Right now the US is erecting tariff walls because petro has put it a huge competitive disadvantage on the cost of goods. That will only get worse. Other nations going green will have through battery backed solar alone what amounts to almost free energy. The economics on battery backed solar are better than what could be reasonably expected from mature hot fusion. Figure at least 20x savings on the cost of energy on a per household basis and even better in other sectors. At the same time those nations will eliminate their petrol intake especially from US exports. The hit to the US economy may be roughly as follows: 160 billion in loss of exports from petrol fuel energy, 400 billion in petrol welfare that will still have to be covered (petrol has always been a pure welfare case) another 220 billion in revenues that other countries will not be paying that add to the cost disadvantage in the US but to the cost advantage elsewhere.
The US is a 20 trillion a year economy but expect the rest of the world to be a lot less sympathetic to stupid wars for petrol bailouts- I can even imagine countries with petrol assets saying to the US- come and take it for free we don't give a damn about it anymore because its worthless- that will be part of the implosion of the petrol regime in the US it will be incredibly clear not just that the assets of the books of firms that deal in petrol are worthless due to economic and political stranding of those assets (with the obvious implication of foreseeable fraud) but that will come to be reflected in the stock values with the ripple effect to the NYSE and NASDAQ and to US T Bills and reserve status- the petrol dollar is over. All of this completely foreseeable for decades.
A lot of the US economy is fraud or just non-productive baggage i.e., the useless speculation in health insurance. But this will be a trillion dollar a year hit to the US economy that will squeeze vital public sector services unless Green is allowed to go forward in a way that keeps the US competitive. But worse is all that insurance of bad petrol debt and the hit to pensions with pensions held hostage by petrol BS take because of criminal bets on petrol. All that sequestration nonsense and secrecy and huge increase in the DOD budget is likely just a prop up of petrol welfare. At this point petrol welfare is financial treason- it always was back to 1950 but especially after 1970.
Put another way, petrol is a corrupting 14% (rough guess) hit per year on the global economy. The rest of the world will be opting out of that drag. That will be like running on a 114%/100 basis. It will be like adding 14% profits to everything they do before they even start against the US trading. Petrol fuel/energy has been the road to economic ruin since 1950 but now it will destroy the US economy possibly permanently at least for relative to people alive today, even as it has already flamed out social mobility and radically undermined the US standard of living and quality of life since 1970. This is not even considering the destruction of US good will over US petrol imperialism since 1950.
The alternative is to make the petrol barons pay the bill that is due now even if it means the full disgorgement of every bit of their ill-gotten gain leaving them nothing but lifetimes of debt. We must not socialize the cost here- not more criminal austerity, what is called for is justice.
The US is a 20 trillion a year economy but expect the rest of the world to be a lot less sympathetic to stupid wars for petrol bailouts- I can even imagine countries with petrol assets saying to the US- come and take it for free we don't give a damn about it anymore because its worthless- that will be part of the implosion of the petrol regime in the US it will be incredibly clear not just that the assets of the books of firms that deal in petrol are worthless due to economic and political stranding of those assets (with the obvious implication of foreseeable fraud) but that will come to be reflected in the stock values with the ripple effect to the NYSE and NASDAQ and to US T Bills and reserve status- the petrol dollar is over. All of this completely foreseeable for decades.
A lot of the US economy is fraud or just non-productive baggage i.e., the useless speculation in health insurance. But this will be a trillion dollar a year hit to the US economy that will squeeze vital public sector services unless Green is allowed to go forward in a way that keeps the US competitive. But worse is all that insurance of bad petrol debt and the hit to pensions with pensions held hostage by petrol BS take because of criminal bets on petrol. All that sequestration nonsense and secrecy and huge increase in the DOD budget is likely just a prop up of petrol welfare. At this point petrol welfare is financial treason- it always was back to 1950 but especially after 1970.
Put another way, petrol is a corrupting 14% (rough guess) hit per year on the global economy. The rest of the world will be opting out of that drag. That will be like running on a 114%/100 basis. It will be like adding 14% profits to everything they do before they even start against the US trading. Petrol fuel/energy has been the road to economic ruin since 1950 but now it will destroy the US economy possibly permanently at least for relative to people alive today, even as it has already flamed out social mobility and radically undermined the US standard of living and quality of life since 1970. This is not even considering the destruction of US good will over US petrol imperialism since 1950.
The alternative is to make the petrol barons pay the bill that is due now even if it means the full disgorgement of every bit of their ill-gotten gain leaving them nothing but lifetimes of debt. We must not socialize the cost here- not more criminal austerity, what is called for is justice.