The Roosevelt Institute has a great story on Peak Oil and what it means. I have some familiarity with Peak Oil and without going into detail, the key to mitigating a very negative effect from Peak Oil is innovation. We have to become much more energy efficient and raise up new entrepreneurial activity that will create new industries and new jobs. We are sailing into the wind.
Washington’s Blog discusses the explosion of government debt in the developed world. The Bank of International Settlements forecasts US Debt/GDP at 400% in 2040 and this is not necessarily a pessimistic scenario.
James Kwak summarizes the Magnetar Hedge Fund criminal enterprise and includes a link to full article.
There was also news on Chuck Prince and Robert Rubin and the lack of adequate oversight of Citigroup and of Moody’s firing of analyst’ that warn on housing meltdown.
What is the point of this post? Greed, foolishness, and willful blindness are all around. It is essential that we have an honest banking system as we move through difficult times. We do not have that today.