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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Little Joe who wrote (91840)12/22/2008 1:57:09 PM
From: benwood  Read Replies (4) of 116555
 
Invading a country to "assure supply" is morally indefensible, so exactly how would he ever get "credit" for this?

But far worse, the invasion has compromised national security because it has weakened us, and the 3 to 4 trillion ultimate cost comes out of creating productive jobs, enhancing infrastructure (to make us more educated, and to make us more efficient) and out of creating cost effective non-oil energy production. We will end up being importers of much of this technology rather than exporters.

The folly of grasping for others' oil is that could potentially result in us missing out on the transition beyond oil. Empires before us (Romans, Dutch, English) failed to transition either by choice or by bad luck (i.e. the US was sitting on gargantuan deposits of oil, and England was not).

But these results are all to be expected when we put oil men in the top two spots in the White House and we have many in Congress supporting all the oil-use subsidies and oil-use encouragement (e.g. tax breaks for a company buying a huge SUV dwarfing the tiny tax break for a Prius, when there even was a tax break). Inflating a real estate bubble has led to the average person needing to heat and cool more volume of home space than any time in history, so the demand landscape has been altered, although severe recession will decrease demand for some time.
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