Obama closes eyes to pull back from cliff-edge, fails to spot sh*tstorm about to engulf cliff


‘Barack Obama has hailed a deal reached to stave off a “fiscal cliff” of drastic taxation and spending measures as “just one step in the broader effort to strengthen the economy”.’ (BBC News this morning)

Once upon a time there was a tall, slim, empty black man, all sound but no vision, who somehow stumbled into an arena and got elected President of a once rich but now beleaguered nation. His job was to tell everyone that everything was alright, and he did this very well. So well, in fact, that he did it too well, and got elected a second time.

Following his re-election, a few people who had believed in the black dude asked him why he was working so hard for the bad guys, and this is what he told them:

“I will sign a law that raises taxes on the wealthiest 2% of Americans… while preventing a middle-class tax hike. There is a path forward, if we focus not on politics, but on what’s right for the country. Also dey go’n bust mah nerts if ah say sumpt’n else, nigger. You want maybe ah should get mah black ass blown off, man? Shit man, they shot a white billi’naire fer crossing dem, what chance you think I got?”

And so, having listened to the blasé bilge from Cameron, the Oprah soft-soap from Obama, and the recovery bollocks from Brussels, the Awake Folks hunkered down behind the sofa and awaited the Tsunami of exponentially growing excrement that was heading their way. And instead of listening to the dictated bromides of the puppets, they read pieces like this one and realised it wasn’t just them.

*Thanks are due to The Slog’s marine sports correspondent Gazellegs for the link to James Kunstler’s 2013 forecast.

68 thoughts on “Obama closes eyes to pull back from cliff-edge, fails to spot sh*tstorm about to engulf cliff

  1. Strange isn’t it that Americans don’t like the increased taxes, reduced government spending austerity regimes they, Brussels, Frankfurt and Merkel insist on seeing imposed on Greece, Spain and Italy.

  2. ‘A tsunami of exponentially growing excrement’, what a wonderful turn of phrase, ain’t that the truth though? Whether it is the excrement that passes for the utterances of neocons, central bankers, hedgers, merchant bankers, bankers bankers and pawn brokers, that it is all good and once growth resumes it will be all ok again and we can return to the golden faeces of unlimited growth and good times, but first, lets just have one more role of the dice and relieve you suckers of the last of the cash, then we will blame the market for all the problems and that evil speculatory class, after of course they have dumped on poor people, foreigners, blacks and wily asians. So where were you freckles when the shit hit the fan?

  3. What’s strange is that so many otherwise intelligent Americans fail to recognise the emptiness of the suit and the whole charade of US politics as performed daily on their TV screens. I made a bet with a friend weeks ago that a five-to-midnight agreement would be reached on the very brink of the cliff to “save the country” from falling over the edge ……. to keep the show on the road and the audience reassured of their leaders’ ‘good faith’.

  4. Looks like George Monbiot wrote that article under a non de plume. It reads like some stoney, meandering rant written by a fifth former going through the pains of adolescence.
    Must try harder.

  5. BBC News (Radio 4 version, anyway) keeps referring to this “fiscal cliff” as if it were an unstoppable force of nature, as inevitable as Cinderella’s coach turning back into a pumpkin, without ever bothering to explain (or even wonder) why it’s so unstoppable.
    Since one half of the cliff plunge – the bit involving cuts – seems to have been put off for a couple of months, the cliff edge appears to be a bit of a myth.

  6. Your mistake is in thinking that a majority is `otherwise intelligent`. In common with most countries they have a large number of uneducated, ill educated and uneducable whose only thought is the next source of amusement/gratification.
    Unfortunately they get to vote.
    And nothing will change…unless a minimum education level is mandated to enable voting rights…..though it`s also fair to speculate that chaos rises with population growth and that barring a major war/pandemic will continue to do so.

  7. Those dumb ass American politicians got their pants on the wrong way round. It is only the massive Govt over- spending that has kept the US economy from falling off the cliff. The US dollar is a sovereign currency, they can print as much as they wish ,as long as it is invested wisely in productive capacity and not Financial chicanery. This cut back in spending will worsen the situation. 2013 is going to see the US economy tank big time.
    Obama is an economic cretin surrounded by financial criminals, Geithner and Bernanke et al.

