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Kunstler: The Summer of Discontent

Public Policy

The ill-feeling among leaders of the G-7 nations — essentially, the West plus Japan — was mirrored early this morning in the puking financial market futures, so odious, apparently, is the presence of America’s Golden Golem of Greatness at the Quebec meet-up of First World poobahs. It’s hard to blame them. The GGG refuses to play nice in the sandbox of the old order.

Like many observers here in the USA, I can’t tell exactly whether Donald Trump is out of his mind or justifiably blowing up out-of-date relationships and conventions in a world that is desperately seeking a new disposition of things. The West had a mighty good run in the decades since the fiascos of the mid-20th century. My guess is that we’re witnessing a slow-burning panic over the impossibility of maintaining the enviable standard of living we’ve all enjoyed.

All the jabber is about trade and obstacles to trade, but the real action probably emanates from the energy sector, especially oil. The G-7 nations are nothing without it, and the supply is getting sketchy at the margins in a way that probably and rightfully scares them. I’d suppose, for instance, that the recent run-up in oil prices from $40-a barrel to nearly $80 has had the usual effect of dampening economic activity worldwide. For some odd reason, the media doesn’t pay attention to any of that. But it’s become virtually an axiom that oil over $75-a-barrel smashes economies while oil under $75-a-barrel crushes oil companies.

Mr. Trump probably believes that the USA is in the catbird seat with oil because of the so-called “shale oil miracle.” If so, he is no more deluded than the rest of his fellow citizens, including government officials and journalists, who have failed to notice that the economics of shale oil don’t pencil out — or are afraid to say. The oil companies are not making a red cent at it, despite the record-breaking production numbers that recently exceeded the previous all-time-peak set in 1970. The public believes that we’re “energy independent” now, which is simply not true because we still import way more oil than we export: 10.7 million barrels incoming versus 7.1 million barrels a week outgoing (US EIA).

Shale oil is not a miracle so much as a spectacular stunt: how to leverage cheap debt for a short-term bump in resource extraction at the expense of a future that will surely be starved for oil. Now that the world is having major problems with excessive debt, it is also going to have major problems with oil. The quarrels over trade arise from this unacknowledged predicament: there will be less of everything that the economically hyper-developed nations want and need, including capital. So, what’s shaping up is a fight over the table-scraps of the banquet that is shutting down.

That quandary is surely enough to make powerful nations very nervous. It may also prompt them to actions and outcomes that were previously unthinkable. At the moment the excessive debt threatens to blow up the European Union, which is liable to be a much bigger problem for the EU than anything Trump is up to. It has been an admirably stable era for Europe and Japan, and I suppose the Boomers and X gens don’t really remember a time not so long ago when Europe was a cauldron of tribal hatreds and stupendous violence, with Japan marching all over East Asia, wrecking things.

There is also surprisingly little critical commentary on the notion that Mr. Trump is seeking to “re-industrialize” America. It’s perhaps an understandable wish to return to the magical prosperity of yesteryear. But things have changed. And if wishes were fishes, the state of the earth’s oceans is chastening to enough to give you the heebie-jeebies. Anyway, we’re not going back to the Detroit of 1957. We’ll be fortunate if we can turn out brooms and scythes twenty years from now, let alone flying Teslas.

This will be the summer of discontent for the West especially. The fact that populism is still a rising force among these nations is a clue of broad public skepticism about maintaining the current order. No wonder the massive bureaucracies vested in that order are freaking out. I’m not sure Mr. Trump even knows or appreciates just how he represents these dangerous dynamics.

Kunstler



139 Comments on "Kunstler: The Summer of Discontent"

  1. MASTERMIND on Sun, 10th Jun 2018 11:54 am 

    Yanis Varoufakis says capitalism is dead, democracy is crumbling and we’re ruled by debt

    https://www.alternet.org/global-economy-just-giant-debt-scam-heres-what-financial-elite-doesnt-want-you-know?platform=hootsuite

  2. MASTERMIND on Sun, 10th Jun 2018 12:05 pm 

    Throwback G-7 Summit

    https://i.redd.it/rjy85feoa5311.jpg

  3. MASTERMIND on Sun, 10th Jun 2018 12:07 pm 

    Trump is “willing to destroy the world”: George Soros
    https://nypost.com/2018/06/09/trump-is-willing-to-destroy-the-world-george-soros/

    I love you George, but where’s my $oros bucks! I’m at nearly every Antifa protest and I’m forever shilling for open borders, but despite what Alex Jones promised — you ain’t paid me a penny!! Pay up, George!

