Friends,
I had a brush with death last week when my Hoverround got stuck in the ice and I fell out and was exposed to freezing temperatures for about 12 hrs before Mrs. Blunderdoss came by and found my nearly lifeless body. My thumb and toes on my left side are gone due to frost bite, but my mind is clear. I have been taking hand fulls of hydrocodone to control the pain. Thank God for these little pleasure pills! Many of my associates out here in Cedar Grove have asked me why the heck we don't just drill for oil here in America and tell the A-rabs to shove all that black crude up their behooties! Well, drilling here in America would be bad for business. Here's why:
Recent world oil consumption is about 90 million barrels per day before the most recent unpleasantness aka, the recession. By international accord all transactions for oil purchases have to be in US Dollars, and only our staunch ally, Iran, will sell their oil in Euro's. This means that at current levels of oil consumption and prices at about $70 per barrel, about $6,300,000,000
are used daily to pruchase petroleum, this translates to about $2,300,000,000,000 read 2.3 trillion US dollars in play each year. Good way to get your currency out there and flowing around the world. The Federal Reserve Bank states that the M1, or supply of liquid money in your pocket or non-savings bank accounts is only 1.3 trillion dollars. M2 is the non-liquid money in savings and money market account which is not as fluid is reportedly at 7.4 trillion dollars.
M1 + M2 is an eye popping 8.7 trillion dollars, but the yearly oil money wheel is over 1/4 of the total of M1 and M2! If oil is not traded in dollars in the future, a lot of money will make its way back home the good old US of A and this may be inflationary! I believe congress knows why we are addicted to foreign oil. We love to spend our money and keep it out there in that geat money wheel. We consume about 25% of the worlds oil for now, but China and India are making a run on it. This is why there are so many poor people in America. Oil, filthy, sticky, stinky, disgusting oil and the dollars that are kept off shore by its acquisition.
Next I will explain how to balance the federal budget painlessly and over night.
Thank you for all the cards and letters wishing a speedy recovery. Your prayers are helping.
Jack D. Maybolt, PhD
Chief Ecconomist Urban Poverty Law Center
"Children who are not dead should be seen and not heard! Children who are dead do not listen anyway." Mother Maybolt, 1928-2008.
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