  8. And how are they going to explain it when the GDP numbers show that the US went into recession in Q4 2012, before the “cliff”?

    And in March they have to sort the debt ceiling and cliff part 2 all at the same time. Downgrades ahoy! Dollar’s foundation as the reserve currency slowly, then quickly, turning to vapour. 2013 is going to be a year of severity on every front.

  9. Ooooh! That told Me didn’t it? “Any reasoned criticism you’d care to share?” Oooooh! Rapier delivery from MickC, keyboard warrior and part time intellectual. There’s too much bollocks in that piece He wrote to go into here. It would take hours. But to put it briefly I’ll sum up what’s wrong with his article.
    He believes in peak energy. Well He’s wrong. Since the first barrel of black tea was pumped from the Earth there have been supreme pessimists worrying about peak oil and they have been proved wrong time and time again.
    He believes in Man-made global warming. Anyone who does is a gullible fool.
    Alot of what He writes about the economy is correct but this is all common knowledge and doesn’t require great insight to see the bleeding obvious. Others have been doing so for alot longer and write about it alot better.
    The whole article reads like a cross between George Monbiot and Max Keiser who is strangely enough spurts his propaganda on Russia Today television but never, ever criticizes anything Eastern European especially anything Russian. A knob of the first water.

  10. Wishing a Happy and Survivable New Year to One and All !

    It will be interesting to see how long the ‘Feelgood Honeymoon’ of 2013 lasts, even in our MSM…..It all seems quiet at the moment, so I’d guess the Sprouts are still ‘Off Games’ while nursing their Chateax Margaux Premiere Cru hangovers. I wonder how long before the markets of Wall Street start to realise that America is continuing unwaveringly to bowl along down the ‘Fiscal Awfully Steep Slope’ despite Obama’s claim of ‘Saving the World’. (The image of Clive James’ Pram Go Cart with no brakes from ‘Unreliable Memories’ seems to keep coming to my mind !)

    For my money it is still gonna kick off first in Spain in the next couple of weeks, when Mr Ratjoy has to start trying to raise the first €28 billion in January alone (of roughly 10x that amount over this year…(+ regions?) ).

    ….What’s the betting?…Draghi slipping the dosh through the back door via the busted Spanish Banks or do we actually see the ESM or OMT rear thier ugly heads at last with all the German, Dutch, Finnish and Austrian Parliaments’ voting to get their Cheque Books out….If so, that sight should be really entertaining.

    btw…I’m not very good with figures..Can any clever Sloggers out there explain these gems to me from the Wall Street Journal last Nov….(I’ve been catching up on my reading but it seems still very relevant right now) “…the latest (Spanish) bank clean-up program will lead to about €40 billion of new equity being injected into the system, the creation of a €90 billion bad bank”

    ….and then further down ” But the “cleaned-up” Spanish banking system will still have external debts of €892 billion, equivalent to 83% of GDP, a loan to deposit ratio of close to 150%”

    They all seem rather large numbers !….Is there a decimal point missing here and there?
    …..if not……Blimey !! …..Here is the link anyway

  11. JW – I thought your blog was about deconstructing bollocks, not promoting it ……

    Kunstler is nothing but a pessimist’s wet dream, making a packet out of promoting doom and gloom to other pessimists, the insecure and terminally prozac-deficient depressives.

    By his own admission, every year he predicts the DJIA will fall to 4000. Well that’s really clever, isn’t it ? One day he hopes he will be billed not so much as the man who wrote the nonsense fiction entitled ‘The Long Emergency’ but the man who predicted the fall of DJIA to 4000. Eat your heart out Peter Schiff and Roubini.

    So I’ll predict the DJIA falls to 6000.this year, so that if it does I can bill myself as the man who predicted it would fall to 6000.

