We threw it all
away…
He
Said: John Hofmeister, the former
chief of U.S. operations for Shell "Unless something seriously changes in
the next five years, we'll be standing in gas lines because there won't be
enough oil to go around."
Pump Priming:
Not that the Chinese economy is in any trouble or anything, but just in
case the government is going to build over 2,000 kilometers of new roads,
finance 9 new sewage-treatment plants, five port and warehouse projects, and a
partridge in a pear tree. Coincidentally,
Chinese steel mills lost nearly 2
billion yuan (over $300 million) in July as orders fell. No mill slow-downs, much less closings, are
scheduled because local governments subsidize them to ensure
continued employment and to prop up the local economies. Funny, they don't look Kensyian.
Unexpectedly:
The US generated less than 100,000 new jobs in August (96,000), down
from July's initially claimed 163,000 (shrunk now to 143,000). About 15,000
more manufacturing jobs were lost, strayed or stolen and the employment
participation rate dropped to 63.5% - it's lowest point in over 30 years.Hidden Treasure: In endorsing the Bowles/Simpson Cat Food Commission's recommendations, President Obama has endorsed cutting Social Security payments by 3% (through mucking with the COLA formula) and pushing the retirement age to 69. Of course he didn't point out that's what 'deficit reduction' means, but it is.
Dry Spell: Citigroup's Heidy Rehman, who missed the memo on the shale oil and gas cornucopia and sounds just like one of those delusional peak oilers, says Saudi Arabia will stop exporting oil by 2030 – mainly because their internal consumption is rising quickly – at 9% a year – while their experienced oil fields continue their slow but inevitable decline. And the other Arab oil states face the same future. As do we all.
Porn O’Graph:
Me, too – everyone else is citing this one.
The Parting Shot: 
4 comments:
RE: Porn O'Graph:
2008 looks exactly like '01. '01 isn't as deep, but the pattern is the same. There isn't another bubble to blow so the next one will be much worse.
RBM
Re: Pump Priming
I think you meant Keynesian, not Kensyian.
Ok, Okie - quite right. Keynesian. My excuse is that I'm traveling & the time differences have led me to giving First Reader a week off - which explains almost any faults, of course. - ckm
Well at least it wasn't Kenyan, there has been too much of that nonsense of late. Personally, I'd have more of a problem with Evangelical Pentacostal, or AME, but they are more concerned for the muslin infiltration that will threaten our precious way of worship and fabric, and you know how they get.
SATIN RULES
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