The great awakening has begun

Seems my entry from last week was premature. Specifically, I wrote: “The federal government’s complete unwillingness to deal with the tsunami of economic news, from home foreclosures to runaway inflation and supply disruptions in gasoline, is truly pathetic.” The federal government and its primary media outlet suddenly leaped into action.


I’m not claiming credit, mind you. Still, I’m impressed.
Within the last week alone, the Federal Deposit Insurance Corporation (FDIC) and Ben Bernanke, the head cheerleader for the U.S. financial system, testified before the U.S. Senate that banks will fail. This is the ultimate no-brainer admission. But still. The FDIC also brought back, out of retirement, a bunch of bank examiners to oversee the carnage. And “Helicopter” Benanke proposes to destroy the dollar, apparently so the banks will have company.
The U.S. Treasury joined the fray by posting a similarly stark report on their website (pdf file).
Then the U.S. Comptroller jumped ship five years before expiration of his term.
Meanwhile, Dubya reiterates that we’ve passed the world oil peak. His suggestion, which he knows is no solution at all: ethanol. He’s not alone in his absurdity, of course, and even the media occasionally point out the inherent stupidity of burning off our topsoil in our gas tanks.
The New York Times finally reports the oil age is coming to an end. Otherwise, the media are blissfully ignorant, choosing to anoint Hillary while disparaging Barack, whipping up hysteria about truly irrelevant matters while the Empire crumbles. Occasionally they catch something important, such as interviewing authors of a book about the financial cost of the Iraq invasion, but they quickly realize their collective error and move onto the more typical absurdities to which we’ve become accustomed.
The economic news was so gloomy Richard Heinberg gave a pep talk. And on my birthday, no less! How sweet.
If they’re not careful, the mainstream media and the federal government will start discussing the implications of peak oil for contemporary society. You’ll know this is happening when you see these terms bandied about in the daily morning newspaper in your hometown: economic collapse, Armageddon, chaos, die-off. In the spirit of fair and balanced reporting, these terms will be accompanied these ones: averting extinctions, saving biological diversity, permaculture, living simply.

Comments 6

  • Guy! We didn’t know it was your birthday 🙁 We could have baked you a cake or something, maybe out of that mesquite flour. We miss you guys being here already.

  • Our military is in the process of securing the oil for our transition to other sources of energy as we speak. The only consumption of oil in barrels per day that the us cares about is what we consume. At 25% of global demand thats about 20 millionbbs. per day.Yes we will suffer greatly, But nothing compared with the third world,or even many emerging nations.A more probable outcome is a complete end to globalisation, an end to the obesity epidemic, no more suburbs,draft to the new resourse wars, atomic,geothermal,thermal solar,wind and clean coal,as well as massive conservation efforts. economies will be highly localised,and many parts of the country that rely heavily on power will be uninhabitable. What we will lose is our vaunted and so-called freedom,freedom to be fat,ignorant,consuming lazy pigs. People without means will live on work camps,doing the labor that fossil fuel once did,in exchange for food and shelter. Forquite a time martial law will be in effect.I find it ironic that we will be living in a socialist socioty,perhaps even a quasi-communist police state, as a result of our capitalist squandering of the earths natural resources. Theres too much scientific knowlege to ever go back to the stone age, and after a period of darkness, i believe we will emerge with a much greater understanding of
    our place in the ecosystem, and how many of us it can maintain. Remember,we are now a nation of people who are 50% over-weight,30% obese, we throw away millions of tons of food daily and pay our farmers NOT to grow crops.I agree that the partys over, but i think you overstate the consequences to america in terms of famine and the like. Life as we know it is going the way of the dodo,but I think in the long run we may find our sense of community again,of course there will be no welfare,and those who serve no place in socioty will perish,but it will improve the breed,and eventually this country will be far better off physically and spiritually.On the other hand, the third world is dead man walking,and much of the developing world will be decimated.Atomic weapons will be used,and many millions (if not billions)of people will die.

  • Our military is in the process of securing the oil for our transition to other sources of energy as we speak. The only consumption of oil in barrels per day that the us cares about is what we consume. At 25% of global demand thats about 20 millionbbs. per day.Yes we will suffer greatly, But nothing compared with the third world,or even many emerging nations.A more probable outcome is a complete end to globalisation, an end to the obesity epidemic, no more suburbs,draft to the new resourse wars, atomic,geothermal,thermal solar,wind and clean coal,as well as massive conservation efforts. economies will be highly localised,and many parts of the country that rely heavily on power will be uninhabitable. What we will lose is our vaunted and so-called freedom,freedom to be fat,ignorant,consuming lazy pigs. People without means will live on work camps,doing the labor that fossil fuel once did,in exchange for food and shelter. Forquite a time martial law will be in effect.I find it ironic that we will be living in a socialist socioty,perhaps even a quasi-communist police state, as a result of our capitalist squandering of the earths natural resources. Theres too much scientific knowlege to ever go back to the stone age, and after a period of darkness, i believe we will emerge with a much greater understanding of
    our place in the ecosystem, and how many of us it can maintain. Remember,we are now a nation of people who are 50% over-weight,30% obese, we throw away millions of tons of food daily and pay our farmers NOT to grow crops.I agree that the partys over, but i think you overstate the consequences to america in terms of famine and the like. Life as we know it is going the way of the dodo,but I think in the long run we may find our sense of community again,of course there will be no welfare,and those who serve no place in socioty will perish,but it will improve the breed,and eventually this country will be far better off physically and spiritually.On the other hand, the third world is dead man walking,and much of the developing world will be decimated.Atomic weapons will be used,and many millions (if not billions)of people will die.

  • I think you will enjoy the perspective of the writers on our contrarian news and opinion website. Here’s a recent article about how the FDIC, whose sole job is to bail out banks, may be in need of a public bailout itself:
    FDIC Braces for More Bank Failures, Expands Offices
    and another forecasting many more bank failures ahead:
    This Is the Ninth Bank to Fail This Year – How Many More to Go?

  • Looks like they dealing with now. Good comments ahead of the time.
    Land For Sale

  • Very interesting article. I wounder how this will turn out.