PeakOil is You
The End of the World
Re: The End of the World
by Revi » Mon 31 Dec 2007, 10:28:38
It seems like 2008 will be a really tough year for everyone. I think it will be really bad for us here in the cold parts of the US, but it will suck everywhere, so what are we going to do? I plan on cutting more wood for next winter's heat, making maple syrup and trying to get ready for what's coming. I have a feeling that this financial meltdown is just a symptom of peak oil. We are living in a wile-e coyote economy right now. Remember when he went off the cliff in the road runner cartoons? He spent a little time running in place before he realized that he was in thin air? That's where we are at now. The free fall starts in the next few months.
Deep in the mud and slime of things, even there, something sings.
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Revi - Light Sweet Crude
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Re: The End of the World
by shortonoil » Tue 01 Jan 2008, 16:02:41
DantesPeak said:
$this->bbcode_second_pass_quote('', 'A')lso the US debt of $10 trillion is only 1/10 monetized at this point - so there is a long way to go.
$this->bbcode_second_pass_quote('', 'A')lso the US debt of $10 trillion is only 1/10 monetized at this point - so there is a long way to go.
I believe the total of federal, state, local and corporate bond issuance is now in the area of $47 trillion, which would put the monetization of debt at about 2%. But the problem is, at what point in this process does the world loose faith in the dollar. If the dollar lost its reserve status, that now allows us to buy $96 oil in the quantities that we want, the entire financial/monetary system would be in serious jeopardy.
It is hard to say where that point will be, but there is a lot of rhetoric going on about dumping the dollar. Admittedly, most of it is just rhetoric, but pressure against the dollar is building. Monetizing the debt looks like it could be a dangerous avenue to cruise down.
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shortonoil - False ETP Prophet
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