You are browsing the archive for 2013 October 27.

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Apoplithorismosphobia is all the Rage

October 27, 2013 in Economics

By Mark Thornton

This New York Times article argues the the fear of deflation (i.e. apoplithorismosphia) is everywhere from major retail companies to the leaders of the Federal Reserve. Economist Kenneth Rogoff calls for a 400+% increase in CPI inflation for several years to come!

Here is a link to my article “Apoplithorismosphobia” in the Quarterly Journal of Austrian Economics

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Will Obama Ever Stand Up to the Oil Industry or Just Keep Bending?

October 27, 2013 in Blogs

By Bill McKibben, Tom Dispatch

To an increasingly disillusioned environmental movement, blocking Keystone looks like Obama's last chance.

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As the battle over the Keystone XL pipeline has worn on — and it’s now well over two years old — it’s illuminated the Obama presidency like no other issue. It offers the president not just a choice of policies, but a choice of friends, worldviews, styles. It’s become an X-ray for a flagging presidency. The stakes are sky-high, and not just for Obama. I’m writing these words from Pittsburgh, amid 7,000 enthusiastic and committed young people gathering to fight global warming, and my guess is that his choice will do much to determine how they see politics in this country.

Let us stipulate at the start that whether or not to build the pipeline is a decision with profound physical consequences. If he approves its construction, far more of the dirtiest oil on Earth will flow out of the tar sands of Alberta, Canada, and reach the U.S. Gulf Coast. Not just right away or for a brief period, but far into the future, since the Keystone XL guarantees a steady flow of profits to oil barons who have their hearts set on tripling production in the far north.

The history of oil spills and accidents offers a virtual guarantee that some of that oil will surely make its way into the fields and aquifers of the Great Plains as those tar sands flow south.  The greater and more daunting assurance is this, however: everything that reaches the refineries on the Gulf Coast will, sooner or later, spill into the atmosphere in the form of carbon, driving climate change to new heights.

In June, President Obama said that the building of the full pipeline — on which he alone has the ultimate thumbs up or thumbs down — would be approved only if “it doesn’t significantly exacerbate the problem of carbon pollution.”  By that standard, it’s as close to a no-brainer as you can get.

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