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09 August, 2011

James Howard Kunstler: Change You Don't Have to Believe In

Change You Don't Have to Believe In - Clusterfuck Nation: "A waterfall of woe broke over all the realms of money last week - including especially the realm where we determine just what money is supposed to mean - and a lot of folks barely made it to a rooftop, or a floating log, or some scrap of high ground, where they sit wet and shivering, expecting to get slammed again. The torrent of events is still flowing and there are countless dangerous objects bobbing in it...

... Europe is telling itself one cockamamie story after another. We've got a rescue fund! Only it has no money! But we will bail out Italy nonetheless! But Italy is too big to bail out - and we tried stuffing it under the carpet, but there's no more room with Greece, Ireland, and Portugal already suffocating in there. The whole G-20 is yakking on the phone as I write, hatching fresh cockamamie stories. Oh, now it looks like the European Central Bank will ride to the rescue with a dispatch satchel full of good intentions. They said the same thing last time, a month or so ago, when a caryatid fell on Greece's head. They are not so sure what money is either...

... I'm not convinced that the US bond rating will even matter that much because nobody knows what anything is worth anymore - especially when governments teeter and the folks in the public square (or the parking lot in America's case), start yelling for blood...

... Everybody is broke now: national treasuries, giant banks, pension funds, insurance companies. The wonder so far is that credit default swaps have not yet been triggered by interest rate changes or some other silly shit, but when that comes to pass there is no way the counterparties can settle their contracts. Ruin will thunder through the financial system like winged death. Everybody is broke and there's a lot less real "money" (whatever it is) out there. Everybody's quailing at the prospect of QE 3, in all its cosmic futility. The United States has already half killed itself at the Golden Corral steam-table of deep-fried debt. I guess we could go all the way and shoot what remains of the dollar in its pitiful, lolling head.

There is a welling recognition that the dice have been cast and the world has rolled snake eyes. The casino is on fire and a flash flood is boiling down the strip. It's no fun running to the exits only to find the revolving doors already eyeball deep in dirty water. America gibbers to itself but nobody has a clue. I'll try to help: this is a compressive financial and economic contraction (one is money, the other is activity). Late-summer storm that it is, it looks to be intensifying. Everything that's super-big is going down sooner or later. The exact sequence of failures is unpredictable. But you can be sure Nature is telling you to get local, get smaller, get finer, downscale, solidify your friendships, and drop your stupid grandiose fantasies about running WalMart on algae. This is change you don't have to believe in, because it is about to jump up and bite you on the lips...."


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James Howard Kunstler is an author and among the leading voices in the charge to be prepared to change how we live as Peak Oil approaches. He is the author of The Long Emergency: Surviving the End of Oil, Climate Change, and Other Converging Catastrophes of the Twenty-First Century as well as the fiction novel World Made by Hand: A Novel.

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