News Release Archive | economy | Accuracy.Org

JPMorgan “Shock Disclosure” a “Wake-Up Call We Dare Not Ignore”

May 11, 2012

The Financial Times reports today: “JPMorgan Chase announced a surprise $2 billion trading loss on credit derivatives trading, which chief executive Jamie Dimon blamed on ‘errors, sloppiness and bad judgement’ and warned ‘could get worse.’

“The shock disclosure, made after the market closed on Thursday in a regulatory filing, prompted renewed calls for tougher regulation. Investors reacted by sending the bank’s shares down by more than 9 percent when Wall Street opened on Friday. Other U.S. banking stocks also suffered sharp falls.”

STEPHANY GRIFFITH JONES, sgj2108 at columbia.edu
Stephany Griffith-Jones is Financial Markets Program Director at the Initiative for Policy Dialogue at Columbia University.

WILLIAM K. BLACK, blackw at umkc.edu
Available for a limited number of interviews, Black is now an associate professor of economics and law at the University of Missouri, Kansas City and the author of “The Best Way to Rob a Bank is to Own One.” He was the deputy staff director of the national commission that investigated the cause of the savings and loan debacle. He said today: “JPMorgan has announced that it has suffered large losses, and remains exposed to far greater losses, because purported ‘economic hedges’ did not perform as ‘expected’ because they were poorly designed. These purported hedges are not real. JPMorgan was speculating wildly and its panicky releases reveal that it is afraid that the positions it took exposed it to grave risks. The experience demonstrates the importance of the Volcker rule, the largest banks’ efforts to gut and evade the rule, and the continuing refusal of bank regulators to say ‘no’ to practices of the systemically dangerous institutions or SDIs (the roughly 20 ‘too big to fail’ banks) that are unsafe and unsound. As long as we permit the SDIs to remain so large that regulators fear that their failure will produce a global crisis we are rolling the dice 20 times a day wondering when (not ‘if’) the next SDI failure will occur and blow up the economy. JPMorgan’s losses on its faux hedges are the wake-up call we dare not ignore.”

Also see: “‘JOBS Act’ a ‘Recipe for Fraud’ Creating a ‘Race to the Bottom’.”

French and Greek Elections: End of “Pain-Is-Good” Politics?

May 7, 2012

ETHAN YOUNG ethanyoung at earthlink.net
Content manager for Economy Watch, a blog sponsored by the Brecht Forum, Young said today: “The defeat of Nicolas Sarkozy marks the end of ‘pain-is-good’ politics in France. The new Socialist president Francois Hollande is center-left to Sarkozy’s center-right, and shares Sarkozy’s commitment to the European Union. Unlike Sarkozy, Hollande campaigned to curtail the EU austerity policies of German Chancellor Angela Merkel, and is not identified with demonizing immigrants, Muslims and other supposedly non-French’ French. Hollande is still challenged by the strong showing of the anti-immigrant, far right National Front in the first election round.”

COSTAS PANAYOTAKIS, [in NYC] cpanayotakis at gmail.com
Panayotakis is associate professor of sociology at the New York City College of Technology at CUNY and author of the new book “Remaking Scarcity: From Capitalist Inefficiency to Economic Democracy.” He said today: “After two years Greek citizens have finally had their chance to express their views on the austerity program that has drastically increased unemployment and poverty, while plunging the Greek economy into a deep depression. The result of the election has been an unambiguous repudiation of this program, as the two parties supporting it, the Socialists and the Conservatives, have seen their support collapse. The two parties that used to get 80 percent of the vote have together received less than a third of the popular vote. Meanwhile, the support for the left has increased, especially for the Coalition of the Radical Left — SYRIZA — which advocates the formation of a government that would unite all the forces of the political left and which would repudiate the austerity program imposed by the International Monetary Fund and the European Union. All in all, the Greek election result exemplifies the more general change in the balance of forces within the European continent, a change also reflected in Nicolas Sarkozy’s failure to be reelected to the French presidency. On a more sober note, the Greek election result also confirmed the rise of the extreme right in Europe, as the neo-Nazi Golden Dawn Party will, after having received 7 percent of the vote, enter for the
first time the Greek parliament.”