  12. Interesting piece (to get an idea of ‘mythical belief’ systems) and worth a read…… but in essence it appears to be a guy who has run with the ‘scammmers’ for 20 years and got around to publishing his book….. just as the scammers got found out…. and he is p1ssed that he didn’t quite get the payout he thought he deserved. That is my take for what it is worth.

    His constant referral to mankinds addiction ‘cheap energy’ for 200 years is absolute fantasy……..that would mean an oil/gas boom in 1810-12 and industialisation based upon this boom………. My Grandma as a child in the early 1900’s still had oil lamps and candles and no car – and that IS a fact.

    However, some of the financial analysis of triggers and events appear on the surface accurate and a fair and reasonable portrayal (though to keep talking about ‘cheap oil’ is a misdirection – we just got used to the ‘OPEC cartel price’ price and adapted – rather than changing to other sources as per South Africa). Peak oil as mentioned has been a prophetised doom message from the early 80’s onward by many who would wish it to be so… but sources have not tried up and new have come online…. and the Med has not been even near to being tapped yet……. peak oil is just not going to happen any time soon…………. though the ‘artificially infated prices’ may cause major issues for general populations.

    My quick take on the article………. but John is not yet convinced (I believe) on any of these issues………. so no blame for recommending an article full of contriversy………. we get to discuss it………

    Tell you what though………. I’d not buy the book either :)

  13. It is just a perpetuation of the the propaganda Drama………… look – we are doing something worthwhile……for a world which demands ‘real excitement’ and so watches soap operas and (un)reality TV as if it were the answer 42 !

  14. Actually – they can’t print as much as they want….. if they do, the Chinese will dump their US$ holdings onto the market, quick as you like and the US will hit inflation in hyperdrive with reheat turned up to full burn ! this of course is likely to happen anyway………eventually, unless the US (much like the UK) gets the ‘public sector workforce’ down to a size the nation can actually afford to finance………. and its not the front line number which are the issue………. it is the backroom, hidden from sight, selectors of what gets cut back who are the problem. The enforcers of idiocy and the useless twats who ride on their coat tails………..

  15. When it comes to fiscal cliffs, Obama and his band of merry men have been watching Angela and the europrats dealing with Greece. Makes them look good -or so they think – when a deal is finally done.

  16. Cheap energy was cow dung and wood to many until they ran out. The first mention of coal as a fuel in the production of lime comes in 1307 when it was banned in Southwark as being too smelly. Coal heated London in Tudor times until the 1960’s. We still have coal, which is the worlds number one shipped commodity used in power plants and steel making. The price of coal has fallen in the US as generators move to gas, In the 1800’s Europe and the US were lit by whale oil until they found that whales were getting more difficult to catch. Someone discovered petroleum and the whales were saved. There is no shortage of wood or cow dung for heating now in Europe.

    It is cost that is the driving force for cheap energy. As the price rises then people start looking, either for more oil and gas or an alternative. Shale gas was developed by small independents, not by multinationals who have no need to look for more oil or gas. We have never had so much oil and gas in reserve. As the prices fall we will stop looking until the next price hike. Fuel in Europe is expensive because of government and the corporates, not because there is a shortage.

  17. What James Kunstler and his ilk seem to conveniently forget is that every time they write their stuff and pontificate about the perils of dwindling oil supplies and fossil fuels they, themselves, are making the situation far worse. The internet doesn’t run on magic energy. It takes power stations to create electricity to make the whole thing work.
    I guess they also forget that without fossil fuels the World would have no trees – none! Not even a twig standing two feet out of the ground. Everybody would be using wood to heat and cook.
    What a wonderful thing coal, gas and oil are.
    God how I hate environmentalists.

  18. @Robert – agreed – the price of energy has been artificially inflated as yet another cash cow to pay for government purchase of votes – and that includes the ‘OPEC cartel price fixing’.
    If government would get rid of its incessant demand for more tax money – we could have cheap energy and an industrial base worth its name, and little need for ‘imported – cheap labour – produced goods’.
    Government (and its own demand to increase itself) is the source of all the problems……….. the bankers are a problem which could be fixed via the rule of law (rather than ‘fining’ the investors divident payout… the ‘elite’ in the banks still get their handout plus – even where the banks are fined.)

