Public Archives
by
Chris Martenson
"Straight Talk" features thinking from notable minds who the PeakProsperity.com audience has indicated that it wants to learn more about. Readers submit the questions they want addressed and our guests take their best crack at answering. The comments and opinions expressed by our guests are their own.
This week's Straight Talk contributor is James Howard Kunstler, author and social critic. His better-known works include The Long Emergency, in which he argues that declining oil production will result in the decline of modern industrialized society and compel Americans to return to smaller-scale, localized, semi-agrarian communities; World Made By Hand, and its sequel, The Witch of Hebron, all published by The Atlantic Monthly Press. He writes a weekly blog is also a leading proponent of the movement known as "New Urbanism."
1. When will the average US citizen wake up to the perils of Peak Oil?
JHK: When a crisis comparable to the 1973 OPEC embargo — with lines at the filling stations and hefty price-hikes — whaps them upside the head.
Straight Talk with James Howard Kunstler: “The World is Going to Get Rounder and Bigger Again”
by Chris Martenson"Straight Talk" features thinking from notable minds who the PeakProsperity.com audience has indicated that it wants to learn more about. Readers submit the questions they want addressed and our guests take their best crack at answering. The comments and opinions expressed by our guests are their own.
This week's Straight Talk contributor is James Howard Kunstler, author and social critic. His better-known works include The Long Emergency, in which he argues that declining oil production will result in the decline of modern industrialized society and compel Americans to return to smaller-scale, localized, semi-agrarian communities; World Made By Hand, and its sequel, The Witch of Hebron, all published by The Atlantic Monthly Press. He writes a weekly blog is also a leading proponent of the movement known as "New Urbanism."
1. When will the average US citizen wake up to the perils of Peak Oil?
JHK: When a crisis comparable to the 1973 OPEC embargo — with lines at the filling stations and hefty price-hikes — whaps them upside the head.
by
Adam Taggart
Today we’re introducing another new series on the site. One that will surface actionable, experience-based advice on how to prepare for the kind of future predicted by the Crash Course.
The pace of major developments happening around us is accelerating – think QE2, currency wars, runaway commodity prices, to name just a few. As a result, we’re hearing more urgent requests than ever before for guidance on how individuals should position themselves.
Hence this new series which, by the way, will be written by our readers for our readers. There are seasoned CM.com members who have been taking steps to put the ideas discussed on this site into practice – and they are graciously willing to share the valuable knowledge they have gained in doing so.
Preparing for An Uncertain Future: New Help For You
by Adam TaggartToday we’re introducing another new series on the site. One that will surface actionable, experience-based advice on how to prepare for the kind of future predicted by the Crash Course.
The pace of major developments happening around us is accelerating – think QE2, currency wars, runaway commodity prices, to name just a few. As a result, we’re hearing more urgent requests than ever before for guidance on how individuals should position themselves.
Hence this new series which, by the way, will be written by our readers for our readers. There are seasoned CM.com members who have been taking steps to put the ideas discussed on this site into practice – and they are graciously willing to share the valuable knowledge they have gained in doing so.
by
Chris Martenson
"Straight Talk" features thinking from notable minds the PeakProsperity.com audience has indicated it wants to learn more about. Readers submit the questions they want addressed and our guests take their best crack at answering.
This week's Straight Talk contributor is Steve Keen, Associate Professor of Economics & Finance at the University of Western Sydney and author of the popular book Debunking Economics and the website Steve Keen's Debtwatch. Steve's research focuses on the dynamics of debt and leads him to believe that debt-deflation is the key issue that will continue to dictate what happens in the global economy.
1. Much of your research is complex. Can you summarize some of the more important conclusions of your work in ‘layman's’ terms for us?
Steve: Sure. My work is complex in part because I reject conventional economic analysis, which has infected how ordinary people think about the world—just as the Ptolemaic view of astronomy infected people’s minds prior to the Copernican revolution. So to explain my work I have to start with where I differ from conventional “neoclassical” economists, who now are rather like Ptolemaic astronomers—who tried to understand what they see in the sky by inventing more and more “spheres” on which heavenly bodies were supposed to rotate, rather than accepting Copernicus’ far simpler model of a solar system centered on the Sun.
