Ellen Brown

The shadow bailout: How big banks bilk US towns and taxpayers

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The “toxic culture of greed” on Wall Street was highlighted again last week, when Greg Smith went public with his resignation from Goldman Sachs in a scathing oped published in the New York Times.; In other recent eyebrow-raisers, LIBOR rates–the benchmark interest rates involved in interest rate swaps–were shown to be manipulated by the banks that would have to pay up; and the objectivity of the ISDA (International Swaps and Derivatives Association) was called into question, when a 50% haircut for creditors was not declared a “default” requiring counterparties to pay on credit default swaps on Greek sovereign debt.

America: crossing the line

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Understand the economics of empire, and you understand what drives the rise and fall of the imperial trejectory America is following right now. That understanding requires a willingness to let go of the economic notions of the mainstream as well as those of the alternative scene, to test received ideas against the touchstone of history, and to pay close attention to the gap between what industrial economies are supposed to do, and what they do in the real world. The late 19th century, as America moved toward global empire, offers a clear test case.

Preparing for the unimaginable

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One of the lessons of Nassim Taleb’s The Black Swan is that the events that have caused the greatest changes (and collectively most of the substantive change) to our civilization and our way of life were completely unexpected, unpredictable “black swan events. His new book argues that rather than trying to plan and prepare for a future we can’t predict, we should do things that improve our resilience, and create systems that are “anti-fragile”. Unlike most fragile, complicated human-made systems, “anti-fragile” systems (such as evolution and other complex natural systems) actively adapt to, learn from and benefit from upheaval and dramatic change.

Hard Times: Nicole Foss

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In Extraenvironmentalist #38 we talk about living in hard times with Nicole Foss of The Automatic Earth. Nicole tells us about the Canadian housing bubble and why the initial collapse might just be faster than the one America experienced in 2005. Seth and I ask about what life was like in the Great Depression and how the process of labor exploitation may continue into the near future. We ask Nicole if misunderstandings about economic collapse could have us preparing for the wrong thing.

If only we had free energy

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I thought I’d do a thought experiment. Suppose tomorrow morning a hypothetical university—let’s call it T.I.M.—sends out their weekly press release claiming a “revolutionary breakthrough” that will change the way we think about energy. Unlike every other time in the past decade they’ve made this claim, though, suppose this time it’s actually true: they’ve discovered a way of producing extremely cheap energy—as near to “free energy” as can be imagined.

The Peak Oil Crisis: Parsing the Bakken

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As we have seen with the Bakken and the various natural gas bearing shales we have been drilling of late, it takes an awful lot of expensive wells and environmental disruption to get the oil out. One estimate of the Energy Returned on Energy Investment (EROEI) for the Bakken shale suggests that the EROEI is six. This means that it may take one oil barrel’s worth of energy to produce six barrels of Bakken shale oil. This is getting very close to the theoretical point at which it really is not worth the effort and all the economic disruption.

The aspect of this “energy independence” story that the optimists continue to ignore is that, while oil production from shale may be climbing, depletion of our other sources of oil continues apace

Executive order – National defense resources preparedness

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Last Friday, with little publicity, President Obama signed a national preparedness executive order that gives US government (USG) cabinet agencies the ability to exercise total control over what are essentially all the resources of the USA.

In my humble opinion, this could also be the USG’s way of telling us that it knows Peak Oil has arrived, and that the age of energy and resource scarcity has officially begun.
(suggested by an EB reader)

Oil, politics, talk and reality- Mar 21

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-Saudi Arabia Can Raise Output 25% If Needed, Naimi Says
-Tech Talk – Going Back to the First Look at Saudi Arabian Oil Production
-Saudi Arabia sends tankers to US with pledge to bring down oil price
-FACT CHECK: Does more US drilling ease gas pump pain? Math, history show that hasn’t happened
-Tapping Petroleum Reserve has gotten trickier
-US exempts Japan and EU nations from Iran oil sanctions

MOSES Conference: Growing the next generation of farmers

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Strength in numbers! More than 3,600 farmers strong gathered for the Midwest Organic and Sustainable Education Service (MOSES) conference in La Crosse, Wisconsin the last weekend in February, and it was an amazing experience. The conference featured keynotes by food policy expert Margaret Krome and Food Corps director Curt Ellis, a cornucopia of training opportunities focused on all aspects of organic farming, and a special “Young Organic Stewards” track for newcomers and beginning farmers with specialized workshops and social events.

The great, invisible brain wave in the sky

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I am convinced that the seething cauldron of human thought boils up in the ethereal atmosphere of ideas, a process made more substantive now by electronic communication gone wild, and that more seemingly creative people have taller antennae jutting out from behind their ears to pick up on the latest notions and theories floating around in the great brain hovering over us.

Tackling inequality: a new role for the state

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In the last thirty years, a rising share of the global economic pie has been colonised by the world’s rich. It is this concentration of income that is the real cause of the present crisis. It created the conditions for the 2008 Crash and is now driving us into an era of near-permanent slump.