CNN: “Russia Headed for Crash.”

Russia, known for its long, hard winters, may be entering a very long, very hard one. (Photo by Elen Schurova)

Russia, known for its long, hard winters, may be entering a very long, very hard one. (Photo by Elen Schurova)

In the headlong rush toward the edge of the cliff at the end of the industrial age, Russia has suddenly pulled ahead by a nose(dive). The headline “Russia Headed for Crash” has appeared on the CNN Money website, although the news mavens in the Situation Room see no reason to go wall-to-wall with coverage when there are Cosby accusers to flush and another Bush is thinking about (!) running for president(!) in 20016! The lamestream media are trapped deep in the spurious narrative of the steely-eyed Putin resuming the Cold War as if it were 1950 and he were the Soviet Union, while Chinese tentacles slither across the globe projecting the power of the world’s largest (!) and weakest (!) and quite likely stupidest (!) economy. Continue reading

Conn’s Game: Subprime Loans, Subhuman Lenders

One of the stores built by a Conn’s game, based on junk bonds and subprime loans, in Houston Texas.  (Photo by Mather Rutledge/Flickr)

One of the stores built by a Conn’s game, based on junk bonds and subprime loans, in Houston Texas. (Photo by Mather Rutledge/Flickr)

After some rant or another about the combined greed and stupidity of the industrial Masters of the Universe, I frequently get this response: “Look, they couldn’t be that stupid or they wouldn’t be in charge. They know what they’re doing, and we just don’t understand it.” Seriously. I get that. If a quick refresher on the Enron Bubble and the Dot-com Bubble and the Housing Bubble are not enough to put this turkey of an argument into the deep fryer for once and for all, then consider the true story of Conn’s, a Texas-based 90-store retailer who came up with the Business Plan to End All Business Plans. And it did. Continue reading

The Oil Crash is Under Way [UPDATED 12/13]

When big trees come down, they start slow and end with a crunch. (Photo by geograph.org.uk)

When big trees come down, they start slow and end with a crunch. (Photo by geograph.org.uk)

When you are felling a really big tree, the first signs that it is coming down are subtle; a crack here and there, a twitching of the crown. By the time these clues register on you, the tree is on its way down. The cracks and twitches from the U.S. oil industry are coming almost hourly now, and although it is a really big tree, and won’t actually hit the ground until next year, its fate is pretty well sealed. Here are this week’s signs and portents: Continue reading

China and India: Accelerating to the Finish Line

The air in Delhi, shown here in 2011, like the air in Beijing, is barely breathable by humans. Yet these two countries, with their 2.6 billion people, have just begun to burn fossil fuels. (Photo by je poirrier/Flickr)

The air in Delhi, shown here in 2011, like the air in Beijing, is barely breathable by humans. Yet these two countries, with their 2.6 billion people, have just begun to burn fossil fuels. (Photo by je poirrier/Flickr)

Hopium addicts and a few novelists nurture the convenient belief that while the 1.4 billion people of China and the 1.2 billion people of India struggle lustfully to live as luxuriously as do the 300 million people of the United States, they will manage to do so in a manner somehow less wasteful of energy and natural resources, less destructive of the living web of life, than we have done. The belief is convenient because, while there is not a whisker of evidence to suggest it is true, holding it permits the believer to carry on with business as usual. Continue reading

Rage Against the Dying of the Lights

The lights went out in Hoboken in 2012. They’re going out more often, for longer, in more places. Are you ready? (Photo by Alec Perkins/Flickr)

The lights went out in Hoboken in 2012. They’re going out more often, for longer, in more places. Are you ready? (Photo by Alec Perkins/Flickr)

Much of Detroit went “gentle into that good night” this week, its entire municipal power grid succumbing to age, infirmity and neglect.  It was no big surprise, Detroit’s public buildings (schools, fire and police stations, courts, a hospital, etc.) and traffic signals went dark in 2010, 2011 and 2013. Nor would it have surprised the readers of a recent study [“The Technology and Sociology of Power (Failure)”] whose authors concluded that “Blackouts are dress rehearsals for the future in which they will appear with greater frequency and severity, and as urban areas become more compact, with greater consequences.”

The world, they said, should “prepare for the prospect of coping without electricity as instances of complete power failure become increasingly common.”
Continue reading

Wall Street: “Quite measurably out of its mind.”

