******************** POSTING RULES & NOTES ******************** #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. *****************************************************************
Not to mention Pedro's prediction of slowing economic growth from energy shortages. Like so many (remember the late Mark Jones on this list?), there was a tendency to view resource (and particularly oil) exploitation as a technical question of physical availability (that was Hubbert's error) without factoring in the role of the capitalist profit drive in finding new ways to develop new sources (e.g. fracking, which now makes the US the largest oil producer globally, or close to it). Oil production continues to increase, as does the use of fossil-fuel energy. That's capitalism... -----Original Message----- From: Marxism [mailto:marxism-boun...@lists.csbs.utah.edu] On Behalf Of Patrick Bond via Marxism Sent: Thursday, June 27, 2019 12:13 PM To: rfid...@ncf.ca Subject: Re: [Marxism] Camejo and Shawki ******************** POSTING RULES & NOTES ******************** #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. ***************************************************************** On 2019/06/27 3:58 PM, Louis Proyect via Marxism wrote: > > I'm working on an article about the ex-ISO right now and accessed this > article I wrote in 2004 for background. > > http://www.columbia.edu/~lnp3/mydocs/american_left/CamejoShawki.htm > _________________________________________________________ On Camejo: "He pointed to the likelihood that the United States has either reached the Hibbert curve or will soon do so. This means that the rate of economic growth will be slowed by energy shortages. We are also facing a situation in which home ownership has become a kind of savings plan for most working people, as house values increase as a result of cheap mortgage rates induced by low inflation rates. When rising energy costs leads to an inflationary spike, home values will begin to sharply decrease. The consequence might be massive consumer default and bankruptcy." This is a line of argument I'm not too familiar with, but it's plausible since the oil price hit $145/barrel in 2008 (before crashing to $35 within a few months). But I thought the general correlation of inflation to real estate was opposite to what's posited below (i.e., inflationary spikes allow real estate to hold value better than other commodity forms). Also, my sense of 2007-08 mortgage defaults in the U.S. was much more based upon the Exploding Adjustable Rate Mortgage phenomenon (a low-interest baiting, then switching to high rates after a few years), which especially hit African American neighborhoods, as well as those who were engaged in real estate flips coming up to the top of the Kuznets property cycle in particular locales in the U.S. Southwest, Florida and a few vulnerable cities. But I stand to be corrected. Has anyone revisited this? _________________________________________________________ Full posting guidelines at: http://www.marxmail.org/sub.htm Set your options at: https://lists.csbs.utah.edu/options/marxism/rfidler%40ncf.ca _________________________________________________________ Full posting guidelines at: http://www.marxmail.org/sub.htm Set your options at: https://lists.csbs.utah.edu/options/marxism/archive%40mail-archive.com