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.
Over at Endless Emendation, I’ve been debating whether the industrial economy is near its end. Even without seriously raising the issue of the horrors of the industrial economy for the world’s cultures and species, and even for our own species, I’ve met a bit of resistance.
It’s not unlike the resistance I’ve met here. Or, during the last several years, everywhere else in the empire. I’ll avoid the issue of the horrors, just for simplicity. But I’m going to foray into the last of fast collapse. Readers, brace for impact.