  19. Apologies to MickC. Always a bad time of year for Me with the Christmas and new year bollocks to contend with. It makes me snappy and ultra pavlovian.

  20. Robert informs that :
    “In the 1800′s Europe and the US were lit by whale oil until they found that whales were getting more difficult to catch.”
    ” There is no shortage of wood or cow dung for heating now in Europe.”
    It’s really weird, how those whales outsmarted us back in the 1800’s. I’ve also looked on Worcester Bosch website for those new cow dung combi boilers. Can’t seem to find them. I’d appreciate a link.
    Many thanks for the energy update.

  21. I read Jim Kunstler’s piece on Monday and his summary of the current global energy situation is the best I’ve seen I’m pleased if JW is starting to realise that the energy situation is not about what is possibly in the ground but the energy return on investment and what it costs to get it out of the ground. Confronting the reality of our situation tends to bring out much wailing and gnashing of teeth on the part of “rational optimists” and ostriches. Kunstler’s book The Long Emergency is a must read and drives home the message about the decades long misallocation of capital which is soaking up the cash we in the industrial need to adapt to changing circumstances. A terrible example of that is Osborne’s recent sacrifice of renewables for fracking. Purely to line the pockets of his friends and family.
    God (if there was one) how I would like to find some common ground with peak oil and global warming deniers. In my view this comes down to money, sooner or later the antis must see that fossil fuel energy supplies will never be cheap enough to get our economy functioning how it was able to from 1980 to 2005. As high energy costs are at the root of the coming financial crash maybe they will come to realise their error at that point. I also recommend Jared Diamond’s book on Society Collapse. Failing to see the writing on the wall through cultural/ideological constraints and adapting accordingly is likely to be our undoing.

  22. Paul says:
    “…. every time they write their stuff and pontificate about the perils of dwindling oil supplies and fossil fuels they, themselves, are making the situation far worse.”
    So, if [they], stopped pontificating about dwindling oil supplies, then oil supplies would increase, or at least stop dwindling ?
    How is that logic threaded together.?

  23. I am really puzzled by the resolution to the problem because the more I read what was resolved it turns out that the bulk of the increased tax receipts will come from the expiration of the 2% Payroll Tax reduction, which all working Americans will have to pay. I just don’t see how this group fits into the nasty 2% of rich people or am I just getting my 2% confused?
    As for that rake off from inheritance taxes, every self respecting rich person already operates a trust or series of trusts, to ensure no inheritance taxes. So, I see not much in the way of folding stuff here.
    Finally, the spending side seems to have been deferred for 60 days along side the ‘Debt Ceiling’ cliff issue. Not much resolution here either.
    Looks like the resolution was to defer the issue for at least 60 days and whack working Americans for a tax hike and call it a victory. Well, Nixon tried this approach with his Vietnam problem!

  24. Whilst Kunstler is indeed, in part selling his book(s), (even Kunstler needs to eat!!), nevertheless what he tries to inform in his unique style, is very true. Where he falls foul, (as many do), is in trying to predict or gauge the timing of unfolding events.
    His short message is ~ Growth is over, and it is indeed linked to the harder to get and thus more expensive ( in terms of $ and EROEI ), oil/energy supplies.
    We often expect ‘instant’, to be the outcome of events, when the planet works more ‘glacially’. It can be a real bitch, considering we each, only have the ringside seat booked for about 70 years.
    If you take a large pan of boiling water off the heat, it often continues to boil for a few seconds as it gets residual heat from the base of the aluminium pan.
    In just the same way, global growth will bubble for a few more years from the residual heat of cheap oil and lingering credit, giving the illusion of an upsurge in growth. (At least to the untrained eye).
    Whenever I struggle to understand something, I always remind myself ~ As above so below.

  25. chris they will lie about numbers, debt ceiling will be a rubber stamp and downgrade wont matter. this is the new normal. get used to it. dad.