The key ways are that I see the economy as being credit-driven, and out of equilibrium all the time. The economy needs an expanding supply of money to grow, and in our credit-driven economy, most of that expansion is driven by rising debt.
Straight Talk with Steve Keen: It’s All About the Debt
by Chris Martenson"Straight Talk" features thinking from notable minds the PeakProsperity.com audience has indicated it wants to learn more about. Readers submit the questions they want addressed and our guests take their best crack at answering.
This week's Straight Talk contributor is Steve Keen, Associate Professor of Economics & Finance at the University of Western Sydney and author of the popular book Debunking Economics and the website Steve Keen's Debtwatch. Steve's research focuses on the dynamics of debt and leads him to believe that debt-deflation is the key issue that will continue to dictate what happens in the global economy.
1. Much of your research is complex. Can you summarize some of the more important conclusions of your work in ‘layman's’ terms for us?
Steve: Sure. My work is complex in part because I reject conventional economic analysis, which has infected how ordinary people think about the world—just as the Ptolemaic view of astronomy infected people’s minds prior to the Copernican revolution. So to explain my work I have to start with where I differ from conventional “neoclassical” economists, who now are rather like Ptolemaic astronomers—who tried to understand what they see in the sky by inventing more and more “spheres” on which heavenly bodies were supposed to rotate, rather than accepting Copernicus’ far simpler model of a solar system centered on the Sun.
The key ways are that I see the economy as being credit-driven, and out of equilibrium all the time. The economy needs an expanding supply of money to grow, and in our credit-driven economy, most of that expansion is driven by rising debt.
by
Chris Martenson
With today’s Fed announcement of $600 billion more in Quantitative Easing purchases, the United States has officially entered “Stage II” of the crisis.
This $600 billion is in addition to the purchases already underway using the proceeds from the maturation of their massive MBS portfolio.
Goodbye dollar; hello future.
Here’s the relevant wording from the statement:
To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to expand its holdings of securities.
The Committee will maintain its existing policy of reinvesting principal payments from its securities holdings.
In addition, the Committee intends to purchase a further $600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month.
The Committee will regularly review the pace of its securities purchases and the overall size of the asset-purchase program in light of incoming information and will adjust the program as needed to best foster maximum employment and price stability.
(Source)
Fed Monetizes Government Debt: $600 Billion QE II Program Announced
by Chris MartensonWith today’s Fed announcement of $600 billion more in Quantitative Easing purchases, the United States has officially entered “Stage II” of the crisis.
This $600 billion is in addition to the purchases already underway using the proceeds from the maturation of their massive MBS portfolio.
Goodbye dollar; hello future.
Here’s the relevant wording from the statement:
To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to expand its holdings of securities.
The Committee will maintain its existing policy of reinvesting principal payments from its securities holdings.
In addition, the Committee intends to purchase a further $600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month.
The Committee will regularly review the pace of its securities purchases and the overall size of the asset-purchase program in light of incoming information and will adjust the program as needed to best foster maximum employment and price stability.
(Source)
by
Chris Martenson
Today marks the launch of our new and (hopefully) regularly recurring "Straight Talk" series, featuring thinking from notable minds the PeakProsperity.com audience has indicated it wants to learn more about. Readers submit the questions they want addressed and our guests take their best crack at answering. Our hopes are high you'll enjoy the expert insights and alternative perspectives this new series brings.
Our inaugural Straight Talk contributor is Mike Shedlock, author of Mish's Global Economic Trend Analysis, one of the most visited and respected economic blogs on the Web. Mish is an outspoken deflationist and outlines his rationale for being so in his answers to our questions. He is also a registered investment advisor representative for SitkaPacific Capital Management.
1. You’ve gone from mainframe computer programming analyst (in 2005) to being one of the most widely-read econobloggers in the world today. To what extent do you attribute your competitive advantage to holding a non-traditional background vs. the more ‘classically’ trained analysts and commentators?
Mish: It certainly helps not having a background in economics as taught by academia today. Nearly everyone in academia is a Keynesian or Monetarist.
