Posted on 02/21/2008 9:59:47 PM PST by kellynla
One of America's most influential businessmen, legendary oilman T. Boone Pickens, says the nation's wealth is being plundered by oil exporters and the U.S. faces a potential financial disaster if our energy policy is not reformed. Pickens, who correctly predicted that oil would top $100 a barrel, also says he expects oil prices to drop sharply in the near term.
Appearing on CNBC's "Squawk Box" Thursday morning, Pickens pointed out that the U.S. is currently sending half a trillion dollars out of the country each year to buy oil, in some cases from people who "are our enemies."
Said Pickens, "You take 10 years and you've got $5 trillion ... That's more than $1 billion a day.
"We can't stand that. Wealth is moving out of the country...
"Not one presidential candidate has addressed this … The candidates have to get up to speed on what energy cost is doing to our country." Pickens even turned on his own industry, oil, and called for an increase in alternative energy sources.
"If we do not get on the alternative energy bandwagon and if we don't have a global recession, we could be sitting on $150 oil in two years," he told CNBC.
(Excerpt) Read more at moneynews.newsmax.com ...
Nuclear...
Spanish Lessons, William R. Hawkins, April 07, 2004
Spanish authorities continue to track down those involved in the terrorist attacks that killed over 200 commuters on March 11. The terrorists won a spectacular victory when enough Spaniards panicked after the train bombings to swing the national election against the ruling conservative People’s Party and into the hands of the underdog Socialist party whose anti-American foreign policy views are more in line with radical Muslim demands. Buoyed by this successful exercise in intimidation, Abu Dujana al-Afgani, who claims to represent the military wing of al Qaeda in Europe, has promised more attacks.
It is sad to see the once proud Spanish people so easily bullied by alien thugs. It may be hard for most people to imagine, but Spain was the first global Superpower. It gained this status as the defender of Europe against Muslim armies and by leading the West’s exploration of America. In 1492, the same year that Spanish-financed Christopher Columbus discovered the New World, the last Muslim stronghold of Granada was ceded to Ferdinand and Isabella to complete the Catholic Reconquest of the Iberian peninsula. With Spain as its political base, and gold and silver flowing in from its American colonies, the Hapsburg dynasty became the dominant power in Europe. It controlled rich parts of Italy through Naples and Milan, and Central Europe from the Netherlands through the Holy Roman Empire to Austria. In the 16th century it added the far distant Philippine islands to its empire. The Hapsburgs held off the Ottoman Turks, whose resurgent wave of Islamic conquest in the 16th century swept across the Balkans and nearly captured Vienna.
The Hapsburgs went into decline in the 17th century, and while any such momentous event has many causes, for our purposes the focus will be on the economic collapse of Spain, which not only sapped the empire of strength but served to build up the power of its rivals.
The demands of empire required a strong and growing economy, but Spain did not keep up with the economic expansion that was taking place in other parts of Europe. Madrid’s financial base fell out from under its empire. Spain could continue to consume in the short term because of the flow of precious metals from American mines, but it could not produce the goods it needed at home, which in the long-run proved fatal to its standing as a Great Power and as an advanced society.
Spanish imports were double exports and the precious metals became scarce within weeks of the arrival of the American treasure fleets as the money flowed to Spain's many creditors. What industry there was, along with banking and shipping, was in the hands of foreign owners. As a modern historian, Jaime Vicens Vives, has concluded, “This was one of the fundamental causes of the Spanish economy's profound decline in the seventeenth century, maritime trade had fallen into the hands of foreigners.” This, plus the “opening of the internal market to foreign goods,” produced a “fatal result.” Spain's exports were at the same time under heavy pressure by competitors in third country markets. A nation that cannot control its domestic market will seldom be able to sustain itself in foreign markets, which are inherently less accessible and more unstable.
Yet, Spanish leaders were deluded by a sense of false prosperity. This is testified by the statement of a prominent official, Alfonso Nunez de Castro in 1675: “Let London manufacture those fine fabrics of hers to her heart's content; let Holland her chambrays; Florence her cloth; the Indies their beaver and vicuna; Milan her brocade, Italy and Flanders their linens...so long as our capital can enjoy them; the only thing it proves is that all nations train their journeymen for Madrid, and that Madrid is the queen of Parliaments, for all the world serves her and she serves nobody.” A few years later, the Madrid government was bankrupt. The Spanish nobleman had foolishly elevated consumption, a use for wealth, above production, the creation of wealth.
