Posts Tagged: Economics Results 32
The Bible says that the sins of the parents will be punished on the children, yea unto the seventh generation. The “sins” we are committing are embodied in the ever-mounting debt that our generation is incurring that will have to be paid off by our kids and their kids and so on and on. The debt is accumulating at an incredible rate.
Official sources inform us that the cost of our war in Iraq comes to $528 billion. There will be a projected $70 billion more for 2009.
The American economy is in trouble. It is not the first time. In the 1930s, the American economy sank into a depression. As a candidate for president, Franklin D. Roosevelt described the situation with “one third of the nation ill fed, ill clothed, ill-housed.” He took steps to revive the economy by creating jobs. They were jobs that needed doing but were not being done because, at the time, the private sector of the economy did not find them profitable.
Once upon a time when the sun never set on the British Empire, the crown jewel in the imperial crown was a country called India. There were many agricultural products that the empire derived from India, including opium. When the power loom for weaving textiles made its appearance, the native Indians started up a lively business. To the British Empire this was a direct threat to their textile trade. So the Brits proceeded to destroy the power looms.
The native Indians (not to be confused with the American Indians) turned to knitting textiles by hand. The British imperialists were not deterred. They cut off the thumbs of the native Indians so they could not knit textiles.
For many years, Uncle Sam was the big buyer in the world market. In part this was due to a “strong dollar ” A big buck could buy foreign goods inexpensively. It was also due to the outsourcing of production in countries with cheap labor. The finished product found a heavy market in the United States.
But now, it appears, that the American dollar is weak in global trade. The Wall Street Journal reports, “The U.S. dollar has grown weaker against the Euro, the British pound and other currencies.” This month the Euro rose to $1.39 cents.
In mankind’s struggle to head off the use of fossil fuels, the U.S., as well as other countries, have turned to the use of energy derived from plants. In the U.S., we have turned to ethanol, a corn derivative. Needless to say, the supply lags far behind the demand.
But now there is a new plant that may go a long way toward meeting mankind’s need for non-fossil fuels. Its name is Jatropha. It grows wild in India. It is an ugly plant. About the size of a golf ball, its seeds contain a yellowish liquid that can be converted into biodiesel.