See Panayotakis’ pieces:

“The Eurozone Fiasco”

“On the ‘Keynesian Neoliberalism’ of the New York Times”

“Debunking the Greek (and European) Crisis Narrative”

Tagged With: Costas Panayotakis, economy, Ethan Young, EU Austerity Policies, France, French Elections, Greece, Greek Elections,

Is Inequality Good?

May 4, 2012

A new book by one of Mitt Romney’s former business partners at Bain Capital, scheduled to be the featured New York Times Magazine cover story on Sunday,argues that inequality is good.

CHUCK COLLINS, Bob Keener, bob at wealthforcommongood.org
http://99to1book.org
Collins, a long-time inequality activist was certainly born into the 1%. He went to the same high school as Mitt Romney — and is the great-grandson of Oscar Mayer. His brand new book is called, “99 to 1: How Wealth Inequality is Wrecking the World and What We Can Do About It.”

Collins said today: “Inequality is destroying everything you care about. Whether you care about public health, education, civic society, sports, business — inequality is making things worse. And unless we interrupt the process, this destruction will keep increasing. We’re in an inequality death spiral, where concentration of wealth and power is enabling the wealthy and powerful to rig the rules to make themselves more wealthy and powerful — at the expense of everyone else. This is why the 1% versus 99% lens is so
meaningful to people. It reflects their lived reality.”

Collins was recently on C-SPAN’s Washington Journal:
http://www.c-spanvideo.org/program/305321-4

Background:
Paul Krugman “Rich Guy Says We Should Be Grateful For His Wealth”

Dean Baker recently wrote the piece “Mitt Romney’s Partner in Crime: Ed Conard’s Unintended Consequences,” which states: “Did Conard really miss the story of Fabrice Tourre (a.k.a. ‘Fabulous Fab’) the Goldman Sachs mortgage trader who put together collaterized debt obligations that were designed to fail and then hawked them off on unsuspecting clients? Does he not know about the flash traders who make fortunes by designing sophisticated programs that allow them to front-run major trades? (This means that they can detect major trades and jump in ahead, thereby capturing some of the profit.) …

“How much has the pharmaceutical industry profited from using its political power to get Congress to give it ever longer and stronger patent monopolies? We now spend almost $300 billion a year on prescription drugs that would cost us around $30 billion in a free market. …

“Conard and Romney’s own industry provides an excellent example of using political power to promote private wealth. One of the major ways that private equity companies make money is by taking advantage of the tax deductibility of interest. Private equity companies typically load the firms they buy with as much debt as possible. This is because the interest payments on debt are tax deductible and they don’t really care if the company ends up going bankrupt. They expect a substantial portion of their firms to go into bankruptcy.”

Tax Day: “Buffett Rule” and Military Spending

April 17, 2012

Yesterday, Senate Democrats mustered only 51 of the 60 votes needed to advance President Obama’s “Buffett Rule” to impose a minimum tax of 30 percent on individuals earning over $1 million.

Today is the second annual Global Day of Action on Military Spending, coinciding with the Stockholm International Peace Research Institute’s release of global military spending figures. In 2010 the United States spent nearly five times more than the next closest country, China, according to the SIPRI 2011 report.

CHUCK COLLINS via Bob Keener, bob at wealthforcommongood.org
Collins is a senior scholar for the Institute for Policy Studies, and author of the new book “99 to 1: How Wealth Inequality is Wrecking the World and What We Can Do About It.” He said today: “The tax rules have tilted in favor of the 1 percent for 50 years. We need to institute the Buffett Rule and roll back the Bush tax cuts as the first step toward tax fairness and fiscal responsibility.”

JOHN FEFFER, johnfeffer at gmail.com
Feffer is co-director of Foreign Policy in Focus, a project of the Institute for Policy Studies. He said today: “Almost every country with a military is on an insane path, spending more and more of our tax dollars on missiles, aircraft, and guns, while the planet is in crisis. These countries should be confronting the real threats of climate change, hunger, disease, and oppression, not wasting taxpayers’ money on their military.”

He recently wrote a piece titled “Arms Down,” which states: “Any demilitarization plan must begin with the United States. As the number one military spender and arms exporter in the world, the United States is the heart that pumps the blood that keeps the military-industrial complex functioning worldwide. U.S. arms manufacturers have gamed the system to maintain their dominance. They have set up their manufacturing in as many states as possible in order to buy the support of Congress. …

“To break out of this zero-sum situation and create a virtuous circle of military reductions, we must pursue a three-prong strategy. The first addresses U.S. military spending, the second focuses on the global arms trade, and the third creates incentives for countries to reorient their budget priorities.”

