OJO Zafado

Bernanke's Statements: Blatant Lies or Wishful Thinking?

As far as the " ragmatist" thinking...
` The US makes up about 5% of the worlds population and currently uses about 26% of current world oil production. Based on what has happened in Mexico and Russia where declines in production have occurred and what seems to be the inability of OPEC to SIGNIFICANTLY increase production there is less oil production for more demand. This is of course unsustainable long term. Marginally increasing domestic production will not off set the unsustainable nature of the US's oil consumption. The ANWAR is oil that we will eventually get but by then other oil wells will have peaked. The real problem with the US oil crisis is that the oil is a non replaceable resource with real intrinsic value. The US dollar on the other hand is no longer a paper fiat currency. Paper has been replaced by "electronic funds" transfer. A hundred billion here in TFAs and few hundred billion there in TRCAs, a few hundred billion to replace the money not raised by taxes to pay for Medicare and SS. Hundreds of billions shipped overseas to stock the shelves of Wal-Mart and supply the refineries of Exxon-Mobil. Hey might as well throw in a few trillion for "liberating" IRAQ. America has created a worldwide credit crisis and huge world inflation by flooding the world with their paper/electronic money. The solution is an obvious one and will not come about until thousands are dying of heat exhaustion and hypothermia here in the US. Nuclear power is coming back and big time. In the meantime coal fired power will bridge the gap. The only technical challenge then will be to the transportation segment of our economy. As long as the nation clings to the idea that more domestic production of oil is a solution when it is no long term solution at all then things will just get worse for our economy and the valuation of a US dollar. Ben the Dollar Slayer will eventually go away and resign in disgrace just as so many of his CEO buddies at the worlds major banks have fallen on their swords. It is hard to predict when the nation will be ready for more reality and less O'Reilly. Dummya and his band of henchman can indeed proclaim, "Mission Accomplished!!!". Globalization is now a reality . Dozens of US companies and thousands of US citizens now have great viable businesses and jobs while hundreds of businesses and hundreds of thousands of decent jobs have been eliminated. We have created the greatest concentration of wealth in the last 100 years. It is the same old story for the Republican Party. Be careful what you wish for...