Quote of the day—Glenn Reynolds

Fracking: Helping Middle America at the expense of dictators. No wonder lefties hate it.

Glenn Reynolds
January 15, 2016
FRACKING: IMPOVERISHING THE SAUDIS AND RUSSIANS AND IRANIANS WHILE PUTTING MONEY IN AMERICAN POCKETS.
[I could add more reasons but I can see this being a significant component. Of course they wouldn’t put it in terms of “expense of dictators”. <sarcasm> The dictators are really representatives of the people in an utopian seeking country and U.S. capitalists are harming “the people” to satisfy corporate greed. </sarcasm>—Joe]

4 thoughts on “Quote of the day—Glenn Reynolds

  1. Last year, it is estimated, the Mideast oil countries (plus Nigeria, Venezuela & Russia) lost $390 Billion due to decreased oil prices. This year the loss is estimated at $500 Billion. These losses are unsustainable to any except the richest country, Saudi Arabia, and maybe an emirate or two.

    Look for higher oil prices, in the $60 to $80 range, by year’s end.

    • If they were free societies their oil revenue “losses” (surely they’re still making money from selling oil, and so it’s a reduction in profit and not a “loss” at all) would be offset by a thousand other industries. Their problem, among many others, is that they’ve relied so heavily on that one asset. Can anyone name anything at all, industry-wise, that comes from the Middle East or the socialist countries in South America? OK, drugs, chocolate and coffee. Any industrial, creative/productive output of even minor global significance?

      How many brand names or new inventions can you name, without searching, that originated in those places? The closest I can get is Zildjian cymbals out of Turkey, and they’re a 400 year-old company. Anything from the 20th century? A few brands of tequila and beer from Mexico I suppose.

      • For that matter, few inventions come out of Europe these days, for the same reason.
        My reaction to this loss of income is “Wonderful! Maybe that will cut into terrorist funding some.”
        As for support of dictators, it’s pretty clear from the historic record that most politicians like dictators. I suppose that’s because they are envious. Also in particular, the State Department appears never to have met a dictator it didn’t like and wanted to support. Consider how hard the State Department fought against Truman deciding to recognize Israel. Fortunately they lost, but that sort of thing isn’t common enough by a long shot.

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