[Armageddon]

link The fact is also that everything Whipple began describing in his weekly columns in April 2005 is proving true in spades. Even while Brookings Institution and other so-called experts categorically dismissed the notion of "peak oil," the proposition that as extraction capacity for oil passes its peak, prices rise and scarcity ensues, it is far more widely acknowledged today.

The consequences of "peak oil," of course, loom far more ominous than what can be described in terms of a mere "business cycle." The planet is running out of oil, plain and simple, and even tapping new offshore or Alaskan fields would only temporarily postpone that reality.
Given the lack of cyclical references in Paulson's speech yesterday, it is plausible to assume that he recognizes this fact, even if not explicitly acknowledging it publicly.

So, the entire foundation of the U.S. economy in the post-World War II period, of unimpeded consumption, rooted in oil, is now beginning to crack.

[Armageddon]

The fact is that a "perfect storm" is taking shape, identified by Paulson as the triple threat of housing, energy and credit crises all deepening simultaneously. It's the environment that's making the arguments of Michael J. Panzner's impending "financial Armageddon" forecast (as outlined in his book by that name) seem more and more credible.

[patience]

Seems appropriate to bump this thread up today. With Congress ready to give Paulson Carte Blanche to save his banker buddies, Indymac gone down, and more to follow it, the finance world is on life support.

My fearless prediction is for banking chaos by end of 3rd quarter, and the Fed/Govt efforts to tranfuse money into zombie banks will produce an horrendous round of inflation. That's where I'm putting my money anyway.

Actually, it could go nuts before that, if we get any significant event impacting the system. JMHO.

[SchroedingersCat]

I'll take October 10th.

[patience]

What happens on October 10th? Rollover of commercial paper, or some such?

[seahorse]

Armageddon,

What suggestions, if any, does Panzer have for individuals?

[Armageddon]

$this->bbcode_second_pass_quote('seahorse', 'A')rmageddon, What suggestions, if any, does Panzer have for individuals?

[hironegro]

what if oil turns out to be a bubble?

[Armageddon]

$this->bbcode_second_pass_quote('hironegro', 'w')hat if oil turns out to be a bubble?

[startswithearthquakes]

Then doomers will pout and cry.

[Armageddon]

$this->bbcode_second_pass_quote('startswithearthquakes', 'T')hen doomers will pout and cry.

[Maddog78]

$this->bbcode_second_pass_quote('SchroedingersCat', 'I')'ll take October 10th.

[Revi]

October 10th. Wow. I was hoping to make it to next winter at least. We'll see what happens, but I hope we can get through even if there is a collapse.

I am going to ask if there is FDIC protection at my bank.

Quietly. Wouldn't want to cause a panic!

[Homesteader]

Revi, FDIC stickers or something similar should be posted on the doors and in the lobby.

[smallpoxgirl]

$this->bbcode_second_pass_quote('Revi', 'I') am going to ask if there is FDIC protection at my bank.

Quietly. Wouldn't want to cause a panic!

[MD]

Who cares if the wheels come off? We won't have gasoline for the engine anyway...let 'em fall off.

[hironegro]

$this->bbcode_second_pass_quote('Armageddon', '')$this->bbcode_second_pass_quote('hironegro', 'w')hat if oil turns out to be a bubble?