Forget the bull statue they have in the street in front of the stock exchange -- this is the guy who’s taking over in 2015. (Photo by Tambako the Jaguar/Flickr)

Forget the bull statue they have in the street in front of the stock exchange — this is the guy who’s taking over in 2015. (Photo by Tambako the Jaguar/Flickr)

John Hussman runs a very large mutual fund whose performance for the past five years has not been great. He is reviled by many of his fellow Masters of the Universe for saying of them, as he did in a recent client newsletter, that Wall Street, collectively, is “quite measurably out of its mind.” Others balance the scorn of the gamblers against the fact that Hussman was saying much the same thing just before the crashes of 2000 and 2008.  In a world whose collective memory maxes out at 90 days, in which logic and mathematics are optional belief systems, Hussman is an historian and number cruncher. What do the numbers tell him? To brace for impact. Continue reading

Troubled Oil is Under Water [UPDATED]

A Russian oil rig in the North Sea. New oil wells are deeper, more expensive, more complicated -- and play out faster -- than ever.

A Russian oil rig in the North Sea. Used to be only part of the oil business was in deep water. Now it pretty much all is.

The whole global edifice erected with oil profits is trembling and cracking while the people responsible for its imminent implosion refuse to even get under their desks, insisting that there is no problem. This crash that is already under way is not the ultimate one that will bring down the Industrial Age, not quite yet, but it is going to drop us from the rubble-strewn “new normal” of the post-2008 Great Recession to the cratered moonscape of the newer normal that will follow the Crash of 2015. The problem in 2008 was subprime home loans. The problem now is subprime oil wells. Continue reading

War Criminal Charged in War on Coal

Farmington-Mine-Disaster-smoke

A battlefield in the real War on Coal (the 1968 Farmington Mine disaster in West Virginia). The aggressor is not who you think it is, nor are the victims. (Wikipedia Photo)

A long, long list of lies have been perpetrated by industrialists to confuse ordinary people about how, and by whom, the world is being destroyed. Proceedings in a Federal courthouse in West Virginia are about to bring some clarity to the issue. The quality of the lies has been uniformly low — none of them stands up to a moment’s rational examination. Their success rate, on the other hand, has been high; a dismaying proportion of Americans believes that the people who are exploiting them the most are their best friends, and the people who are trying to save them are their enemies. There is no worse example than the bogus “War on Coal,” imagineered by coal-mine operators as a unifying theory of everything bad that happens: Obama did it, as part of his “War on Coal.”

As propaganda, the War on Coal was a brilliant stroke. How else could an industry whose air pollution is destabilizing the entire planet, whose operations are obliterating mountain ranges, poisoning groundwater, and routinely killing and sickening its employees, instantly make itself seem a blameless victim of outside aggression? Its audacity was exceeded only by the gullibility of a grateful nation, which never paused to remark on the oddity of Coal declaring a war on itself, on behalf of an enemy that did not seem to be aware of it. Continue reading

International Energy Agency Says: Brace for Impact

What America will look like of the frackers have their way -- and what Huntington Beach, California looked like in 1926. But according to the IEA’s World Energy Outlook, we shouldn’t be too concerned about what the frackers are going to be able to do.  (Photo courtesy Orange County Archives)

What America will look like of the frackers have their way — and what Huntington Beach, California looked like in 1926. But according to the IEA’s World Energy Outlook, we shouldn’t be too concerned about what the frackers are going to be able to do. (Photo courtesy Orange County Archives)

The customarily cheery International Energy Agency (IEA), created to advise the member nations of the Organization for Economic Co-operation and Development (OECD), has taken a more somber tone in its latest annual World Energy Outlook released today. The agency dismisses the wildly hyped shale-oil and -gas “boom” in the United States as a band-aid on a malignant tumor, a temporary mask distracting the world from the pervasive illness afflicting its oil supply. Continue reading

Mid-Term Message: Abandon Hope

Okay, we won. Now would everybody please go home and leave us alone. We’ll let you know if we need you again. (Photo by Jayu/Flickr)

Okay, we won. Now would everybody please go home and leave us alone. We’ll let you know if we need you again. (Photo by Jayu/Flickr)

Bull beat brains just about everywhere in America on election day last Tuesday, (with an exception or two), and anyone who still harbors the hope that the American Dream is alive, that the future will be better than the past, simply was not paying attention. People who profess not to believe in climate change have been given power over our national response to this rising threat to our continued existence; people who owe their souls to industrialists have been given responsibility for protecting ordinary citizens from the depredations of industry. We the passengers of the Titanic just elected a crew that doesn’t believe in icebergs. Continue reading