans. There's talk that if this continues, the gov could make it very difficult to get a passport if you have significant debt.
In short: RON WAS RIGHT. Again.
I know people who are so indebted, they are seriously considering leaving the country to escape their loans.
That makes ZERO sense...........if they are that far in debt, how the hell they going to leave, and what will they live on when they get there?.
They will get jobs and start over just like millions of immigrants have done in the US. Starting from scratch in a country with a viable economy could be tempting for a young person with $100,000 worth of debt, a fresh degree, and a job at Best Buy.
The smart ones will max out their credit cards and start fresh with new wardrobes.
Or they can come up with some bull shit "management consulting" business like BCG and write fluff pieces to pay for that useless "social" MBA with questionable ROI. BCG makes money bilking clients, so they don't have time for conslutants to write for free. The authors must be on the bench to write useless crap like this to ask for government money printing. When they do ignore them.
Senior Partner & Managing Director Global Leader – Financial Institutions Practice
Senior Partner & Managing Director Global Leader – Corporate Development Practice
I'm a US citizen (born and raised), in which case I cannot comment on what immigration requirements are, but I CAN tell you that immigration to other countries (Canada, New Zealand, Australia to name a few) has strict requirements that immigrants have valid means of financial support (either their own financial assets or support from a sponsor).
People need to understand that debt isn't just public, it's also private (which, I believe, is greater than public). With lots of debt being owed to financial institutions, many that are international. You can run, but you cannot hide... Better believe that TPTB are going to account for this. Of course, one could probably "escape" to some "rouge" country, but I'm not thinking that such places are going to welcome poor white trash.
when corporations outsource, they bring up "global diversity initiatives" to get you used to living the life style of the 3rd world workers.
You need to get out more. Many poor third world nations have such an exchange rate that a poor white trash person with 10K is like a King.
Understand that much of this debt is student loan debt, which I'm sure you know, cannot be forgiven in bankrupcy court.
For example, a friend of mine is in 80,000 in student loan debt. That amounts to about $800 in payments a month and adds about $15,000 in addition over the life of the loan. She got this while studying Spanish abroad. If she was not able to find a job here, she was seriously considering leaving the country as a way to refuse to pay her debts, which for her was totally plausible considering her ability to speak and interact with people in those countries. Also, native English speakers are in high demand overseas. She was planning to go back eventually anyway with the little bit in savings she had left, so it is possible.
There are others I've spoken to online who have similar circumstances, although they're thinking more along the lines of Australia. Anyway, my point is, the idea that the government would want to keep people who have large debts inside the country is completely plausible.
EDIT: By the way, I fully recognize that it is largely her fault for agreeing to take on so much debt. Also, about my friend, she did manage to find a job making a somewhat decent wage, although she will have to live at home for a wihle. So things will work out for her.
"She got this while studying Spanish abroad. "
Stop it! I'm tearing up already.
Yes! A real hardship case. Where do i donate?
When they make English the official language of Amhurikuh and throw all them immugrunts outta here, then she'll wish that she'd stayed the fuck overseas and taught or tended bar or whatever there instead of coming back here to the Lump of Hopportunity and bitched and pissed and moaned about being unemployed. Hell, just go to El Salvador or somewhere and bitch about it. Fit right in.
Jesus H., everybody is feeling the stiffie!So what's all this crap about student loans, unemployment?It's here now, real time, pervasive about the whole fucking country and right here in My Own Fucking Home In River City.Deal with it.
Direct your anger, resentments, whatever where it will do some good.Write your congresscritter, and maybe they'll sic the feebies on you and toss your ass into the camps till you brioghten up and do something productive. Like participate in a National Service Day.
It is sooooooooooooooo fucked up.
+14 trillion. (just please don't "sugar coat" the situation:)
Like I said, not looking for sympathy for her in any way. She brought it upon herself for the most part. BUT, when you've got huge debts to pay, (or your rich and don't want to pay double taxes) leaving the country or renouncing your US citizenship has its draw.
Well, if she is going to pack it in, have her read Richard Maybury's "What ever happened to Justice?". It is written for a young audience, but its points are pretty simple and sound; common law legal system is good.