  4. Cloggie on Sun, 10th Jun 2018 12:24 pm 

    You are projecting, it is wannabee mass-murderers like you who has no friends here. There are several here I am “on speaking terms” here.

  5. Cloggie on Sun, 10th Jun 2018 12:31 pm 

    Soros admits he was wrong-footed by Trump:

    https://voxday.blogspot.com/2018/06/what-was-your-first-clue-sherlock.html

  6. MASTERMIND on Sun, 10th Jun 2018 1:32 pm 

    Clogg nice source..LOL you are fucking idiot who will believe anything without question..LOL

  7. JuanP on Sun, 10th Jun 2018 1:57 pm 

    MM “At some point, Vladimir Putin needs to be neutralized..And he will soon..”
    You sound just like all the anti Castro Miami Cuban exiles who wasted their whole lives wishing for the Cuban revolution to fail and died waiting for it to happen. They were a very unhappy, frustrated bunch. I see a lot of unhappiness in your future. I think your life will most likely be quite miserable.

  8. Cloggie on Sun, 10th Jun 2018 2:10 pm 

    “Clogg nice source.”

    That’s your standard imbecile reaction you apply to any source right of antifa.

    Why don’t you google “Apparently, I was living in my own bubble” to verify the statement in numerous sources.

    You “atheist Scots” are losing it big time. DJT is abolishing the very empire you worked on for a century. And retribution will come afterwards and there is not a f* place you can hide. Got it?

  9. Boat on Sun, 10th Jun 2018 2:25 pm 

    Clog

    George Soros just gave 18 billion to Open Society that promotes human rights around the world. As one of the many foriegners who support authoritative systems who take rights away….I bet this is troubling news. Lol

  10. Boat on Sun, 10th Jun 2018 2:28 pm 

    JaunP

    Like you want the US to collaspe while sucking at it’s teat. Happy waiting.

  11. Cloggie on Sun, 10th Jun 2018 2:30 pm 

    Boat,

    “Human rights” means in practice unrestricted immigration from the third world, eventually to be used as a proletariate, against you and your “white privilege”.

    God are you naive. You have a refuge in Italy as well?

  12. Boat on Sun, 10th Jun 2018 2:55 pm 

    Clog

    We have no need for any more Europeans. Maybe respecting citizens in all of Europe would keep them there. Ask Soros for help.

  13. MASTERMIND on Sun, 10th Jun 2018 2:56 pm 

    Boat

    That is why the right hates Soros so much..They don’t want an open society anywhere..They want a fascist dictatorship ruled by a tiny wealthy elite..

  14. MASTERMIND on Sun, 10th Jun 2018 2:58 pm 

    clogg

    Immigration isn’t unrestricted..you are exaggerating and lying again. You are a paranoid whack job..You just want to scapegoat immigrants just like hilter scapegoated the jews.

  15. Boat on Sun, 10th Jun 2018 3:04 pm 

    Mm

    We finally agree on something. Wanting to be ruled without any input is a strange concept to yearn for.
    OTOH change your country if you don’t like it. But stay there.

  16. MASTERMIND on Sun, 10th Jun 2018 3:14 pm 

    Boat

    That does seem strange, but i think its because people on the right in general are scared of so many things..That is what their non journalist media drills into their heads everyday.. And when you are scared you don’t want your mother you want your father..So they long for a alpha male strong man..To keep them safe..

  17. Cloggie on Sun, 10th Jun 2018 3:17 pm 

    “We have no need for any more Europeans.”

    LOL. Europeans stopped coming for a long time. Remember Trump’s “shithole country” episode? He wanted Norwegians instead of Haitians. Norwegians or other Western Europeans have no interest moving to a halfway third world country. We are about to take over from you, together with Russia (640m Europeans, nuclear armed to the teeth).

    http://www.pi-news.net/2018/06/sahra-wagenknecht-und-die-nationale-option-der-deutschen-linken/

    OMG, how to tell millimind and his “immigration is inevitable”.lol

    German lefties go at each others throat. The leader of Die Linke Sarah Wagenknecht (picture left, half Iranian!) wants to close the borders. In several European countries now even the left is nationalist! Like Ireland, ‘Catalonia, Basks, etc.

    All we need is to wait until fools like millimind, boat and meathead have ruined the US completely with their third world immigration folly, until white America starts to revolt and we in Europe have what we want: an America split in two.

