Today’s economic challenges exacerbated by Ponzi schemes
By Ronald Stein
To begin with, we have the ongoing national debt Ponzi scheme being perpetrated on US taxpayers. The unsustainable national debt is the elephant in the room that the ruling class and the media refuse to talk about.
Under President George W Bush, the national debt doubled, from $5 to $10 trillion. President Barack Obama said, “hold my beer” doubling it again under his 8-year term from $10 to $20 trillion. Under President Donald Trump, the debt still crept upwards, but COVID pushed it into the stratosphere, with relief funds and paying Americans to not work. President Joe Biden has kept his foot on the accelerator and now with the national debt clock exceeding $31 trillion, there is with no sign of slowing, much less stopping.
The national debt Ponzi scheme is resulting in inflation and shortages in perpetuity.
The recent collapse of the FTX cryptocurrency crisis has earned its previous CEO Sam Bankman-Fried comparisons with Bernie Madoff, a Wall Street financier who ran the largest Ponzi scheme in history. The FTX now-former CEO had unintentionally described crypto staking or yield farming as essentially a Ponzi scheme.
Today, we have an ongoing “green” Ponzi scheme of net zero emissions by ridding the world of the fossil fuels whose manufactured products, fuels, pesticides, and fertilizers, caused the world to populate from 1 to 8 billion in less than 200 years, right AFTER the discovery of oil, in favor of wind and solar that CANNOT MANUFACTURE anything for society.
Like the national debt, the unsustainable reduction in products from fossil fuels that support the world is another elephant in the room that the ruling class and the media refuse to talk about.
Today, we have 8 billion on this planet that are surviving because of all the products, fuels, pesticides, and fertilizers MANUFACTURED from fossil fuels.
Today, the NEEDS of those 8 billion are increasing for everything that is manufactured from fossil fuels to stay alive. As more come out of poverty, the demand for those manufactured items is accelerating.
The green movement has no plan to replace all that is manufactured from fossil fuels, just a plan to only generate electricity from breezes and sunshine.
Interesting, everything that needs electricity is made with the oil derivatives manufactured from crude oil, including all the parts of wind turbines, solar panels, and EV vehicles. In an all-electric world, there will be nothing to power without oil!
Like the national debt Ponzi, the shortages of the products, fuels, pesticides, and fertilizers MANUFACTURED from fossil fuels will also contribute to shortages and further inflation in perpetuity.
Thus, we may get to the net-zero emissions society that we had in the 1800’s when there were no coal-fired power plants, no natural gas power plants, and no crude oil to be manufactured at refineries into usable products, but with a few billion less people on this planet that will die from starvation, diseases, and weather-related fatalities.
Ronald Stein is an engineer, senior policy advisor on energy literacy for CFACT, and co-author of the Pulitzer Prize nominated book “Clean Energy Exploitations.”