Historians have traced the flow of Spanish gold and silver across the markets of Europe. Those who “served” Spain by establishing industries to manufacture goods for the Spanish market gained the money. Spain’s rivals, France, Holland (which started a successful revolt in 1568) and England, prospered by their trade surpluses, and reinvested the money to expand their own capabilities. Another modern expert on Hapsburg history, Henry Kamen, has cited contemporary sources who referred to 17th century Spain as “the Indies for the foreigner.” The military empire of the Hapsburgs became the economic colony of other powers, or, to use a current phrase, Spain was the “engine of growth” for the rest of the continent.
Where there were jobs and prosperity, there was also rapid population growth, and rising tax revenue. Rival powers were able to field and finance military forces that could defeat the once superior Spanish forces both on land and at sea. The irony of this is that Spain was ruled by a warrior aristocracy tempered by centuries of constant warfare against Islamic hordes and Christian heretics. These nobles looked down on merchants and manufacturers and disparaged their mundane professions only to find that without a strong domestic business class they could not afford the fleets and armies that guarded the empire they had built.
Today, the American “empire” is also trying to consume more than it produces. The U.S. trade deficit is nearing Spain’s nadir of imports being double exports. Both government spending and private consumption are financed heavily by debt. Washington is printing money, the modern equivalent of digging gold out of the ground, rather than earning the means to pay its bills. And the political and military elites are apparently indifferent to the fate of domestic business and industry. Americans must learn more from the Spanish experience than just the perils of appeasing terrorists—and take corrective action while they still can.
It has. Many old fields are being re-worked. Places like Healdton, OK actually have economies again.
But there just isn't a lot of oil to be had in these old fields.
Not a pretty thought.
Not a pretty thought
The price of gasoline has gone up close to a 1000% since 1999 and it hasn’t seemed to slow anyone down on the freeways...
Just think what a different world we would be living in if we had done what Brazil & France started doing years ago.
The French built enough nuclear electrical generating plants that they actually are selling electricity to other countries and the Brazilians, by their drilling & ethanol development, are completely independent of foreign oil.
... for all the world serves her and she serves nobody.” A few years later, the Madrid government was bankrupt. The Spanish nobleman had foolishly elevated consumption, a use for wealth, above production, the creation of wealth....
Today, the American “empire” is also trying to consume more than it produces. The U.S. trade deficit is nearing Spain’s nadir of imports being double exports.
...
Americans must learn more from the Spanish experience than just the perils of appeasing terrorists—and take corrective action while they still can.
Oh, those silly Spaniards....they just didn't do trade as "good" as we do......we have "free" trade.......we're "tops" and it will "always be so." /s
You know and I know it. Bush was always an oil man at heart. So was Cheney. In their hearts they knew something. What exactly they knew is anybody's guess. The Saudis, Egypt, the whole Arab world is getting rich on America. Dubai looks ritzier every day. $ 3,500 a night suites draw lazy sheiks to the camel races. A place where Bin Laden dines in secret with Saudi Princes.
But $ Trillions have already left the U.S. Foreign bankers are getting richer now. American companies are moving money overseas. Nobody gives a rip about where you bank your money. Even Halliburton has its corporate HDQ in Dubai. What's up with that ______________ ? My best guess: Some very powerful people want to hide documents far away from the U.S. Federal Courts. Why else would a 'U.S. company' choose Dubai for a corporate headquarters?
Oh, well . . . Nothing to see here. Everything is great. The world is still traveling through space.
Check My Previous Posts . . . If you are so inclined.
Interesting; I had only been thinking about having monies in Swiss banks, Cayman Islands, etc.
“It’s different this time. America is special.”
Right! America is invincible. We aren’t bound to any kind of “laws,” natural or otherwise.
: )
God loves us the most. I’m sure.
haaaaaaaaaa
Most assuredly so! Forever and ever, Amen!
egads. We’re so screwed.
“Not one presidential candidate has addressed this”
Wrong no remaining candidate has addressed it. Mitt made it a large part of his economic and security platform, but people weren’t interested in what he had to say because he was a..... oh never mind.
fofl!
Gosh.............I think I understand what that means.
: )
By the way, I know a money-lawyer in California. Low profile kind of guy. Very clever. He has not practiced in the courts for years. He makes a fortune moving company money overseas. Totally legitimate he says because taxes have already been paid.
I know it’s true. I hear that daily from “our” radio hosts.
Add this question to the picture
Why have no new refineries been built since the 80s?
Why have no new refineries been built since the 80s?
Because it is more profitable not to build new refineries.
Its a breath of fresh air to see one more FReeper that “Gets it”.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.