    End good, all good!

    Bring it on, lads!

  18. MASTERMIND on Sun, 10th Jun 2018 3:24 pm 

    Boat

    Economically hurting simpletons propagandized 24/7. It’s eerily 1930s Germany. Give them someone to blame (Democrats, Obama), give them something to hate (Canada ATM)..

  19. Boat on Sun, 10th Jun 2018 3:29 pm 

    Clog

    As explained many times I have been against immigration for 3 decades as I became aware of the need of sustainable practices for not only the US but for the world. Immigration is just one small part of the changes needed.
    But you, as with many foriegners, distort what’s important with petty raciest politics.

  20. MASTERMIND on Sun, 10th Jun 2018 3:37 pm 

    Boat

    Don’t waste your time on Clogg..Dude is a pathetic loser that nobody loves..He wont even allow any comments on his loser blog..just another ignorant and fat/lazy boomer..who inhaled too much lead growing up in his gasoline..

  21. Cloggie on Mon, 11th Jun 2018 3:23 am 

    Globalist magazine der Spiegel portrays the defectors of the NWO:

    https://magazin.spiegel.de/SP/2018/24/home/images/co-sp-2018-024-0001-ipad.d9bf723.jpg

    …”populists”, who all refuse to dance to the tune of George Soros and the rest of the mob:

    https://thesaker.is/why-i-use-the-term-anglozionist-and-why-its-important/

    The list of defectors and the economic power they represent is impressive.

  22. Cloggie on Mon, 11th Jun 2018 3:45 am 

    “He wont even allow any comments on his loser blog.”

    At least I have a blog (or ten rather, most on IT-technology). All you have is tribal quotes from the likes of Hannah Arendt, Carl Sagan, George Soros and a few more.

    “As explained many times I have been against immigration for 3 decades as I became aware of the need of sustainable practices for not only the US but for the world. Immigration is just one small part of the changes needed.”

    That’s very smart of you boat: attempting to keep them out while environmental virtue signaling as you go.

    The sad truth is, nobody gives a f* about what you think. Your owners have decided that your phenotype has to go and they are going to use the endless supply of third world immigrants as a weapon against you.

    https://www.youtube.com/watch?v=cKUaqFzZLxU

    It’s a big club and you ain’t in it.

    Just keep on counting Confederate flags in that Texas of yours and delude yourself into thinking that somehow, mysteriously, all these flags can be mapped onto real political power. It can’t. All your owners want you to do is keep watching Schwarzball on that 200 inch telly of yours and agree to send your kids into some foreign war, in the oligarch interest only. So they can have it all.

    Well, that was the story line until November 2016. Now they have to fear if they can hold on to the US itself.

    Millimind himself was so kind to hand me over ammo from unsuspected sources:

    https://www.dailykos.com/stories/2018/6/10/1770068/-Our-nation-is-permanently-fractured

    https://www.alternet.org/second-civil-war-robert-reich-explains-what-happens-when-president-claims-our-system-no-longer

    Exactly what I have been thinking all along.

  23. Cloggie on Mon, 11th Jun 2018 4:54 am 

    Another summit pic:

    https://tinyurl.com/ycjh7ro9

  24. MASTERMIND on Mon, 11th Jun 2018 5:13 am 

    Clogg

    Why do you censor your shitty blog? You are anti free speech and free thought..why don’t you go burn books like your nazi gods did..You pathetic anti intellectual..

  25. Cloggie on Mon, 11th Jun 2018 5:21 am 

    “Why do you censor your otherwise interesting blog?”

    I have explained that to you already, namely to keep stray dogs like you from shitting on my carpet. My time is too valuable to waste on marxist clowns like you. Your role in life is to blow America up for us Europeans, so we can take it back again. A part of it.

    https://www.unz.com/ldinh/postcard-from-the-end-of-america-callowhill-philadelphia/

  26. MASTERMIND on Mon, 11th Jun 2018 5:24 am 

    clogg

    You call mainstream and scholarly sources shitting on your carpet? Just face it you are a close minded bigot who can’t handle the truth..You are a clown and a low life loser who nobody loves or ever will..there were zero woman marching in Virginia..Just a bunch of angry incels like you..