  26. …..by way of using the very same electricity to write their opinions on the internet which needs power to work which in t urn requires fossil fuels to work in the first place. But, I guess, their energy use, flights abroad, homes heated is well deserved by the enlightened few as opposed to the plebs like us who are the undeserving illiterates.

  27. Aye,arriba! Great chops, attack and stamina. I was enjoying this immensely until a vision of the dude, all frocked up and stamping about with the castanets, intruded..

  28. Sometimes you have to look at the bigger boiler Mr Dunn. The technology is there, the NIMBY’s may raise a stink but the dung should be an easy victor in that argument.

    Pooh poohing the idea of alternative energy sources reveals an eyes wide shut approach. Lifestyle changes are more easily achieved with an open mind.

    That’s all I’m going to say on the matter as

    a) I’ve run out of shit jokes &

    b) there is no b, there never is.

    But remember.

    Open minds win the day……

  29. America eats pizza three times a day and always moves the goalposts at the very last minute on EVERY deal.

  30. What exactly, does skepticism of some of the clearly debated/debunked climate hypotheses have in common with people who denied the deliberate murder of 6 million Jews by the Nazi regime in the last century?

  31. So the US agree the budget, for now, and the Stock Markets around the world rally. So everything is just fine and dandy, But
    a] it is only a sticking plaster, when major surgery is needed.
    GranPas link sums it up.


    Next but, China’s official news agency warned Wednesday that the United States was heading towards an “abyss” — fiscal deal or no deal.
    “As the world’s sole superpower, the United States is clearly not Greece,” the Xinhua news agency said. “But economics and common sense do not lie.
    “People, or governments, can overspend for some time, but they simply cannot live on borrowed prosperity forever.”
    China, which has the world’s biggest foreign exchange reserves, is a major buyer of US Treasury debt.

    Does this mean, as China is continuing to buy decent companies with good dividend payouts, the stock market will continue its climb?

    Also, if it cuts back on buying Government Paper, because the yields are so low. Will this force %rates back to their historic norms? With-it the end of Zirps.

  32. ” Failing to see the writing on the wall through cultural/ideological constraints and adapting accordingly is likely to be our undoing.”

    Really PhilE, what on earth makes you think that your so called “deniers ” do not see the writing far more clearly than you yourself do?
    Possibly your blinkers need to come off : peak oil must happen -one day.
    So what? The issue is actually peak energy. Care to give a date?

    Global warming that is dangerous is pure conjecture at best. Got a date for that?

    Now global cooling : it will never happen right?

  33. Interesting question but I can’t read what I wrote as conflating scientific denial with history denial. I do not have a problem with scepticism either. Its outright unfounded denial of matters that have not been debunked in any scientific sense that I object to.

  34. “The enforcers of idiocy and the useless twats who ride on their coat tails………”


  35. yes, the average taxpaying American now will pay more in taxes due to the Fiscal Cliff agreement, increase in payroll taxes, lol some deal eh?. the Rich won’t have to pay as much estate/inheritance taxes. Obama gives it all away to the Republicans and then has to come back in March, i think, to give in some more to the Republicans over the debt ceiling bs. so this is a win win for the Republicans and their hero negotiator Obama, who gives in everytime the REpublicans “threaten” to be mean and nasty.

    Americans are so stupid and ignorant they vote for both the Republicans and the Democrats who just raised their taxes once again. but save the Rich 00.1% taxes on their taxes.

    way to go. Austerity here we come. Europe/Greece, America is right behind you. America is so stupid we are going to copy Austerity’s gift to unemployment, rising prices and welfare for the Rich.

  36. @PhilE I do get irritated when I hear the word denier used to deliberately shut down alternative views on scientific matters, history is written down and therefore is certainly open to deliberate falsification as the anti smoking zealots are showing by air brushing the cigarettes out of the mouths of well known people in older photographs; as you are no doubt aware science is about forming hypotheses which are legitimately falsifiable and skepticism is a fundamental part of that, so it does rankle slightly when respected people with a good reputation are subjected to carefully organized attacks for stating a contrary view to the ‘concensus’.

