Political Economists, Dr. Tim Morgan, Surplus Energy Economics, The Everything Crisis looks at where we now are, in a global economy in absolute decline because the percent of the economy that now has to be spent getting energy sources like oil and gas, is now such a heavy economic price that economies are shrinking in real terms. the
"Most' 'economic thinking' is 'short run' and 'redundant'? 'It' ignores the 'supply side'?
'Growth' {and 'civilisation'} depends upon 'cheap' F.F. - those so called 'halcyon days' are 'over'. ?
"The crisis now unfolding, however, is entirely different to the 1970s in one crucial respect… The 1970s crisis was largely artificial. When all is said and done, the oil shock was nothing more than the emerging OPEC cartel asserting its newfound leverage following the peak of continental US oil production. There was no shortage of oil any more than the three-day-week had been caused by coal shortages. What they did, perhaps, give us a glimpse of was what might happen in the event that our economies depleted our fossil fuel reserves before we had found a more versatile and energy-dense alternative. . . . That system has been on the life-support of quantitative easing and near zero interest rates ever since. Indeed, so perilous a state has the system been in since 2008, it was essential that the people who claim to be our leaders avoid doing anything so foolish as to lockdown the economy or launch an undeclared economic war on one of the world’s biggest commodity exporters . . .
And this is why the crisis we are beginning to experience will make the 1970s look like a golden age of peace and tranquility. . . . The sad reality though, is that our leaders – at least within the western empire – have bought into a vision of the future which cannot work without some new and yet-to-be-discovered high-density energy source (which rules out all of the so-called green technologies whose main purpose is to concentrate relatively weak and diffuse energy sources). . . . Even as we struggle to reimagine the 1970s in an attempt to understand the current situation, the only people on Earth today who can even begin to imagine the economic and social horrors that await western populations are the survivors of the 1980s famine in Ethiopia, the hyperinflation in 1990s Zimbabwe, or, ironically, the Russians who survived the collapse of the Soviet Union."
I am not American and like most of us don't really know who is pulling the strings but I do realise politicians are merely puppets. But if America is run by oligarchs, are there two different groups? One which wants to implement the WEF Great Reset and a New World Order and one which wants a uni- polar world order with the US continuing as top dog?
Of the names you mentioned as presidential candidates, I have read that Donald Trump and Ron DeSantis are controlled and set up to garner votes from both sides of the spectrum which has been set up to divide the population. JFK Junior is I presume, legitimate but he has a voice problem which might be tricky when campaigning.
Interssting, thank you. Might also be of interest to see this very recent article, where the brilliant Michael Hudson details more about SVB collapse and why the US banking crisis is not over
Very interesting read. Hope the doc wins the case. A German doctor did a similar thing but involved postage. There was a fee for that and I can't remember all facts now but she was found guilty on some technicality. What was harsh was she got a custodial sentence. Scapegoat to warn others, no doubt.
"Most' 'economic thinking' is 'short run' and 'redundant'? 'It' ignores the 'supply side'?
'Growth' {and 'civilisation'} depends upon 'cheap' F.F. - those so called 'halcyon days' are 'over'. ?
"The crisis now unfolding, however, is entirely different to the 1970s in one crucial respect… The 1970s crisis was largely artificial. When all is said and done, the oil shock was nothing more than the emerging OPEC cartel asserting its newfound leverage following the peak of continental US oil production. There was no shortage of oil any more than the three-day-week had been caused by coal shortages. What they did, perhaps, give us a glimpse of was what might happen in the event that our economies depleted our fossil fuel reserves before we had found a more versatile and energy-dense alternative. . . . That system has been on the life-support of quantitative easing and near zero interest rates ever since. Indeed, so perilous a state has the system been in since 2008, it was essential that the people who claim to be our leaders avoid doing anything so foolish as to lockdown the economy or launch an undeclared economic war on one of the world’s biggest commodity exporters . . .
And this is why the crisis we are beginning to experience will make the 1970s look like a golden age of peace and tranquility. . . . The sad reality though, is that our leaders – at least within the western empire – have bought into a vision of the future which cannot work without some new and yet-to-be-discovered high-density energy source (which rules out all of the so-called green technologies whose main purpose is to concentrate relatively weak and diffuse energy sources). . . . Even as we struggle to reimagine the 1970s in an attempt to understand the current situation, the only people on Earth today who can even begin to imagine the economic and social horrors that await western populations are the survivors of the 1980s famine in Ethiopia, the hyperinflation in 1990s Zimbabwe, or, ironically, the Russians who survived the collapse of the Soviet Union."
https://consciousnessofsheep.co.uk/2022/07/01/bigger-than-you-can-imagine/
I am not American and like most of us don't really know who is pulling the strings but I do realise politicians are merely puppets. But if America is run by oligarchs, are there two different groups? One which wants to implement the WEF Great Reset and a New World Order and one which wants a uni- polar world order with the US continuing as top dog?
Of the names you mentioned as presidential candidates, I have read that Donald Trump and Ron DeSantis are controlled and set up to garner votes from both sides of the spectrum which has been set up to divide the population. JFK Junior is I presume, legitimate but he has a voice problem which might be tricky when campaigning.
Interssting, thank you. Might also be of interest to see this very recent article, where the brilliant Michael Hudson details more about SVB collapse and why the US banking crisis is not over
https://geopoliticaleconomy.com/2023/03/13/michael-hudson-us-bank-crisis/
A barrel of oil is worth over 20,000 hours of human labor. So what is the price point that breaks the economic system as it is?
Hi Jenny,
You are getting younger by the day!
Very interesting read. Hope the doc wins the case. A German doctor did a similar thing but involved postage. There was a fee for that and I can't remember all facts now but she was found guilty on some technicality. What was harsh was she got a custodial sentence. Scapegoat to warn others, no doubt.