All It Takes Is Money
With enough money we can turn this desert in Kuwait...
...into something like this.
Or this beautiful part of West Texas...
into this mess...
In the case of the US shale oil phenomena, low interest money from credit has mistakenly caused pundits and oil analysts to lewd its "resilience." But what's resilient about going deeper and deeper into debt, or electing to stay in debt when the industry as a whole is probably paying something in the order of $15-18 billion of interest each year on that debt?
America needs its shale oil. We are ignoring its glaring problems, however, and that is not going to get those problems fixed. The US shale oil industry owes more money than the combined national debts of Russia and the Kingdom of Saudi Arabia.
That ain't good, pardnor. And make no mistake about it, shit will hit the fan.
"Honest money, the kind that cannot be created by making digital notations on a central bank’s balance sheet, is a scarce resource. It represents accumulated capital, including the time and sacrifices made to earn it. When spent, it is spent wisely.
Fake money, on the other hand, is squandered in the most incredible ways. Namely, fake money is squandered on fake businesses. By this, we mean businesses that provide products and services that wouldn’t otherwise exist without a seemingly endless supply of fake money."