May 12, 2012—SnyderTalk Editorial: Trying to Hide the Truth by Mixing Energy Policy and Fiscal Policy

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Trying to Hide the Truth by Mixing Energy Policy and Fiscal Policy

As the economy was slumping in June 2011, the International Energy Agency announced that it would make 60 million barrels of oil from global strategic stockpiles available to the market.  Most of it came from the US Strategic Petroleum Reserve (SPR).  That may have sounded like a good idea, but it wasn’t.  It showed how desperate President Obama was to make it look as though he was doing something to stimulate the economy.

The SPR is supposed to be available in case of an emergency.  There was no emergency, so why was the oil released?  There is only one logical answer.  President Obama was trying to stave off criticism and improve his chances for re-election in 2012.

Keep in mind that the in June 2011 the Federal Reserve (i.e., the Fed) had already completed Quantitative Easing (QE) 1 and 2, and the Fed was in no position to implement QE3.  QE is nothing but gimmickry.  It boils down to this.  Our central bank, the Fed, prints money in one office and borrows it in another office.  It’s analogous to a person who has no money but has two checking accounts writing a check from one empty account to the other empty account so he can pay his bills with the bogus money in the second account.  In the real world, we call it check kiting, and it’s illegal.  In the fantasy world that Washington has become, it’s not just legal.  It’s regarded as good economic policy.

Releasing oil from the SPR was a dangerous substitute for QE3, and it didn’t work.  QE is based on fatally flawed economic thinking, and so was the SPR release.  I’m tempted to say that releasing oil from the SPR proved once and for all that President Obama has lost his bearings, but I won’t because you can’t lose something you never had.  The economy is in a very precarious position, and President Obama is flailing around like a drowning person trying to delay the inevitable.

President Obama’s decision to release oil from the SPR made matters worse because the market always wins in the end.  Oil will reach the price where supply and demand are in equilibrium.  Nothing a president does can prevent it from happening.  The same is true for real estate prices.  Eventually, supply and demand will drive home prices to equilibrium, and government interventions to shore up real estate prices do nothing but postpone the agony at a huge cost to taxpayers.

President Obama had the opportunity at the beginning of his presidency to do something substantive, but he squandered it on giveaways to people and organizations that supported his candidacy in 2008—unions in particular.  He must have believed that the economy would recover on its own and that throwing our money away on things that were not stimulative would have no material effects.  His lavish giveaways wasted more than $2 trillion; the economy didn’t recover enough because our money was misused; and now President Obama has very few options left.  His much heralded stimulus/jobs proposal in September 2011 was just as foolhardy as his other forays into government largess as a substitute for sound economic policy.

The problem boils down to this.  Congress can’t or won’t cut spending enough and/or raise taxes enough to make a noticeable difference in our long-term financial outlook; global economic growth remains sluggish; and several European countries led by Greece face insolvency.  According to recent reports, the United States has just a few years left before we will face financial catastrophe as well.  After 3 years in office, President Obama has done nothing to improve our situation.  The next president will have no choice but to tackle the real issues.  If he or she fails to do it, we are in serious trouble.

The clock is ticking, and President Obama continues to ignore serious solutions preferring instead to use sleight-of-hand.  That’s exactly what releasing oil from the SPR was.  It was similar to the “shovel-ready projects” that Obama promised in 2008 which in 2011 he freely admitted never existed.  We can’t trust him to do the right thing because he has no idea what the right thing is.  I could even say that in his liberal progressive fantasy world there is no such thing as the right thing.

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To see other SnyderTalk editorials, click here.

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Thomas Jefferson

“For here we are not afraid to follow the truth wherever it may lead, nor to tolerate any error so long as reason is left free to combat it.”

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Lamentations 2: 7-8

In the days of her affliction and homelessness Jerusalem remembers all her precious things that were from the days of old, when her people fell into the hand of the adversary and no one helped her.  The adversaries saw her, they mocked at her ruin.  Jerusalem sinned greatly, therefore she has become an unclean thing.  All who honored her despise her because they have seen her nakedness; even she herself groans and turns away.

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Blessings in the Book of Revelation is a book that you need to read, especially now.  There are blessings throughout the Scriptures but Revelation is the only book in the Bible actually containing a specific blessing for reading it. It’s repeated twice, once at the beginning and again at the end. This is the reason that I believe Revelation should be the first step toward studying biblical prophecy. Though not easy to do, Revelation can be broken down and understood by anyone, not just the academic elite. So, Revelation’s blessings are for everyone.  Click here to order the eBook.  Click here to order the paperback.

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Falsely Accused is a true story about a young woman who was accused of committing a double homicide.  It’s about a travesty of justice, and it reveals Yahweh intervening in the life of a believer to rescue her from danger in the face of seemingly insurmountable odds.  Everyone will enjoy the book, but young people in particular need to read it because the mistakes made that led to the problem could have been avoided.  They were the kinds of mistakes that young people are prone to make.  As they say, forewarned is forearmed.  Click here to order the eBook.  Click here to order the paperback.

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If You Voted for Obama in 2008 to Prove You’re Not a Racist, You Need to Vote for Someone Else in 2012 to Prove You’re Not an Idiot explains why voters in the United States need to elect someone besides Barack Obama to lead them.  Whoever is elected President of the United States in 2012 will have to contend with the monumental problems that Obama’s misguided policies have caused both at home and abroad.  One thing is certain, though.  It should not be Barack Obama.  Click here to order the eBook.  Click here to order the paperback.

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