Tag «Timothy Geithner»

Demise of the Dollar

The U.S. dollar continues its journey from Brobdingnagian to Lilliputian stature, and the latest trade report is a prelude to the dollar as microbe. The Prime Mover in this case is King Ben, who has the helicopter on track for a one-way trip to Zimbabwe with every American along for the ride. Death of the …

Techno-optimism meets its match

According to the extremely conservative International Energy Agency (IEA), we’ve passed the world peak for conventional oil (in 2006, they say). In a stunning nod to reality, even the New York Times agrees. In a bizarre case of committee-style cognitive dissonance, the IEA follows up on the admission that peak oil has come and gone …

Reset

We’ve known this was coming for a long time. Every empire is built on a foundation of sand debt. The Ponzi scheme works for a while but, at some point, the debt we’ve passed along to future generations must be paid. The alternative is default, which can happen with extreme rapidity. The latter option is increasingly attractive because the current U.S. debt of $10.5 trillion far exceeds the value of all the currency in the world combined with all the gold ever mined from planet Earth. This seems like a problem to me.