The book scores all the nations based on a variety of criteria presented in the book.
Oh, and don't listen to Simon Black, I think his advice sucks (if you are not independently wealthy).
> Richard Maybury's "What ever happened to Justice?"
Cooter, you're an interesting enough guy that I googled the book and now bought it.
Been wanting to learn more about common law ever since I tried to educate myself about all laws relevant to my mortgage. Fascinating to try to understand the history of it: livery of seisin, etc. "This turf and twig I give to thee, as free as Athelstan gave to me, and I hope a loving brother thou wilt be." But I digress...
P.S. Can't stand Simon Black! I know a bit about living in foreign countries, enough to tell that SB has no clue. He sounds like a precocious 15-year old writing articles about exotic locales based on their Wikipedia pages.
Might as well be heard because her representatives only listen when there is money involved > wall st. lobbying money.
Otherwise, she can also go protest at her own university who is the one who screwed her over. Go hold a sign that says "degreed and unemployed" at the prospective student office. I'm sure the school will throw her some bs work to shut her up.
If you had 100MM in cash and the cold logic calculation to travel the world and "sample its riches" you would sound like SB. Life is different when you can buy the locals. But that is a dangerous road when your interest is not real.
I am a simple man. I cut out the back of junk mail envelopes for scratch paper (e.g. grocery lists, etc). I have my simple pleasures though, we all do (e.g. peerless coffee).
But at the end of the day, I value community and my place in it.
Let me paint the picture in American terms. Just the other day, I saw this in the news up here:
The guy who is fighting against the mine has a multi-million dollar lodge and gives out a turkey to all the local residents every year. But he doesn't give a shit about the locals; he wants to bring in his "investors" and be "cool". Not a bad deal for the price of a few turkeys. Now he is getting his ass hung out when folks are looking at real work/jobs that will last decades.
It is a very interesting "debate" when you really dig in past the sound bytes. Read. Think. Come to your own conclusions. Just don't be spoon fed for god sakes.
Words of wisdom, Cooter. Well said
If there is the smallest chance of confiscatory taxation, even if you are not very wealthy, it makes good sense to have an escape plan to spend your creative and productive energies in a (developing) country where you will be allowed to keep your capital and encouraged to grow it.
tell her we'll miss her
sorry, and so some foreign country is going to willingly take American debt-refugees, because they have a piece of paper degree that says they certified debt whores. you finished it honestly, she brought it on her self with some false scam of an education. Good luck anyway. you'll only make it past the guards at the border if you have gold to donate.
Actually many work abroad programs offer free room and board plus plenty to live on (often tax free as "work internships" or "charity work" teaching English abroad.
In 2002 I was offered a job teaching English with pay at $40 an hour in California for a church organization that was sucking grant money from the Federal government for outreach programs. I did not take it because it was clearly a bureacratic nonprofit nightmare. But this girl has many options. Resort communities in South America have many opportunities for Americans who are bilingual.
Unlike Asia and Europe where everyone learns English in school starting at a young age, places in Mexico have demand for bilingual speakers, and like having Americans on their staff because many yuppie American tourists are scared to death of dealing with anyone who is not American.
Also, if she speaks Spanish she can suck the gov't for some eco grant to go study the rainforest in Costa Rica or some crap, and she'll make a fortune.
Good gawd, I can think of a million things she can do to earn a living in the U.S. or abroad. Her problem, from what it sounds like, is that she doesn't actually want to WORK. Might be a problem of a slightly inflated sense of entitlement, perhaps?
Shhhh. Don't tell them all they have to do is stop paying or declare bankruptcy. Let morons like that go. Please.
Think of young people with 100k debt or 250k get educated borrow and blow this pop stand, thats my advice
Have you tried to renew your passport recently?
Try to get into Canada if you have a DUI on your record...
I don't have a DUI but have friends that do and cannot gain entry into Canads (and probably other countries).
When I first began traveling to Canada the only question asked by Canadian Customs was "do you have any American bacon?". If one did, customs confiscated it.
This ain't the relationship that I remember from 8th grade civics where it was stressed that 'America and Canada have the longest unguarded border in the world'. lol
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