  37. It has to be said that gold, as an investment, is immoral and unethical. It is a major cause of early death, pollution through mercury poisoning, corruption but is all this is glossed over by those who use it as a hedge against inflation ironically by the likes of Max (hey I don’t really know who I really am) Keiser who rails against the “banksters” and the rest of those who he sees as “The Man”.
    Find out a little on this exploitative industry which has gained respectability over the ages by wankers everywhere to see exactly how this yellow metal is far from a neutral commodity which serves Joe Blow as his friend in hard financial times.

  38. Paul, peak oil isn’t about how one day, bang!!, we’ve run out of oil.

    It’s about how it gets incrementally more expensive and inefficient to get it out of the ground. We are now experiencing peak oil. The easy, cheap, sweet Saudi crude is running out, as is the North sea. That’s why we’re going into shale gas, which is hyper capital intensive, and canadian tar sands, which is both highly polluting and uses a litre of oil to extract every four. And oil it still costs 90 bucks a barrel, despite plummeting western demand.
    This is what peak oil looks like.

  39. It is conventional wisdom that society is three square meals from breakdown, this was interpreted as 72hrs in the recent past because people would have a natural store at home and would be confused by the lag of shops closing and information about the shortages being transmitted (whether through local grapevine or national broadcast).

    It is now about 17hrs.

    This is due to evermore JIT to shrink the supply chain (to maximise ROI) and (more important to Government) out of line communications (FB, Twitter etc.)

    We are balancing on a knife edge, increasing commodity prices along with falling asset values.
    (so when you realise your asset to feed yourselves, it doesn’t provide the pension you expected)

    This is worth a read from 1956

  40. @PhilE

    sorry – these scientists you hold in such thrall have been shown (by their own admission between themselves) to have been fixing the data to show the ‘results’ they wanted rather than just reporting the actual observed effects………. if they needed to fiddle the figures then they do not have a case. It is that simple a premise. The climate was not doing what they had told us it would do – so they fiddled with the data until it did !

    Also denying access to the models used and when eventually these models are exposed to always produce the ‘rise’ whatever data was entered shows that the whole community was being led or leading the whole world to feed in a crock of sh1te !

    Finally – now that the flawed models have been exposed it is also shown that the physics does not stand up to scrutiny……..

    Not so much denial as outright scamming – by those getting tax payers money to perpetuate the scam.

  41. How much does the Internet weigh? No, it’s not a Zen koan. The answer is about 1.8 ounces, around the same as a single strawberry, reports the Telegraph. How did anyone figure this out? Well, the Internet runs on electricity, and electrons have a tiny amount of weight—so researchers just added up the weight of all the electrons in motion on the Internet’s 75 million to 100 million networks and servers, and presto, they came up with the weight of a strawberry.

    The estimate is based on the Internet’s size 5 years ago, however, so it’s a little outdated. And it only accounts for the energy needed to run the Internet. The weight of all the information contained on the Internet adds up to, well, even less. To figure that out, folks at the YouTube channel VSauce estimated the size of the Internet—at 5 million terabytes of information—and multiplied that by the weight of one electron. The result? All the photos, emails, celebrity gossip, Facebook updates, and everything else come to just 0.2 millionths of an ounce, or about the same as a single grain of sand.

    The main consumption of electricity is the cooling fans in the computers. Meanwhile the hot air generated in all the blogs gets superheated.

  42. Compassion sometimes results when one feels others’ suffering in one’s own skin. Everybody from Obama to Romney, to Rajoy had been running around saying “We are not Greece.” They should have been saying: “I’m Spartacus!”

  43. Morningstar, I suggest you go and look at the retreating glaciers on Spitzbergen and the climate related changing patterns of bird arrival, nesting, departure and distribution in the UK. You don’t need a model to tell you what you can see for your self if you are looking.

  44. johnnyrvj: which respected people with a good reputation are you talking about? I view Jim Kunstler in that light and he has certainly come in for some uninformed stick above.

  45. It’s winter. Even in Spain it’s cold and wet. No demos until at least April, and then I think Spain will awake from its slumbers and demand work. Full time official work, that is, not the cash-in-hand kind that is keeping all those hotheads busy at the moment. Remember that at least 20% of all activity in Spain is ‘in the black’ and maybe as much as a quarter.

