Not so long ago, $60 oil represented a dire threat to the U.S. (hence, world) economy. Now that we’ve seen a price spike and a rapid decline down to half the current price and one-fifth last summer’s peak, Wall Street cheers expensive oil because it profits the oil companies.
You gotta love the media, loving Wall Street for loving the oil companies.
Even though the mainstream media occasionally mention the emerging reality of hyperinflation — including comparisons to Zimbabwe’s 200 million percent — they, more often than not, keep wondering when the recovery will be complete. Check any station, any newspaper, and you’ll see misguided economists claiming the turnaround will be complete this year or next. Could they really be so stupid?
Apparently so, yes. Never mind the collapse in jobs, which grows worse with every new reading. Never mind the accelerating collapse of the housing market, with no end in sight. Never mind the clear historical and contemporary relationship between low interest rates (the Fed’s ongoing strategy) and hyperinflation, or the completely upside-down nature of the bond market, which indicates more inflation on the way. Never mind the printing presses running flat out even though tax revenues are falling precipitously (if you think increasing spending as your income falls is not a problem, try it sometime and let me know how it works for you). Never mind that, despite all the fiat currency in the system, there’s still no federal money to bail out your bank when it fails. Last year, when the FDIC could backstop about one percent of the accounts they insured, the situation was dire. Now, however, when they can cover a quarter that amount, the media don’t bat a collective eye.
At this point, if you’re not outraged, you’re not paying attention. Or, according to one prominent consultant for the retail industry says, if you’re not petrified, you’re not paying attention.
What the hell’s the matter with people in this country? What’ll take to start a legitimate revolution?
Do we need to have our elected officials scream “terrorist” about North Korea while ignoring terrorism in the Middle East at the hand of U.S.-funded Israel? Nope, that’s not doing the trick. Do we truly have no moral compass? Have we lost our way so badly we care more about cheap entertainment than life itself? Please, don’t answer that. Instead, let’s all go to the movies. Lacking money for that, let’s turn up the television, tune into video games, or download free porn from the Internet.
Yeah, life’s tough, isn’t it? Good thing we’re the chosen ones, blessed by gawd herself to live our bountiful lives without paying the slightest attention to suffering, dying, extinction, capitalism for the poor, or socialism for the rich.
And yet, it could be worse. We could be living in China, where the government is so conflicted they can’t decide if they should be more concerned about the U.S. destroying the industrial economy by printing money or by joining with the U.S. to exacerbate runaway climate change. Tough call: Your money or your life. Far too tough for most Americans and their politicians.
Here’s a hint, though: If you think the economy is more important than the environment, try holding your breath while counting your money.
And while we’re on the subject of counting money, the Arctic is suddenly full of oil, according to this headline. Hallelujah, the economy is saved. Wake-up call: The source of the report is the
liars eternally optimistic “scientists” at the U.S. Geological Survey. And the “journalist” admits, down there in the middle of the article in a couple cryptic paragraphs that should be the lead, that the total oil supply will meet current world demand for five years, tops. That is, if it actually comes on line. He also failed to point out that Mexico’s oil exports are plummeting as the vaunted Cantarell field — until recently the second-largest in the world — is losing serious steam, and also the prediction from the International Energy Agency’s chief economist that oil prices will spike because oil companies have canceled so many projects.
Stunningly, a few Americans are waking up to the notion of an ambiguous future. Not so stunningly, the media continue to treat them as if they’re lunatics living on the fringe, although the reporting isn’t nearly as disparaging in tone as it was a year or two ago.
Well, I’m glad I got that off my chest. Now, back to the television.