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Give Us Another Oil Boom

GIVE US ANOTHER OIL BOOM 

Dear Lord, Y’all give us another oil boom…

If there is one sector of the US economy where an Austrian-style Boom-and-Bust bust has taken place, it is the onshore oil industry – though, by extension, other primary resource industries, such as metals and mining and farming have also suffered in the ongoing aftermath of the general commodity bust.

The good news is that the Austrian prescription for how to deal with a such a calamity has also been followed. The weak have ceded control to the strong – whether by bankruptcy, equity dilution, or co-option and takeover. Prices have been allowed to fall; payrolls – alas, for the unfortunate souls involved – have been cut; the more marginal projects have been put in abeyance, while an unrelenting search for greater efficiency has gone so as to reduce the level of the all-important cut-off between profit and loss.

As a result – and even if we do have to offer a caveat that much of what is afoot is also taking place under the baleful influence of over-easy monetary conditions – the industry has not only found a base, but has even begun to expand once more with no bail-outs, TARPs, or other assistance from a government apparatus (which, if anything has been intensely antagonistic to the industry on ideological grounds), saving only the putative enactment of last autumn’s OPEC agreement to limit output elsewhere.

To put this into context, we could perhaps start with a Moody’s report from the middle of last year which summed matters up by declaring that the oil bust was fully comparable with that vast destruction of value which took place during the first great Tech-Telecom mania at the turn of the century.

…click on the above link to read the rest of the article…

Donald Trump Is Right – Here Are 100 Reasons Why We Need To Audit The Federal Reserve

Donald Trump Is Right – Here Are 100 Reasons Why We Need To Audit The Federal Reserve

Donald Trump - Photo by Marc NozellWhen one of our major politicians gets something exactly right, we should applaud them for it.  In this case, Donald Trump’s call to audit the Federal Reserve is dead on correct.  Most Americans don’t realize this, but the Federal Reserve has far more power over the economy than anyone else does – including Barack Obama.  Financial markets all over the planet gyrate wildly at the smallest comment from Fed officials, and virtually every boom and bust cycle over the past 100 years can be traced directly back to specific decisions made by the Federal Reserve.  We get all excited about what various presidential candidates say that they “will do for the economy”, but in the end it is the Fed that is holding all of the cards.  The funny thing is that the Federal Reserve is not even part of the federal government.  It is an independent private central bank that was designed by very powerful Wall Street interests a little over 100 years ago.  It is at the heart of the debt-based financial system which is eating away at America like cancer, and it has no direct accountability to the American people whatsoever.

The Fed has been around for so long that most people assume that we need it.

But the truth is that we don’t actually need the Federal Reserve.  In fact, the greatest period of economic growth in United States history happened during the decades before the Federal Reserve was created.

A little over 100 years ago, very powerful forces on Wall Street successfully pushed for the creation of an immensely powerful central bank, and since that time the value of the U.S. dollar has fallen by about 98 percent and our national debt has gotten more than 5000 times larger.

…click on the above link to read the rest of the article…

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