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I know that not many of you are fans of The Guardian (an admittedly bad habit I have been trying to wean myself off for years). I thought many of you though would enjoy this article from end-of-globalisation, apocalypse now James Kunstler in today's edition

http://www.guardian.co.uk/globalisation/st...1542027,00.html

"The American suburban juggernaut can be described succinctly as the greatest misallocation of resources in the history of the world. The mortgages, bonds, real estate investment trusts and derivative financial instruments associated with this tragic enterprise must make the judicious goggle with wonder and nausea."

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He certainly is a vivid writer.

I sympathise with his view but as it stands, however, it seems more like a polemic than a reasoned argument.

I would have to buy his book (which, of course, is exactly the point)

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ive read the first paragraph and its interesting.,

can i just say that the idea of the whole world economy geared to producing cheap gas guzzling SUVs for and plasmas for US consumption is so absurd it has to fail at some point.

instead of investing in renewable energy and sustainable food supplies we are wasting all the energy and raw materials on consumer goods.

it must end in tears.

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ive read the first paragraph and its interesting.,

can i just say that the idea of the whole world economy geared to producing cheap gas guzzling SUVs for and plasmas for US consumption is so absurd it has to fail at some point.

instead of investing in renewable energy and sustainable food supplies we are wasting all the energy and raw materials on consumer goods.

it must end in tears.

When I lived there (and the same experience in Australia) it was difficult not to think everyday about the vast lakes of petrol being consumed just to do the most trivial things, in those countries I never had a car less than 4 litres and most people didn't even know how to use public transport. You couldn't exist without multiple big cars.

The vast sprawl can't be reversed easily, both Melbourne and Washington DC (inc. Maryland and Virginia) where I was are basically endless urbanisation as far as can be imagined and beyond.

Maybe he's right but hopefully not yet.

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I'll admit that it's been seven years since I was last in America but back then the Americans I was working with refused to believe that I drove a 2 litre car that developed 160BHP.

They honestly thought I was lying. It would take a much larger capacity engine in an American car to develop the same power. If I remember correctly it is because the petrol they use had a much lower octane rating - I think this means it's not as refined as our petrol.

If this is true (and I admit it was a long time ago) then no wonder they are all running around in such gas guzzlers.

I also remember laughing when they quoted the MPG on an SUV as GPM.

Back then it was funny.

It aint so funny now.

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Guest Riser

The canary in the mine Aug 4th 2005 From The Economist Global Agenda

Now, however, that economic strength seems to be flagging. In the 12 months to the second quarter of this year, the economy grew by only 1.7%, its slowest rate in 12 years; the manufacturing sector is now in recession. Surveys report low levels of business confidence, mounting household debt and slower consumer spending.....

If Britain’s economy does not perk up, however, this could spell trouble not only for the Bank, which will have a tough time steering between the Scylla of stagnation and the Charybdis of inflation, but for the world at large. The world remains far too dependent on American consumer demand for its economic growth. And American consumer demand, like that in Britain, has in recent years been far too dependent on rising house prices and steadily increasing debt to finance spending. Britain could turn out to be the canary in the mine that tells central bankers—especially the Fed’s Alan Greenspan and his yet-to-be-named successor—what happens to an economy when consumers finally reach their credit limit.

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Edited by Riser

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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