Market Summary

Gold Chart

Silver Chart


Silvercorp Metals

Click Here to View Website

 


SNS Precious Metals

Click Here to View Website

The Wallace Street Journal

This Ain't Obama's Katrina


June 18, 2010

By David Bond, Editor
Silverminers Dot Com

Wallace, Idaho " The video on the bottom corner of every TV show shows this serpentine belch of crude oil from the basement of the Gulf of Mexico, puking wretched murk 24/7 like a cable news channel. It is an enduring, if hardly endearing vision, but unless you turn the lobotomy box off, there it is.

Just as disrupting as the unending vomit from the ocean floor is the equally unappetizing effluvium from the Talking Heads, who are scratching their heads and wondering if, vis-a-vis George Bush, this might be Barrack Obama's Hurricane Katrina.

(Let us set aside, for a moment, our thoughts on the utterly inconsequential nature of the life and brief reign of Barrack Obama. He will have come and gone, a caricature of Jimmy Carter, full of calculating hope and change but in the end signifying nothing except to emphasize that, like Carter repeatedly did, that he is not his predecessor. America, like the great oceans, is a self-correcting mechanism. We've had charlatans like this in charge before, and we'll have them again. Yes, they can muck things up for awhile, but anyone with a decent long-gun close at hand has nothing to fear in the long run.)

But what the Talking Heads miss is that this disaster in the Gulf does not even beg a comparison between a pair of crypto-nazis who briefly occupied, rent-free, the Executive Mansion, to emit their brief destructions of human decency. Regrettably, this association is far worse. BP's busted oil rig is not Barrack's Katrina. It is the U.S. petroleum industry's Three Mile Island. And that is the scary part.

Three Mile Island, the March 28, 1979 nuclear reactor accident near Harrisburg, Pennsylvania, resulted in no injuries and no emissions of harmful radiation to the civilian population, but it was spectacular theatre. Despite numerous human screw-ups and 1960s-grade, pre moon-launch slide-rule engineering, it was a non-event. However, the nuclear industry's misfortune was that earlier in that same month, a Jane Fonda and Michael Douglas movie entitled The China Syndrome, which depicted a fictional account of a runaway nuclear reactor going into “meltdown mode” hit the movie-houses. The China Syndrome scared the bejeezus out of people about nuclear energy, then lo and behold, 12 days later, an operating nuke powerplant in Pennsylvania failed well within its containment area and vented a little excess steam and captured the imagination of every journalism school graduate in the country.

(The 1976 Teton Dam collapse here in Idaho killed 11 people; 11 more than were killed, hurt or injured at Three Mile Island " just for a little historical perspective.)

However, Three Mile Island brought to a screeching halt America's ability to deliver energy via nuclear generation.  Thanks to legal challenges by the same moneyed and pie-eyed crowd that would bring mining in the U.S. to a halt, not a single new nuclear plant in this country has been approved through to licensing since Three Mile Island.

France, darling of this country's greenie-left, gets a full 79 percent of all of its electrical power from nukes. By comparison, the U.S. gets a mere 20 percent of its juice from nuclear power, with absolutely no hope of getting any more in the foreseeable future although, curiously, even the Greenazis now embrace nuclear generation as a sensible alternative to burning fossil fuels for energy.

Now comes the Deepwater Horizon disaster " and it is a tragedy, considering that it killed as many people as the Teton Dam burst. Deepwater Horizon is the oil industry's Three Mile Island. Its aftermath will be commandeered by the greenies and the politicians as proof that we must drill no further, on land or at sea, for fossil fuel energy. Obama shut down further land and sea oil exploration in the Lower 48 and in Alaska, just as his vanilla counterpart did for nukes in 1979.

So, no domestic nukes and no more domestic oil. And, if the Usurper has his way, no coal, either, despite our needs and despite our immense local resources. This is the way of warmongers, not genuine environmentalists. Only warmongers would wish the United States of America to become dependent upon the Ottomans in the Arabian Peninsula for our survival. But under Democrat or Republican rule, dependant we are.