Saturday, October 17, 2009
The Joker in the deck for that Inuit Circumpolar Council is Russia. Putin has a vested interest in seeing to it that Alaskan North Slope oil is not developed, that North American shale, tar sands and coal are not developed and that Greenland does not produce oil. When we hear a stupid idea we should ask cui bono?
Resource dependency is a real problem. Most wealth generated from extraction is stolen or wasted on a consumption binge. What is needed is a strong sense of cultural values that encourages people to use the income as finance capital for investment in human capital and then in industrial infrastructure.
Without all their oil the Norwegians would be just poor ignorant fisherman whose opinions about world peace deserved to be ignored, but with oil they are rich ignorant dhimmis whose opinions deserve to be ignored. If the Inuit hire BHOs crack team of financial advisors they can be confident that several trillion dollars worth of oil can be safely extracted and made to vanish like it had never existed.
(who argued correctly why the oil industry did not hurt the US)
Regarding the sanctity of contracts, a couple of small cases slipped by under the radar recently that you might want to look up. They may be cited in some obscure journals but the records are most likely being stored in a trunk in a old vehicle left at the impound yard. Just dig for the files labeled GM and Chrysler.
Oct 18, 2009 - 8:03 pm