Filed Under: The U.S. Economy, War: Info, Analysis, Policy Options Tagged With: Chuck Collins, economy, military spending, Military-Industrial Complex, taxes,

Where Did Your Taxes Go?

April 10, 2012

National Priorities Project recently released Tax Day 2012 with the numbers on how federal income taxes were spent in fiscal 2011 — down to the penny, giving people a “Tax Receipt” for how their money is spent.

The group found “Federal income tax revenues totaled around $1.13 trillion in fiscal 2011. … Twenty-seven cents of every federal income tax dollar went to the military; 21.4 cents went to Medicare and other health programs; 14.5 cents paid for interest on the federal debt…”

In addition, “individuals can enter the amount of federal income taxes they paid in 2011, and find out exactly how much money they contributed to space flight research, disaster relief, food stamps, and more.” NPP found, for example, an individual earning $50,000 and paying approximately $6,000 in federal income taxes in 2011 contributed 64 cents toward high speed rail and $40.97 for nuclear weapons.

MATTEA KRAMER, mattea at nationalpriorities.org
Kramer, a senior research analyst at NPP, said today: “Individuals are our nation’s major bill payers, responsible for 86 percent of all federal revenue in fiscal 2011. That includes our income taxes, as well as payroll taxes, estate and gift taxes, and excise taxes on goods like gasoline.”

Filed Under: Electoral Issues, The U.S. Economy Tagged With: economy, Mattea Kramer, National Priorities Project, taxes,

“JOBS Act” a “Recipe for Fraud” Creating a “Race to the Bottom”

April 5, 2012

President Obama is scheduled to sign the “JOBS Act” this afternoon.

Black recently wrote an open letter signed by several noted analysts: “The JOBS Act is so Criminogenic that it Guarantees Full-Time Jobs for Criminologists,” which states: “As white-collar criminologists (and a former financial regulator and enforcement head) and experts in ferreting out sophisticated financial frauds, our careers and research focus on financial fraud by the world’s most elite private sector criminals and their political cronies. Therefore, we write to thank Congress and the President for preparing to adopt a JOBS Act that will provide us with job security for life. We will be the personal beneficiaries of Congress’ decision to adopt the law without the pesky hearings that would allow critics to launch devastating attacks on the proposed bill based on a brutally unfair tactic — the presentation of facts. Unfortunately, in our professional capacities, we must oppose the bill. This bill is an atrocity.

“The ‘Jumpstart Our Business Startups’ Act, the comically forced effort to create a catchy acronym, is the most cynical bill to emerge from a cynical Congress and Administration. It is an exemplar of why Congressional approval ratings are well below those of used car dealers. The JOBS Act is something only a financial scavenger could love. It will create a fraud-friendly and fraud-enhancing environment. It will add to the unprecedented level of financial fraud by our most elite CEOS that has devastated the U.S. and European economies and cost over 20 million people their jobs. Financial fraud is a prime jobs killer. …

“Among the many fraud-friendly policies that led to the deregulation that prompts our recurrent, intensifying financial crises, the undisputed most destructive aspect is the recurrent, intensifying embrace of the ‘regulatory race to the bottom.’ The ‘logic’ of the argument in the securities law context is that (1) dishonest issuers like bad regulation because it allows them to defraud with impunity, (2) our ‘competitor’ nations (typically described as the City of London) offer weaker regulation to induce the fraudulent issuers to locate abroad, and (3) we must not allow this to happen; we must make sure that fraudulent issuers are based in America. Of course, they never phrase honestly their ‘logic’ about dishonesty. Four national commissions investigated the causes of financial crises — the S&L debacle, the ongoing U.S. crisis, the Irish crisis, and the Icelandic crisis. Each of the commissions has decried the idiocy of the ‘race to the bottom’ dynamic and warned that it must end. The arguments advanced by industry in support of the JOBS Act reflect and worship at the altar of ‘the race to the bottom.’” http://neweconomicperspectives.org/2012/03/the-jobs-act-is-so-criminogenic-that-it-guarantees-full-time-jobs-for-criminologists.html

Background: The New York Times piece this week, “JOBS Act Jeopardizes Safety Net for Investors,” states: “Maybe President Obama should have bought shares in Groupon’s I.P.O. If he had, he would understand what some Groupon investors may be feeling as he prepares this week to sign a new piece of legislation to help start-ups get financing. Had he purchased $10,000 worth of shares on the open market on the first day of public trading for Groupon, the online coupon company based in his hometown Chicago, he would have lost a good chunk of his investment, putting him in the red by almost $4,100 today.”

