Business & Economics: September 2011 Archives
The global economic and political order is shaped more by geography than most people realize. Does it bother you that most of America's enemies are funded by American dollars spent to buy oil? Well an American oil boom is the leading edge of a global realignment.
Two years ago, America was importing about two thirds of its oil. Today, according to the Energy Information Administration, it imports less than half. And by 2017, investment bank Goldman Sachs predicts the US could be poised to pass Saudi Arabia and overtake Russia as the world's largest oil producer. ...Amy Myers Jaffe of Rice University says in the next decade, new oil in the US, Canada and South America could change the center of gravity of the entire global energy supply.
"Some are now saying, in five or 10 years' time, we're a major oil-producing region, where our production is going up," she says.
The US, Jaffe says, could have 2 trillion barrels of oil waiting to be drilled. South America could hold another 2 trillion. And Canada? 2.4 trillion. That's compared to just 1.2 trillion in the Middle East and north Africa.
Glenn Reynolds says that if he ran Russia or Saudi Arabia he'd be funding American environmentalist groups in an attempt to slow down the boom -- and Glenn certainly knows that Saudi Arabia is already campaigning against "ethical oil".
This energy boom may be the most globally significant event right now, thought it will take many years to be fully realized.
Ok, try to keep up here. James Carville urges President Obama to fire Attorney General Eric Holder if DOJ doesn't indict financial bosses who presided over the economic collapse of 2007.
There are certain people in American finance who haven't been held responsible for utterly ruining the economic fabric of our country. Demand from the attorney general a clear status of the state of investigation concerning these extraordinary injustices imposed upon the American people. I know Attorney General Eric Holder is a close friend of yours, but if his explanations aren't good, fire him too. Demand answers to why no one has been indicted.Mr. President, people are livid. Tell people that you, too, are angry and sickened by the irresponsible actions on Wall Street that caused so much suffering. Do not accept excuses. Demand action now.
Then James Taranto complains that such indictments would politicize the justice system.
To politicize the criminal justice system in this way would be not just cynical but un-American. Carville ought to be ashamed of having written this.
However, there's another option! Maybe the current lack of indictments is the result of political calculations -- after all, President Obama and the Democrats get huge campaign donations from financial bosses.
More interesting than indicting financial bosses would be indicting the politicians who presided over the housing bubble.
