We Were Warned: Tomorrow's Oil Crisis
I don't have cable, but saw a CNN production by this name:
http://www.cnn.com/2006/EDUCATION/03/14/cnnpce.we.were.warned/
In We Were Warned: Tomorrow's Oil Crisis, CNN's Frank Sesno explores the potential ripple effects of this frightening scenario. The events depicted are hypothetical, but oil experts believe the scenario is entirely plausible. His interviews with energy experts reveal that we are nearing the point at which the world, led by the U.S. and China, will begin to consume more oil than can be pumped from the ground and the oceans. Tracking the global race to find new pools of oil, Sesno also considers the viability of alternative fuels, such as ethanol, which is used as fuel for 40% of cars in Brazil. Throughout his investigation, Sesno tries to find out whether any of these ventures can solve our looming energy crisis or whether we are already too late.
A very interesting program, apparently made for high school class discussion!
If we JUST want to consider an energy crisis like the 1970's - which was a political event, although peak oil also may start as a political event leading to a recession - it seems a good starting point for concern. We're much more dependent upon imports now than in the 1970's though Canada and Mexico perhaps about the same level?
Mostly I worry about things like - how secure is my job under an economic depression? How will pay my mortgage if I lose my job? And I don't even have a family to support!
I am curious what a government can do under an energy crisis. I mean SURE, let the market set prices and dry up the demand, but how many people will lose their jobs because of this?
Republicans and Libertarians are all happy-go-lucky in an era of economic growth and prosperity, and they can perhaps make a fair call that the "socialism" that came out of the great depression perhaps delayed the ending of the depression. Who knows, but real people WILL be hurting. Real people will lose their homes, lose their jobs, all because they "mis-timed" their debt just before an economic downturn.
Do we let 10% of Americans lose their homes in a depression? Do we "reward" them for taking on too much credit card debt by new programs that help them? WELL, for that matter, can the government go further in debt to pay for "social programs" that keep people fed and sheltered?
Economic crises are cruel since they allow a few with a great amount of wealth to walk in and buy up all the foreclosed property as a discount price, while leaving larger masses broke and dependent upon these wealthy whatever their demands might be.
On the other hand, as a landlord, I can see I'm already "bleeding" myself by charging rent through "section 8" program which doesn't even cover my full costs, except for the tax deductions. Should I invest $12,000 on a new driveway on a property that takes in $16,000 gross rent a year? And this is supposed to be a good economic times. Will I kick out my tenant if utilities keep going up more than "fair market rent" to cover my costs? SURE, once I get the mortgage principle down, I won't be losing money at least, but I wonder - AM I OVER MY HEAD here with debt?
Debt is so scary to me. It's a calculated risk that the future will provide the resources to pay it back, but sometimes hard work isn't enough. We all demand a strong economy to pay our debt back, and we don't have any control.
NOW I might be less worried if we actually had a government that was spending and taxing responsibily, but with debt everywhere, like a virtue, I can't help to be concerned that something's got to give!
Ah, anyway, I don't expect any help to MY finances under a recession or energy crisis, and I HOPE I can "time" my debt repayment to avoid putting myself into a situation where I have to sell under force because I can't cover my costs. IDEALLY we can all have "incremental risk" where we take on debt we can repay in a few years.
I'm sure I'm SPOILED to think I can pay off my mortgage in 2 years, and my rental property in another 4 years. Yet my parents bought their house for CASH in 1964, with savings and help from their parents. Unbelievable frugalness there! Makes me seem a spend-thrift.
Anyway, I worry about debt, AND I think others should TOO!
The crazy thing is if EVERYONE suddenly worried, the economy would collapse without all the spending we now employee to keep things afloat!
Hmmmm...
http://www.cnn.com/2006/EDUCATION/03/14/cnnpce.we.were.warned/
In We Were Warned: Tomorrow's Oil Crisis, CNN's Frank Sesno explores the potential ripple effects of this frightening scenario. The events depicted are hypothetical, but oil experts believe the scenario is entirely plausible. His interviews with energy experts reveal that we are nearing the point at which the world, led by the U.S. and China, will begin to consume more oil than can be pumped from the ground and the oceans. Tracking the global race to find new pools of oil, Sesno also considers the viability of alternative fuels, such as ethanol, which is used as fuel for 40% of cars in Brazil. Throughout his investigation, Sesno tries to find out whether any of these ventures can solve our looming energy crisis or whether we are already too late.
A very interesting program, apparently made for high school class discussion!
If we JUST want to consider an energy crisis like the 1970's - which was a political event, although peak oil also may start as a political event leading to a recession - it seems a good starting point for concern. We're much more dependent upon imports now than in the 1970's though Canada and Mexico perhaps about the same level?
Mostly I worry about things like - how secure is my job under an economic depression? How will pay my mortgage if I lose my job? And I don't even have a family to support!
I am curious what a government can do under an energy crisis. I mean SURE, let the market set prices and dry up the demand, but how many people will lose their jobs because of this?
Republicans and Libertarians are all happy-go-lucky in an era of economic growth and prosperity, and they can perhaps make a fair call that the "socialism" that came out of the great depression perhaps delayed the ending of the depression. Who knows, but real people WILL be hurting. Real people will lose their homes, lose their jobs, all because they "mis-timed" their debt just before an economic downturn.
Do we let 10% of Americans lose their homes in a depression? Do we "reward" them for taking on too much credit card debt by new programs that help them? WELL, for that matter, can the government go further in debt to pay for "social programs" that keep people fed and sheltered?
Economic crises are cruel since they allow a few with a great amount of wealth to walk in and buy up all the foreclosed property as a discount price, while leaving larger masses broke and dependent upon these wealthy whatever their demands might be.
On the other hand, as a landlord, I can see I'm already "bleeding" myself by charging rent through "section 8" program which doesn't even cover my full costs, except for the tax deductions. Should I invest $12,000 on a new driveway on a property that takes in $16,000 gross rent a year? And this is supposed to be a good economic times. Will I kick out my tenant if utilities keep going up more than "fair market rent" to cover my costs? SURE, once I get the mortgage principle down, I won't be losing money at least, but I wonder - AM I OVER MY HEAD here with debt?
Debt is so scary to me. It's a calculated risk that the future will provide the resources to pay it back, but sometimes hard work isn't enough. We all demand a strong economy to pay our debt back, and we don't have any control.
NOW I might be less worried if we actually had a government that was spending and taxing responsibily, but with debt everywhere, like a virtue, I can't help to be concerned that something's got to give!
Ah, anyway, I don't expect any help to MY finances under a recession or energy crisis, and I HOPE I can "time" my debt repayment to avoid putting myself into a situation where I have to sell under force because I can't cover my costs. IDEALLY we can all have "incremental risk" where we take on debt we can repay in a few years.
I'm sure I'm SPOILED to think I can pay off my mortgage in 2 years, and my rental property in another 4 years. Yet my parents bought their house for CASH in 1964, with savings and help from their parents. Unbelievable frugalness there! Makes me seem a spend-thrift.
Anyway, I worry about debt, AND I think others should TOO!
The crazy thing is if EVERYONE suddenly worried, the economy would collapse without all the spending we now employee to keep things afloat!
Hmmmm...
posted by Ares Olympus at 12:28 AM
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