But as long as the music is playing, you’ve got to get up and dance. Still, the underlying principle was sound, however perverted Bush/Cheney’s application may have been: Small chances of large disasters have to be taken seriously. Another crushing asymmetry comes to bear here, as a result. In our Austrian vision of the world, the business cycle IS the credit cycle. Only let a share, or a group of bonds, or a new-fangled class of derivative instruments puff up, lazily, into the view of speculators and their avid lenders and, before you can say “the ghost of John Law”, the hot winds of credit are filling it and driving it higher and higher into the troposphere – an ascent which not only induces more and stronger currents of air to lift it yet further, but which catches all other asset classes willy-nilly along with it in its swelling updraught. Heeding Hurricane Cassandra. Top subscription boxes – right to your door, © 1996-2020, Amazon.com, Inc. or its affiliates. As science historians Naomi Oreskes and Erik Conway document in their book, Merchants of Doubt, the fossil fuel establishment adopted a strategy first perfected by the tobacco industry, aimed at creating an aura of public doubt where none actually existed in the science. This lies in the fact that it is far easier to lengthen the structure – to use easy money and expensive shares to build plant, lay pipelines, and fill the factory with banks of gleaming, new, highly-specialized machinery – than it ever is to shorten it again – retooling the assembly line for a different use, bringing a different ore out of the mineshaft, even breaking the equipment profitably up for scrap – when the premises on which these bold steps were taken prove to be mere falsehoods spun amid the prevailing mood of financial incontinence. The Hurricane Of Death Barry Middleton 18. 04 Nov 2012 13:56 GMT. Clearly, strengthening, expanding and multiplying these efforts represents one way of making progress in the current political reality – while also planting seeds for the creation of a new reality. “We have a new reality when it comes to these weather patterns; we have an old infrastructure, we have old systems. Because make no mistake, global warming is very much about the downfall of the American empire, ensured as it is by the oligarchs and oligopolies that rule over it, whose interests clash fundamentally with the vast majority of the American people. Check Reputation Score for Cassandra Howell in Hurricane, WV - View Criminal & Court Records | Photos | Address, Emails & Phone Number | Personal Review | Income & Net Worth To aver that the gains made by the man who sold a since-fallen stock at the top constitute a zero sum with the losses of the man to whom he sold is a statement which only holds at an immediate and individual level: at the systemic one, the truth is never so reassuringly self-correcting. We have long told anyone arguing that commodities have occasionally displayed bubble-like behaviour that they were no more susceptible to this kind of infection than any of a number of other asset classes – both conventional and ‘alternative’ – and that this was unlikely to pass until the we had removed the cause of all this mischief, namely, the credit bubble which had continuously been inflating prices everywhere you looked (though, ironically, everywhere the central banks were choosing not to look, at the same time). The elephant not in the room, neither the donkey, is climate change. Your Amazon Music account is currently associated with a different marketplace. Extremists tried to destroy the US, now it’s the moderates turn, ‘Balanced’ coverage ignores nine reasons why the shutdown is a GOP Idea, Why Indian farmers are protesting against new farm bills, Jurisprudence, minority representation slow down Afghan talks, Duterte invokes court ruling against China in UN address, Lukashenko inaugurated secretly amid protests, sanctions threat, Al Jazeera Centre for Public Liberties & Human Rights. Answers on a postcard please, but we suggest you draw the lesson from sub-prime and start by looking for the corporate equivalents of those who took out – as well as those who looked like geniuses for extending – larger and larger chunks of ‘NINJA’ loans (‘No Income, No Job or Assets’), even as the ship was visibly heading for the rocks. Four years ago, the presidential election ended amidst the ongoing panic of America’s greatest financial catastrophe since the Great Depression, the fruits of undoing almost all the regulations put in place after that long-ago catastrophe. Hurricane Katrina Donna Nimmo 14.

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