  27. MASTERMIND on Mon, 11th Jun 2018 5:26 am 

    Clog

    Almost half of Fortune 500 companies were founded by American immigrants or their children
    https://www.brookings.edu/blog/the-avenue/2017/12/04/almost-half-of-fortune-500-companies-were-founded-by-american-immigrants-or-their-children/

    Looks like immigrants have done some great things..despite the scaremongering from billionaire owned right wing hate media..

  28. Cloggie on Mon, 11th Jun 2018 6:00 am 

    “despite the scaremongering from billionaire owned right wing hate media..”

    Most media in the US are owned by leftist billionaires. Only Fox changed tune a little after November 2016.

    “Almost half of Fortune 500 companies were founded by American immigrants or their children”

    The whole of America was founded by immigrants, white immigrants to be precise. Something a leftist US think tank (but I repeat myself) like Brookings won’t stress too much.

    Your point?

    Look, you yourself admit that America is going down the drain. These are your links:

    https://www.dailykos.com/stories/2018/6/10/1770068/-Our-nation-is-permanently-fractured

    https://www.alternet.org/second-civil-war-robert-reich-explains-what-happens-when-president-claims-our-system-no-longer

    See? I only have to quote a shabby marxist loser with a mother-complex drop-out like you to make my point.

    You lost competition with East-Asia and to a lesser extent with Europe. Most Americans want to drive in a European or Japanese car. Reason? America is with one leg in the third world, never to recover unless a large part of white America secedes, an operation with which we Eurasians will gladly help, just like last time in 1776.

    Why did this disaster happen? Because your tribe of “Scottish atheists.lol” for 100 years pushed for immigration from the third world, that’s why:

    http://www.kevinmacdonald.net/immigration.pdf

    It is your fault and you are going to pay for it.

    Now do us a favor, impeach Trump or kill him and wait for what happens next. Just give us whitey the excuse we need.

    Europe ruled this planed between 1492-1945, until a kosher coalition of USA and USSR combined forces and destroyed us, on purpose as planned for since 1933.

    Now Anglosphere is going to be on the receiving end of a Eurasian coalition of Greater Europe (PBM) and China and we are going to phase Anglo-Zionism out from history. Down-Under goes to China, we’ll take the Heartland. The rest can mongrelize as there can never be enough Brazilians.

    https://twitter.com/prisonplanet/status/526364195642966016

    You and the rest of the funny tribe are going to be parked in NYC, including the Israelis, after the collapse of KSA, to be divided between Turkey and Iran.

    Here is one of your tribe illustrating the reality in NYC for a whitish woman. Of course she blames it on whitey. Whatever, soon it’s your problem alone:

    https://www.youtube.com/watch?v=b1XGPvbWn0A

    Questions?

  29. Davy on Mon, 11th Jun 2018 6:04 am 

    “I have explained that to you already, namely to keep stray dogs like you from shitting on my carpet. My time is too valuable to waste”

    So you shit on the carpet here with your extremism. Yea, typical of someone wanting his cake and eat it.

  30. Cloggie on Mon, 11th Jun 2018 6:14 am 

    This is a discussion forum, my “blog” mere a note bloc for interesting renewable energy news I pick up from all sources.

    And the owners of this site are perfectly free to throw me off. It is after all their site.

    Things would get somewhat less lively here, doomers would get the upper hand and apneaman/millimind would completely spam this blog under with marxist, America-destroying propaganda, against which you will not object, the leftist spineless self-styled 1-percenter that you are.

    And the positive renewable energy angle I promote would vanish completely.

  31. Davy on Mon, 11th Jun 2018 7:57 am 

    Excuses. The owners could give a shit about you and this is a free forum so spare me the drama. My comment is more a reflection on your character and your double standards or should I say double stanturds. You don’t want spam pollution on your blog but it is ok for you to pollute with your spam here on this board. I call that slimy.

    BTW, hypocrite you are the spineless 6 figure salary bragging scumbag. Go bite yourself.

  32. Davy on Mon, 11th Jun 2018 8:09 am 

    Looking more unlikely we will see a golden euro decade.

    “Italian Politics: The Calm Before The Next Storm”
    https://tinyurl.com/y6w5frjb

    Europe remains a potential source of angst for financial markets in the form of another existential crisis for the Eurozone.

    On Italy this is likely just the calm before the next storm given the Five Star and League coalition government’s economic policies are almost inevitably going to be in conflict with the fiscal rules set by Brussels — though the confrontation may take longer to come to a boil because of the presence of technocrats in the new government, a compromise required by Italian president Sergio Mattarella for the government to be formed on June 1.

