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Old 01-22-2019, 03:49 PM
Danny B Danny B is online now
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Join Date: Oct 2012
Location: L.A. Ca.
Posts: 4,602
Kunstler,,, shale oil

Kunstler is a life-long democrat who very much dislikes Trump. He has come out and claimed that the destruction of the rule-of-law is FAR more serious than anything that Trump might do. Here is another admission from Kunstler.
"Donald Trump, of course, being the designated bag-holder for all the financial blunders of the past decade"
He goes on; "There should be no doubt that the money part of the story is on a slow boat to oblivion. The world has been running on loans to such a grotesque degree that it’s managed the impressive feat of bankrupting the future. The collateral for all that debt was the conviction that there were ample amounts of future “growth” up ahead to service that debt. "
"(the USA) faces the existential dread of realizing that there is no more borrowing with the collateral gone. Translation: when the Federal Reserve discovers it can’t cue up yet another round of “Quantitative Easing” (QE) and ZIRP without destroying the value of the dollar — which it might do anyway, since monetary inflation is a great benefit to those who can’t pay back their debts, and the USA is the biggest deadbeat of all. An inflationary depression won’t be the same as the deflationary depression of the 1930s, "

"Note: the growth predicament is hugely misunderstood in this land, because the shale oil “miracle” was such a dazzling stunt. America is now producing above 12 million barrels of oil a day, two million higher than what was thought to be the all-time peak of 10 million a day in 1970. That is extraordinary indeed. We are the world’s leader in oil production now, ahead of Saudi Arabia and the wicked Russian bear. What most Americans don’t know is that this stunning feat was accomplished with hundreds of billions of dollars in borrowed money (debt) that will never be paid back."
He doesn't mention that much of the shale oil is too light to be useful. THAT is why we are now an oil exporter.

"But the shale oil industry has had a negative cash flow since it started around 2005. "
Coming Attractions - Kunstler
Oil is an absolute necessity for long-range transport. Trucks and planes.
1/22 Solar beats wind to the bank – PV Magazine
1/20 Europe’s new-generation nuclear staggers over the start line – Platts

We can get by on the oil that we already have if we shift energy demand to hydro, solar and wind. I personally hate nuke power. We have 245,000 spent fuel rods that must have water circulated on them for the next 10 years. The cost of decommissioning a plant is astronomical. Just as natural gas has killed coal, I hope that solar kills nuke.
While it would be nice to think that the FUSOR or MEG would make a grand entrance, I'm not going to hold my breath.

1/22 Nobel Secretary: awarding Obama the Peace Prize was a mistake – PI
1/22 Feds prepare to bail out “vast majority” of 90,000 Sears pensions – Zero Hedge
The Pension Benefits Guarantee Corporation was set up long ago to do just that. but, they are undercapitalized. Sears was destroyed by vulture capitalists in a hostile takeover. There are a few "winners" and 90,000 losers.
1/22 Tax cuts could be the ‘front line’ of China’s fight against slowing growth – CNBC NOT a prayer of success.
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