Also see: “Obama JOBS Act Leaves Labor Fuming In Democratic Feud.”

Filed Under: Electoral Issues, The U.S. Economy Tagged With: Barack Obama, economy, job, JOBS Act, William K. Black,

World Bank: First Qualified President?

March 23, 2012

MARK WEISBROT, via Dan Beeton, beeton at cepr.net
Weisbrot is co-director of the Center for Economic and Policy Research. He said today: “The Obama administration’s announcement that it will nominate health expert and Dartmouth College president Jim Yong Kim for World Bank president represents a historic milestone in the institution’s history, with the U.S. nominating, for the first time, a qualified candidate. This is a huge step forward. If Kim becomes World Bank President, he’ll be the first qualified president in 68 years. Kim’s nomination is a victory for all the people, organizations, and governments that stood up to the Obama administration and demanded an open, merit-based process.

“Much of Kim’s career was with Partners in Health, which Kim co-founded. Partners in Health is a uniquely dynamic and enormously capable organization that has implemented important changes in approaches to preventing and treating diseases and other health problems, and Kim deserves much credit for that.

“However, the Bank’s process is still deeply flawed because the majority of the world’s countries are not really involved and I hope that for the next presidency, they will come together long in advance to agree on a candidate.”

Weisbrot noted the importance of Jeffrey Sachs’ candidacy as having busted open the process and “raised the bar for whom could be nominated. Sachs’ campaigning for the Bank’s presidency was unprecedented in its openness, in Sachs’ platform of reform for the Bank, and in terms of Sachs’ qualifications as an economist with extensive experience in economic development and as a health expert, who, like Kim, has worked to fight diseases such as HIV/AIDS and tuberculosis.

“Once Sachs was nominated, it was clear it would be very difficult for the Obama administration to follow past practice and simply choose, again, a political insider or a banker,” Weisbrot said. Weisbrot noted that Nigerian Finance Minister Ngozi Okonjo-Iweala’s nomination by several African countries today also “represents an unprecedented challenge to the U.S. government’s traditional domination in choosing the next World Bank president.”

STEPHANY GRIFFITH JONES, sgj2108 at columbia.edu
Chilean and British economist Stephany Griffith-Jones, currently Financial Markets Program Director at the Initiative for Policy Dialogue at Columbia University recently wrote the piece “What Makes Jose Antonio Ocampo a Good Candidate for President of the World Bank.”

She said today: “Jim Yong Kim is certainly an interesting choice, and he might be a great candidate to head up a health organization, but the World Bank is focused on development and infrastructure. Someone like Ocampo has that background in economics and development, and he has chosen to spend an important part of his career working in Colombia, the developing country where he was born.”

In her recent article, Griffith-Jones wrote: “Jose Antonio provides the rare combination of an experienced and successful policy-maker at the highest level (he was Minister of three portfolios in Colombia, including Finance, but also Agriculture and Planning), an outstanding international civil servant again at the highest level (including as Under Secretary General at the United Nations, as well as well as Head of the UN Commission for Latin America and the Caribbean), and a leading academic researcher in key issues relating to development and macro-economic policy.”

Griffith-Jones notes that Reuters recently reported: “While Ocampo had agreed to stand and Brazil was willing to nominate him, Colombian Finance Minister Juan Carlos Echeverry said on Thursday that Colombia was instead focusing on a bid for the presidency of the International Labor Organization.”

Tagged With: economy, Mark Weisbrot, Stephany Griffith Jones, World Bank,

Ryan Budget: Increases Pentagon, “Out of Touch”

March 20, 2012

House Budget Committee Chairman Paul Ryan (R-Wis.) unveiled a 2013 budget plan today.

