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Kunstler Warns “We Are Repeating The Greatest Misallocation Of Resources In The History Of The World”

Submitted by Adam Taggart via PeakProsperity.com,

James Howard Kunstler returns to the podcast this week, observing that despite the baton being handed to a new American president, the massive predicaments we face as a society remain the same. And it seems the incoming administration is just as in denial of them as the old.

Kunstler adds fresh critique to his now decades-old warning that we are sleepwalking our way deep into the Long Emergency. The longer we delude ourselves and waste our energies in pursuit of reviving the failed “endless growth” model, the farther our journey back to a sustainable way of living will be when our current system collapses:

I don’t think there is any sense that they really know where we’re headed, what our destination is, and what the imperatives are and what the future is actually telling us that we need to do. Don’t forget that the so-called psychology of previous investment is a very powerful force in American life and it’s prompting us to do everything we can to maintain the investments we’ve already made. Those investments are the ones I have already mentioned: the freeways, the suburban housing developments, the strip malls.

 

A lot of the hope pinned on Trump is based on the idea that he’s assembling this team of mega-competent capitalist movers and shakers who know how to make deals — the Wilbur Rosses and Rex Tillersons of the world — and that they are going to conjure up a tremendous surge of economic activity that will be majorly fruitful going forward in the future and produce a tremendous amount of new wealth. Of course the stock market has been pricing that in. But if you really drill down and look what’s going on there, especially the infrastructure plans, the idea that we’re going to revive American manufacturing — and especially the idea that we’re going to rebuild the happy motoring infrastructure so that we can have 50 more years of that — that, it seems to me, would amount to once again repeating the greatest misallocation of resources in the history of the world.

 

The last thing that America needs to do is to desperately try to maintain its suburban matrix. There are many other things we can do and ought to do, including reviving main street communities. One of the things we have to think about is reviving the small towns and small cities in American because those are the places of the greatest disinvestment over the last 30 years and we’re going to need them very badly as the global economy withers. It’s not going to disappear; there’s still going to be trade between nations, I believe, outside of some kind of major set of kinetic war conflicts, but we’re going to see the economy of North America turn inward and become more focused on what we can do here. One of the things that that suggests is that we’re going to have to do more with some of the assets and virtues that we have, mainly our inland waterway system because that’s going to also have to take the place of the trucking industry, which is going to be failing over the next 20 years.

Click the play button below to listen to Chris’ interview with Jim Kunstler (51m:56s)…

 

The post Kunstler Warns “We Are Repeating The Greatest Misallocation Of Resources In The History Of The World” appeared first on crude-oil.top.



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Pipeline leaks <b>crude oil</b> in Saskatchewan

STOUGHTON, Sask. – About 200,000 litres of crude oil has been spilled onto agricultural land in southeastern Saskatchewan after a pipeline leak.The post Pipeline leaks <b>crude oil</b> in Saskatchewan appeared first on crude-oil.top.


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The Evolution Of Mark Cuban: From “No Doubt The Market Tanks” To “[Trump’s] A Big Plus For The Overall Economy”

It has been an ‘evolutionary’ year for billionaire Mark Cuban as his perspective has shifted from Trump-is-smart, “I’d be his VP” to Trump terror, “no doubt the market tanks,” to acceptance to reality…

2/16/2016I think Trump is smart. I’d be Donald Trump’s VP as long as he said he’s listen to me in everything I said we’d be okay.

9/6/2016In the event that @realDonaldTrump wins, I have no doubt in my mind that the market tanks. If the polls look like there’s a decent chance that Donald could win, I’ll put a huge hedge on that’s over 100% of my equity positions… that protects me just in case he wins.

.@mcuban: In the event that @realDonaldTrump wins, I have no doubt in my mind that the market tanks. pic.twitter.com/oe1r4KnDix

— FOX Business (@FoxBusiness) September 6, 2016

11/1/2016 –  If Trump wins I’m already hedged. My hedge is up a little bit this week because the markets have been down multiple days in a row. I put on the biggest hedge I’ve ever put on against all my equities and interest-bearing bonds simply because of what I just said. You know, this is not like Brexit where oh, my goodness, there’s a big reaction, big selloff and then a big bounce back and things just trickle down.

 

11/9/2016We all need to give President-Elect Trump a chance. Support the good. Lobby against what we disagree on. No one is bigger than us all.

We all need to give President-Elect Trump a chance. Support the good. Lobby against what we disagree on. No one is bigger than us all

— Mark Cuban (@mcuban) November 9, 2016

And now today…1/23/2017 – I think the discussed economic programs are potentially a big plus for public companies and the overall economy.

As The Wall Street Journal reports, Mark Cuban is now among those who think the Trump administration could be boon to the economy and markets.

The key word: could.

 

The Dallas Mavericks owner and entrepreneur is “playing it by ear” when it comes to the effect President Donald Trump’s policies will have on the stock market. But he thinks there’s possible upside.

 

“I think the discussed economic programs are potentially a big plus for public companies and the overall economy,” Mr. Cuban said in an e-mail Monday morning.

 

The potential policies Mr. Cuban is optimistic about: corporate tax cuts; getting rid of the “friction” for small businesses; and reducing and simplifying administrative activities.

 

The big question marks, though, are whether the Mr. Trump’s policies actually get passed, and whether his communication tactics, “create social issues that overwhelm the economic upside.”

 

“The devil is in the details,” Mr. Cuban said. “We will see what actually happens.”

So, how is he investing in this new era? As he always does, he said: He’s long the stock market but hedged against “something catastrophic.” He declined to discuss further.

The post The Evolution Of Mark Cuban: From “No Doubt The Market Tanks” To “[Trump’s] A Big Plus For The Overall Economy” appeared first on crude-oil.top.


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Halliburton Beats Q4 Profit Forecast As North America Recovers

Oilfield services provider Halliburton Company (NYSE:HAL) reported on Monday fourth-quarter adjusted income of $0.04 per diluted share – beating analyst estimates – after turning in an operating income in North America. Halliburton’s adjusted income from continuing operations of $0.04 per diluted share compares to average estimates of $0.02 per-share profit by 39 analysts compiled by Bloomberg. The net loss attributable to the company was $149 million, or $0.17 per share, compared to a net loss of $28 million, or $0.03 per share, for the…


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Oman Targets 1 Million Bpd Oil Output In 2017

Non-OPEC producer Oman intends to pump an average of 1 million bpd this year, despite the 45,000 bpd production cut it had pledged with the OPEC-non-OPEC deal, a senior official at the oil and gas ministry said on Monday. “Production-wise, we are going to maintain the one million barrels per day. Our share in production cut is 45,000 barrels a day and we have already started reducing the production. But we see this as a short-term (phenomenon),” local media quoted oil ministry undersecretary Salim Al Aufi as saying at an event. Oman…


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Oman Targets 1 Million Bpd Oil Output In 2017

Non-OPEC producer Oman intends to pump an average of 1 million bpd this year, despite the 45,000 bpd production cut it had pledged with the OPEC-non-OPEC deal, a senior official at the oil and gas ministry said on Monday. “Production-wise, we are going to maintain the one million barrels per day. Our share in production cut is 45,000 barrels a day and we have already started reducing the production. But we see this as a short-term (phenomenon),” local media quoted oil ministry undersecretary Salim Al Aufi as saying at an event. Oman…