The way I define energy independence is the ability to produce all of our own energy. Right now, we are heavily dependent on oil. I'd love to see this country move to plug-in hybrids, natural gas cars, and electric cars to get off of oil. In addition, I'd like to see us move to wind, solar, natural gas, and nuclear power for our sources of electricity. In doing this, we will be creating new technologies and jobs that will help us compete in the coming century.
Having said all that, the truth is that the probability of a long slow decline in the US is so high right now, not even a green revolution will create enough new wealth in this country to overcome our descent into debt. We're good and truly f_ed.
You know what I've noticed recently? All the major mutual fund companies have started increasing their foreign stock holding dramatically. I noticed this, because I am already doing the same myself. I'm reducing my US stock exposure to a little less than 40%. Why? Because long term budget deficits, trade deficits, and debt, with no willingness to change, is a guarantee of a long term declining dollar and growth outlook. I used to think there was hope when the GOP used to be fiscal conservative and there were Dems like Clinton who were as well. Now, there is no party left that is fiscally conservative.
The US is the new Japan. Inflation will sap almost all US growth in the years to come. How sad, because it was all avoidable. |