    “The most probable outcome remains a confrontation with Brussels. Meanwhile, new Italian Prime Minister Giuseppe Conte’s inaugural speech on Tuesday outlined tax and spending policies that will put Italy in direct conflict with Brussels. This is why the most probable outcome remains a confrontation with Brussels. The Five Star and the League had previously published on May 18 a 58-page document, or “government contract”, outlining their policies which call openly for a review of Italy’s economic status as well as for aggressive fiscal stimulus, be it by both tax cuts and increased welfare spending. Five Star, for example, proposed government-financed universal income schemes. The question will then become how Brussels and Berlin respond. Will they react negatively and try to enforce austerity on Italy, thereby risking an Italian exit just as a Greek exit was risked earlier, or will the scare provided by the reality of an openly euroskeptical government in Rome force Germany to sign up belatedly to French President Emmanuel Macron’s proposals to move towards greater fiscal integration, banking union and the like?”

  33. MASTERMIND on Mon, 11th Jun 2018 8:52 am 

    Clog

    “A man who claims to know what is good for others is dangerous.”

    – Nisargadatta Maharaj

  34. MASTERMIND on Mon, 11th Jun 2018 8:53 am 

    Clog

    Economically hurting simpletons propagandized 24/7. It’s eerily 1930s Germany. Give them someone to blame (Democrats, Obama), give them something to hate (Canada ATM)..

  35. Cloggie on Mon, 11th Jun 2018 12:23 pm 

    “It’s eerily 1930s Germany.”

    Great news! Paul Craig Roberts is now a WW2-revisionist. The former architect of Reaganomics is now embracing the glamorous British historian David Irving:

    https://russia-insider.com/en/history/we-need-great-historians-david-irving-our-knowledge-ww2-completely-wrong/ri23744

    PCR: Churchill’s career was funded by wealthy Jews who wanted war with Germany. Why do popular films and biographies hide this shocking fact?

    Exactly what I have been saying for years, now picked up by one of the highest ranking American dissidents.

    PCR even touches the Forbidden Subject: … Another Irving honesty, the one that destroyed him, was that after 10 years of research he could not find one document that provided evidence for the claim that Hitler personally conducted the holocaust or that he even knew about it.

    https://www.paulcraigroberts.org/2018/06/09/israel-completely-owns-america-subject-people/

    Things are moving fast now.

  36. MASTERMIND on Mon, 11th Jun 2018 12:31 pm 

    Clogg

    Paul Craig Roberts is a senile old retard..Just look at his mug on his blog..He is batshit insane..Just like you..

    The scaremongering and hate never ends with you paranoid lunatics..There is always a boogy man..The Jews, The Muslims, The Immigrants, The Tariffs, The Liberals, Soro’s.

    You people are scared to death of everything on earth…Total cowards.

  37. Davy on Mon, 11th Jun 2018 12:38 pm 

    “It’s eerily 1930s Germany.” Great news! Paul Craig Roberts is now a WW2-revisionist. The former architect of Reaganomics is now embracing the glamorous British historian David Irving:”
    He is another extremist nut case just like you neder the Nazi revisionist.

    “PCR even touches the Forbidden Subject: … Another Irving honesty, the one that destroyed him, was that after 10 years of research he could not find one document that provided evidence for the claim that Hitler personally conducted the holocaust or that he even knew about it.”
    Nonsense, why do you think you are the lone Holocaust denier here. Not even greggie comes to your aid with that one. Even if there was no coordinated death camp killing in a mechanized fashion, the Nazis brutally killed Jews and other civilians in genocidal fashion, nedernazi scumbag.

    “Things are moving fast now.”
    Yea, in your screw lose mind.

  38. Cloggie on Mon, 11th Jun 2018 12:51 pm 

    He is another extremist nut case just like you neder the Nazi revisionist.

    I have humiliated you time and time again as you refuse to discuss the murderous actions of your dying empire and country, because you know very well that you are sitting on a pack of lies.

    Now the truth is breaking out in the open everywhere and nobody cares anymore what a couple of empire losers like you and millimind have to say. You both are toast as you have to face the entire world now. History is going to be pushed into your faces like a cream pie that has been lying in the sun for four weeks.

  39. Cloggie on Mon, 11th Jun 2018 12:56 pm 

    The air is getting thinner and thinner for the empire:

    https://russia-insider.com/en/elon-musk-drops-truth-bomb-about-who-controls-media-twitter-goes-crazy/ri23588

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