On one side we have the consumers - angry Americans and eventually everyone else living in oil importing nations, and on the other side, citizens of the countries dependent on oil exports for revenue - who will be even angrier in not many years. Mix in our collection of short term thinking, sociopathic leaders, and poof! I wouldn't want to be OPEC. No, really - owning America in the dollar sense is irrelevant in the long term when your country can't produce it's own food, consumer, and industrial goods.
you are the media you consume.
So, WTF is Dubai doing building 7-star hotels?
4 years ago Peak Oil was a fringe theory, but today even short-term thinking politicians know they have to do something about it. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
Some time after that, I see the various royal families fleeing with their billions to London and Paris while their countries descend into chaos and starvation.
Analyst sees 'ghost town' in Inland Empire | L.A. Land | Los Angeles Times
At several properties, there were a significant number of fully built homes sitting vacant along with a large number of additional homes still under construction... At one master plan community, the entire development appeared to be vacant -- with the exception of crews working on new construction, it was a ghost town.
Can such follies be allowed so easily, even cheered?