Straight Talk with Mike Shedlock (aka “Mish”)
by Chris MartensonToday marks the launch of our new and (hopefully) regularly recurring "Straight Talk" series, featuring thinking from notable minds the PeakProsperity.com audience has indicated it wants to learn more about. Readers submit the questions they want addressed and our guests take their best crack at answering. Our hopes are high you'll enjoy the expert insights and alternative perspectives this new series brings.
Our inaugural Straight Talk contributor is Mike Shedlock, author of Mish's Global Economic Trend Analysis, one of the most visited and respected economic blogs on the Web. Mish is an outspoken deflationist and outlines his rationale for being so in his answers to our questions. He is also a registered investment advisor representative for SitkaPacific Capital Management.
1. You’ve gone from mainframe computer programming analyst (in 2005) to being one of the most widely-read econobloggers in the world today. To what extent do you attribute your competitive advantage to holding a non-traditional background vs. the more ‘classically’ trained analysts and commentators?
Mish: It certainly helps not having a background in economics as taught by academia today. Nearly everyone in academia is a Keynesian or Monetarist.
by
Chris Martenson
This post is a contribution to Honda’s “Racing Against Time” thought leadership series. Chris Martenson was selected to provide a unique perspective on how we should approach the discussion of oil as a finite energy source. During the first week of October 2010, five individuals provide their own thoughts on the subject. These independent contributors were not compensated for their participation and as such their views are their own and do not necessarily reflect those of Honda. Details and links to what others are saying about “Racing Against Time” can be found at www.facebook.com/Honda.
Peak Oil will result in ‘peak economy.’ Once it arrives, nothing will work quite the same way again.
Let me explain.
The concept of “Peak Oil” is simple enough: Oil is a finite resource. Someday, no matter how hard we try, we will hit a maximum rate of production. From that time on, we will see less and less oil coming up out of the ground. What Peak Oil refers to, then, is not “running out” of oil, but the fact that we are going to hit peak production sooner or later. All of the data suggests that “sooner” is a better candidate than “later.”
By itself, the concept of having to get by on just a little bit less oil each year seems to be manageable enough. Perhaps we can develop more hybrid/electric cars, wind/solar farms, and other technologies that can help us use energy more efficiently. I will applaud these technologies as they become more widely available, but basic math indicates that they cannot possibly bridge the energy gap being left by retreating oil supplies fast enough. So then what?
My particular concern, and the focus of my writing and speaking, is the role of energy in creating and supporting the economy upon which we all depend. The short version of the story is this: Our economy utterly depends on oil to function. And for the first time ever, oil production is declining. We are now racing against time.
Racing Against Time: Peak Oil = Peak Economy
by Chris MartensonThis post is a contribution to Honda’s “Racing Against Time” thought leadership series. Chris Martenson was selected to provide a unique perspective on how we should approach the discussion of oil as a finite energy source. During the first week of October 2010, five individuals provide their own thoughts on the subject. These independent contributors were not compensated for their participation and as such their views are their own and do not necessarily reflect those of Honda. Details and links to what others are saying about “Racing Against Time” can be found at www.facebook.com/Honda.
Peak Oil will result in ‘peak economy.’ Once it arrives, nothing will work quite the same way again.
Let me explain.
The concept of “Peak Oil” is simple enough: Oil is a finite resource. Someday, no matter how hard we try, we will hit a maximum rate of production. From that time on, we will see less and less oil coming up out of the ground. What Peak Oil refers to, then, is not “running out” of oil, but the fact that we are going to hit peak production sooner or later. All of the data suggests that “sooner” is a better candidate than “later.”
By itself, the concept of having to get by on just a little bit less oil each year seems to be manageable enough. Perhaps we can develop more hybrid/electric cars, wind/solar farms, and other technologies that can help us use energy more efficiently. I will applaud these technologies as they become more widely available, but basic math indicates that they cannot possibly bridge the energy gap being left by retreating oil supplies fast enough. So then what?
My particular concern, and the focus of my writing and speaking, is the role of energy in creating and supporting the economy upon which we all depend. The short version of the story is this: Our economy utterly depends on oil to function. And for the first time ever, oil production is declining. We are now racing against time.
by
machinehead
by
Davos
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