WILLIAM HARTUNG, hartung at newamerica.net
Hartung is a senior research fellow in the New America Foundation’s American Strategy Program and author of the book Prophets of War: Lockheed Martin and the Making of the Military-Industrial Complex, which is just being released in paperback. He said today: “While pretending to make the ‘tough choices,’ Rep. Paul Ryan’s budget cutting plan gives a free ride to the largest single item in the discretionary budget: Pentagon spending. In fact, Ryan would spend $400 billion MORE over the next decade than current Pentagon plans. That will result in harsh cuts to virtually every other domestic program. By contrast, the budget developed by the Sustainable Defense Task Force, a plan endorsed by Representatives Barney Frank (D-Mass.) and Ron Paul (R-Texas), would reduce military expenditures by $1 trillion over the next ten years. This can be done without undermining our security, by taking measures such as eliminating outmoded and unnecessary conventional weapons, cutting the Army and Marines back to pre-2001 levels, and eliminating plans for new nuclear bombers, submarines and weapons factories.

“Even as Ryan goes easy on the Pentagon, Republican frontrunner Mitt Romney offers the arms industry an unprecedented bonanza. His plan, which would keep Pentagon spending at 4 percent of Gross Domestic Product, would result in $8 trillion more in Pentagon spending over the next decade, roughly 25 percent more than even Ryan’s generous plan. If Romney endorses the Ryan plan, it is fair to ask whether he is going to eliminate his prior commitment to massive Pentagon budgets or simply pretend the differences between the two approaches don’t exist. That would be a huge deception, if he’s allowed to get away with it.”

ROBERT KRAIG, robert.kraig at citizenactionwi.org
Kraig is executive director of Citizen Action of Wisconsin. He said today: “It is shameful that Paul Ryan and the House Republicans are proposing massive cuts that will further threaten economic and health security for 99% of Americans to fund billions of dollars in irresponsible new tax giveaways for the wealthy.”

KAREN DOLAN, via Lacy MacAuley, lacy at ips-dc.org
Dolan, fellow at the Institute for Policy Studies and director of IPS’s Cities for Progress project, said today: “Ryan unveiled a 2013 budget plan that would impose unnecessary hardship on already hurting Americans. Before the economy has had a chance to bounce back, the GOP budget would slash critical safety net programs to rates below what both parties had agreed to in last summer’s Budget Control Act. At the same time, the Ryan budget would give tax breaks to the wealthy and to corporations. I think this shows not only that the GOP is wildly out of touch with average Americans, but that they lack the ability to lead us anywhere but off a cliff. We need revenues, investments, jobs and a strong safety net for the millions of Americans who continue to suffer from the 2008 recession. Tax breaks for the rich and less for everyone else is an idea which has already failed the vast majority of Americans.”

Filed Under: Electoral Issues, The U.S. Economy Tagged With: budget, economy, military spending, Robert Kraig, social security, William Hartung,

Congressional Push for Sachs as Next World Bank Head

March 16, 2012

For the first time in the World Bank’s history, a candidate is openly campaigning for presidency of the institution. Traditionally, the U.S. government has hand-selected the World Bank president, but economist and health expert Jeffrey Sachs has shaken up the process this time by publicly proclaiming his interest in succeeding Robert Zoellick as World Bank president, saying that to date World Bank presidents have been political appointees or bankers — not development experts.

Members of Congress are expected Friday to deliver a letter to President Obama urging him to nominate Sachs, now the director of the Earth Institute at Columbia University to be the next World Bank president. A letter initiated by Rep. John Conyers and signed by over 25 members of Congress states: “Professor Sachs is widely considered to be the world’s leading expert on economic development and the fight against poverty. For over 25 years, he has advised dozens of governments throughout the developing world on economic development, environmental sustainability, poverty alleviation, debt cancellation, and globalization. He has twice been named among Time Magazine’s 100 most influential world leaders.”

MARK WEISBROT, DEBORAH JAMES, via Dan Beeton, beeton at cepr.net
Weisbrot is co-director fo the Center for Economic and Policy Research. James is director of international policy for the group. Weisbrot has written several pieces about the World Bank including “Why Jeffrey Sachs Would Make a Better World Bank President.”

James said today: “Folks in the U.S. who care about ending the suffering of the world’s poorest, have an opportunity to do something about it over the next week by demanding that President Obama nominate Jeffrey Sachs, probably the world’s best-known development leader, instead of current front-runner Larry Summers, who would just continue to use the Bank to push disastrous neoliberal economic policies and U.S. elite interests. Unfortunately, no developing country leaders have been nominated; however, many developing countries have already nominated Sachs. In addition to being a world candidate, he should also be the candidate of the U.S. After so many decades of damaging policies, we need someone at the World Bank who is deeply committed to a multidisciplinary, practical approach to eradicating poverty while living within the earth’s natural systems to prevent climate collapse.”

