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IPFS News Link • Economy - Economics USA

Forecast 2011 - Gird Your Loins for Lower Living Standards

A secondary outstanding question - I get it all the time - is whether the people running things know how fake this picture is, and how horrifying the view behind-the-curtain is. Does President Obama understand the relation of our energy predicament to the workings of our economy? How could he not? Certainly he has had a conversation or two with Energy Secretary (and eminent physicist) Steven Chu over the past two years. Mr. Chu should have explained to the president that a decline in the primary energy resource used by an industrial society portends a decline in living standards, which can be expressed in an economy, for instance, by people having less money, or by people having lots of money that is increasingly worthless. This concept may lie outside the strict purview of physics, but surely somebody like Paul Volker was at hand in the White House to connect the dots - and perhaps explain further that anything in the picture beyond that equation amounts to a looting operation by people positioned to systematically cream off the dwindling equity base of a roughly 200-year-old venture.

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