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"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Sunday, April 20, 2008

Sunday Reading

Is the US Going to Collapse Like the Soviet Union? From what I've seen and read, it seems that there is a fair chance that the U.S. economy will collapse sometime within the foreseeable future. It also would seem that we won't be particularly well-prepared for it. As things stand, the U.S. economy is poised to perform something like a disappearing act. And so I am eager to put my observations of the Soviet collapse to good use.

Last week's EIA conference It would be nice if the world were really like the EIA oil supply models! Also: If you expect that plug-in cars will save the day, you may want to check out what the electricity people are saying about the current state of electrical supply.

U.S. Home Sales May Decline as Orders From Overseas Help Stabilize Output The collapse in U.S. home sales showed no sign of ending in March, while orders from overseas helped manufacturing stabilize, economists said before reports this week.

Asia's Optimism Misplaced as Oil Heads for $200 The decoupling story has come full circle. A year ago, Asia had outgrown the West. Then, as Asian shares fell, those arguing the region could stand alone became very quiet. Now the talk is that even with the U.S. teetering on recession, Asia's rapid growth will allow its markets to rise. Call it Decoupling Theory 2.0. There are problems with this thesis, not least of which is the surging price of oil and food, and risks of wage-related inflation.

Report: Iran's president says oil prices too low TEHRAN, Iran - Iran's hard-line president declared that crude oil prices, now above $115 a barrel, are too low, state media reported Saturday. President Mahmoud Ahmadinejad told an oil and gas exhibition in Tehran on Friday that he thought the commodity still had to "discover its real value," according to the Web site of Iran's state-run television.

OPEC Has No Need to Raise Oil Production, President Khelil, Ministers Say The Organization of Petroleum Exporting Countries doesn't need to raise oil production and any increase will not affect prices, officials including the group's president, Chakib Khelil, said.

XX Americans will cut back on a lot just so they can keep buying gasoline. And why not? How else are you going to get around? The train doesn't run by my house.

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