Money & Energy

The “money question” passed out of American politics essentially through self-censorship. This result, quite simply, was a product of cultural intimidation. In its broader implications, however, the silencing of debate about “concentrated capital” betrayed a fatal loss of nerve on the part of those who, during Populism, dared to speak in the name of a people’s movement. - Lawrence Goodwyn, Democratic Promise

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Well, we live an interesting world that’s gonna keep getting interestinger and interestinger. Who da thought you’d ever see the Secretary of Treasury go full in on what a century and half ago the Populists called the "money question?"

“What we need to do is examine the entire Federal Reserve institution and whether they have been successful,” Bessent told CNBC. Poor Greider, you use to be marginalized for even thinking things like this. But now, a Soros Democrat, who made all sorts of money because of the Fed system and helped use that money to destroy the Democratic party, can, working for a Republican president, say things like this in public. Toto, I don’t think were in Kansas anymore.

At the same time, the FT has a piece with the subhead, “Energy systems can shape political institutions and make some nations more vulnerable to trade wars than others." Energy, shaping political institutions? Wow! In the FT! Unfortunately, the piece isn’t quite as good as the subhead, but it makes me want to talk to whoever wrote the subhead.

The piece mostly deals with South Africa and Brazil. Like most establishment energy analysis it ain’t quite right. It claims Brazil has done a better job moving to renewables, but at best, that's an exaggeration. Most of what’s considered renewable in Brazil is big-hydro, 2/3 of all electricity generation. Big-hydro designated as renewable has always been problematic for the damage it's caused greater ecological systems.

But the most tortured twisting in the piece is calling China’s move to renewables as exemplary. Well, yes, but it's only half the story. For last 20 years, since they began dumping a bunch of money transforming solar manufacturing, China has had an everything and the kitchen sink approach to energy. This WSJ has a better piece, though it has its own problems. China’s industrial growth has come with a corresponding growth in oil consumption. China “brings in roughly 11 million barrels a day, about 70% of what it consumes, up from less than three million a day 20 years ago.” Call it modernity...