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Andrew Tobias

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Andrew Tobias
Andrew Tobias

Money and Other Subjects

Orders of Magnitude

August 14, 2014August 12, 2014

MUCH BIGGER THAN A BREAD BOX

Two and a half fascinating minutes (thanks, Glenn).  It starts small — a little thing called the moon — and grows from there.  Go ahead: marvel.

CATS AND DOGS

John Seiffer:  “A line early in the Sidecar Dogs film trailer you posted — ‘It’s the best day of his life every time he gets in the side car’ — reminded me of this which I’m sure you’ve seen.”

☞ No!  Hadn’t seen it.  I love it: a dog’s diary contrasted with a cat’s diary.  Go ahead: try not to smile.

CORRECTION

Matt Wilbert:  “I just now read your August 5 post.  I am pretty sure that one of your specific points is wrong, and because this particular point has been widely misunderstood, I thought I should flag it for you.  The US is not exporting more oil than it is importing. It is not even close to exporting more than it is importing. Depending upon how you calculate it, we are probably producing about 65% of our current consumption, and net imports make up the rest. I am not sure why people think differently. It is true that we are now a net exporter of refined petroleum products, and that our net imports are now smaller than domestic production, so perhaps people are confusing these things.  See here.”

☞ Matt is right.  Here‘s a thoughtful overview.  US crude production is up by 50% since 2008, and there are other trends that may eventually lead to energy independence, but it’s still a ways off.  And of course we’d much rather reach it through increased efficiency (conservation) and increased production of clean energy (solar and wind, e.g.) — solar roadways! — than through (say) fracking near aquifers.  And of course, I’m not arguing that President Obama was more crude-oil-friendly than George W. Bush, or that he somehow triggered these production gains.  But that post was in response to Mitch McConnell’s outlandish assertion — in prepared remarks, so not a slip of the tongue — that “By any standard, Barack Obama has been a disaster for our country.”  As he might have been if over-regulation of the oil industry had cut their domestic production.  But, no: the industry if booming on Obama’s watch.  Go ahead: help retire Mitch McConnell.

 

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"Money is a singular thing. It ranks with love as man’s greatest source of joy. And with death as his greatest source of anxiety. Over all history it has oppressed nearly all people in one of two ways: either it has been abundant and very unreliable, or reliable and very scarce."

John Kenneth Galbraith, The Age of Uncertainty

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