  46. @Morningstar
    Agreed that the US cannot just print as much fiat currency as they want. However, I also do not believe that the People’s Bank of China can easily start dumping significant proportions of their $1T or so, of US paper onto the market, without severely damaging themselves. Who would buy it? I’m sure that most sane market participants would be screaming ‘no bid’ when PBOC sell orders of that magnitude start coming through. The price would surely go through the floor, all but evaporating a significant amount of China’s sovereign wealth, and risking PBOC insolvency. It would seem that the only way forward for China is slow diversification of future surplus monies into other assets / instruments, and very gradual reduction in US paper by allowing current holdings to mature and not rolling it over. JW has written regularly about the accelerating PBOC accumulation of gold, as one example of China diversifying. That being said, if China did stop buying new / rolling over existing US paper though, would it not consequently lead to yuan appreciation against the dollar, thereby doing great damage to the reportedly already wafer thin margins of their exporters? Can they afford to risk this? They already have a fairly restive population in places, and growing inequality of wealth distribution. If the exporters get hit hard, they could be looking at untold numbers of migrant workers out of jobs, unable to afford any longer to live in the cities, and unable to get back home. That’s not going to be pretty.

    The causes of this financial crisis are fairly simple, but the system has grown to be complex. I would imagine that to a degree, the big players in this game are more constrained in their actions than we would think. The financial system has seemingly become so interdependent that the risk of policy actions having unintended consequences, and the potential impact of their effects, must be orders of magnitude greater than in the banking crises of the past. China may like the idea of being able to hold a gun to the US courtesy of their holdings of Treasury securities, but at what cost? Over to someone far more knowledgeable than me for an answer.

    Just my thoughts (apologies that they are a bit off-topic), and I’m fairly sure that events will prove the above musings to be about as accurate as your average BoE inflation report forecast…

  47. @PhilE Yes but its not man made global warming, climate change, or whatever the latest phraseology might be! The same tossers that spout the war on terror propaganda and stop bashing the bankers pish are behind this nonsense!

  48. Mebbe, but as a way of holding on to some wealth that the state cant steal, it cant be beaten. I’d like to have more than I have.

  49. It has to be said that all jobs are immoral and unethical….and degrading and tedious and packed with sh*t heads and don’t pay enough and are generally full of noxious substances (most of which are human).

    So Paul, to give you a really immoral activity – let alone its ethnicity, go and take a p*ss up your ar$e.

  50. No. Be careful with your use of the word ‘endorse’. I am an agnostic on GW and CC, no more, no less: I DON’T KNOW, and I doubt if anyone else does.

  51. I found the Kunstler piece excellent.. bit manic at times, but great… His views on the pointless economic returns of fracking have been noted for several years..officially outed by The New York Times about 18 months ago, yet undetected by ‘GET FRACKING’ Johnson.

    From Wiki: “Johnson…Along with David Cameron, George Osborne, was a member of Oxford’s Bullingdon Club, a student dining society known for destroying restaurant dining rooms and paying for the repairs afterwards”
    That was then, now any calamity these three buffoons create will be : ‘A mistake, collateral damage, too big to address, or something that we are all in together..’ They could even offer a sycophantic ‘Sorry’
    “Upon graduating from Oxford, he spent only a week as a management consultant at L.E.K. Consulting: “Try as I might, I could not look at an overhead projection of a growth profit matrix, and stay conscious.”..”… Reasoned analysis of a situation, is not for Bicycle Boy.
    Perhaps some of his subordinates @ City Hall could tip off The Slog on his management style… Rumoured to be disorderly.. God help the country if he makes it to Downing Street… Another Sofa Government assured.

    This talented man offers ‘naught but fine phrases’, and is no statesman, there is however a job made for him; AS Understudy Sir Bruce Joseph Forsyth-Johnson on Strictly Come Dancing. (could they be related?). Other possibilities : Does Simon Cowell need help?..An involvement with a Kardashian???

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s