Weisbrot said today: “Sachs’ campaign for the World Bank presidency has already succeeded in highlighting the secretive, corrupt, and anti-democratic process by which the president is normally selected, as well as some of the major failings of the Bank itself. It is especially encouraging that a number of countries have been willing to confront the Obama administration by nominating or supporting him.

“President Obama wants to appoint a crony who will do what Treasury and Wall Street (pardon the redundancy) want the Bank to do. Sachs, on the other hand, wants the Bank to do more to help poor countries fight disease and poverty, and has a track record of doing this: including through the Global Fund to Fight AIDS, TB, and Malaria, the Millennium Villages Project, the Earth Institute, and other research and practical projects. He has also been a strong advocate for debt cancellation for developing countries and for stronger measures to combat climate change.”

Sachs has himself written an op-ed in the Washington Post: “How I Would Lead the World Bank” and has received the backing of numerous other individuals, from the prime ministers of Kenya, Namibia and Haiti, to noted economists such as Nouriel Roubini.

Filed Under: Resources: Trade, World Bank, IMF Tagged With: corporations, economy, World Bank,

High Gas Prices Are Here to Stay, Here’s Why

March 13, 2012

MICHAEL T. KLARE, via Leslie Brandon, leslie.brandon at hholt.com
Klare is a professor of peace and world security studies at Hampshire College and the author of the new book “The Race for What’s Left: The Global Scramble for the World’s Last Resources.” He just wrote the piece “A Tough-Oil World: Why Twenty-First Century Oil Will Break the Bank — and the Planet,” which states: “Oil prices are now higher than they have ever been — except for a few frenzied moments before the global economic meltdown of 2008. Many immediate factors are contributing to this surge, including Iran’s threats to block oil shipping in the Persian Gulf, fears of a new Middle Eastern war, and turmoil in energy-rich Nigeria. Some of these pressures could ease in the months ahead, providing temporary relief at the gas pump. But the principal cause of higher prices — a fundamental shift in the structure of the oil industry — cannot be reversed, and so oil prices are destined to remain high for a long time to come.

“In energy terms, we are now entering a world whose grim nature has yet to be fully grasped. This pivotal shift has been brought about by the disappearance of relatively accessible and inexpensive petroleum — “easy oil,” in the parlance of industry analysts; in other words, the kind of oil that powered a staggering expansion of global wealth over the past 65 years and the creation of endless car-oriented suburban communities. This oil is now nearly gone.

“The world still harbors large reserves of petroleum, but these are of the hard-to-reach, hard-to-refine, ‘tough oil’ variety. From now on, every barrel we consume will be more costly to extract, more costly to refine — and so more expensive at the gas pump. …

“As with the Deepwater Horizon disaster, oil extraction in deep-offshore areas and other extreme geographical locations will ensure ever greater environmental risks. After all, approximately five million gallons of oil were discharged into the Gulf of Mexico, thanks to BP’s negligence, causing extensive damage to marine animals and coastal habitats.

“Keep in mind that, as catastrophic as it was, it occurred in the Gulf of Mexico, where vast cleanup forces could be mobilized and the ecosystem’s natural recovery capacity was relatively robust. The Arctic and Greenland represent a different story altogether, given their distance from established recovery capabilities and the extreme vulnerability of their ecosystems. Efforts to restore such areas in the wake of massive oil spills would cost many times the $30-$40 billion BP is expected to pay for the Deepwater Horizon damage and be far less effective. …

“And don’t forget the final cost: If all these barrels of oil and oil-like substances are truly produced from the least inviting of places on this planet, then for decades to come we will continue to massively burn fossil fuels, creating ever more greenhouse gases as if there were no tomorrow. And here’s the sad truth: if we proceed down the tough-oil path instead of investing as massively in alternative energies, we may foreclose any hope of averting the most catastrophic consequences of a hotter and more turbulent planet.

“So yes, there is oil out there. But no, it won’t get cheaper, no matter how much there is. And yes, the oil companies can get it, but looked at realistically, who would want it?”

Tagged With: economy, Michael T. Klare,

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