Why Paul Krugman is Panicking

[BootinUp]

“I’m in a bit of a panic … even in purely economic terms,” says Paul Krugman.

He isn’t panicking because Donald Trump called him a “lightweight thinker” and a “deranged bum”. In fact, Krugman thinks that it is “evidence that I am doing something right”.

He also isn’t panicking because, despite writing daily criticism of the US president, he does not yet consider himself a serious target for persecution. “Ask me in two-and-a-half years. Let’s not be hysterical yet,” he says soberly. He is, he reasons, “some ways down the list.”

One of the two reasons Krugman is panicking: “Six million barrels a day. That is the rate at which global oil stocks are currently running down.”

The Strait of Hormuz — through which roughly 20 million barrels of oil passed daily before Trump and Israel launched strikes on Iran — has been closed for 83 days. Brent crude is hovering around $106 a barrel. The price reflects jawboning (cough, market manipulation, cough) by the US government, massive injections from global reserves, and hope.

Even if the Strait reopens tomorrow, that hope is ignoring physical reality. Iranian strikes have torn through the Gulf’s energy backbone — oilfields and pipelines in Saudi Arabia, Qatar’s Ras Laffan, the world’s largest LNG complex. Repairs alone will take years.

Continued
https://open.substack.com/pub/eliasrutten/p/why-paul-krugman-is-panicking

[NJCher]

1. this is why

I have set up my gardens the way I have. I anticipate not being able to visit them very often, so the plants have a deep mulch. They should carry through until I can bike over to see them.

One garden is 4 miles away, the other 2.8.

I might be able to get a community gardener who lives in the neighborhood to water them.

Around here people are behaving like it's business as usual. You would never guess gas is nearly $5 a gallon. Cars/SUVs all over the streets and I know plenty of people who went out of town for Memorial Day.

I wish they would forestall the shortage by doing an odd/even license plate system like they did back in one of the other gas shortage periods we had.

[multigraincracker]

2. This month I've been averaging about 5 miles a week.

Most of my trips are by foot. Getting my healthy steps in.

[UpInArms]

3. Trying to keep my miles to a minimum

It’s an issue, as I am 35 miles from a decent grocery store

We usually shop for one or two weeks

[slightlv]

4. I used the shop the grocery store like that...

one or two weeks worth of food at a time. These days, even if I run in for "just a few things" I need to cook supper that night, the bill rarely comes in at under $75. I simply can't afford it. We hit the hard wall this weekend. We're down to one meal a day, and charging cat food on the credit card. I'm simply losing my mind. This is NOT how I was taught to use credit, nor how I ever used it before in my life. I'm trying to tell myself I'll be dead when they come after me, but that's not really all that comforting...

[UpInArms]

5. It is harder each week

The only thing that is making it less bad is our garden

Nothing from it yet, really, but some fresh spinach and lettuce and radishes

Hoping for enough to put some away for winter

[slightlv]

6. We specifically bought this house because of all the trees in the yard.

Even in the worst heat, if there's any breeze it's cool enough to sit outside and enjoy it. The one big downside I hadn't considered... there isn't ONE piece of land that's not shaded here... no sun means no garden. I know, because I tried in various places a few years in a row.

I've gotten into some of the hydro grow for herbs, etc. Haven't tried for anything larger than that, but I have some seeds and pods waiting for me to start it up again. Physically and emotionally, I just haven't felt like it. I know it's depression but it seems like no amount or type of antidepressant can undo the damage done to my psyche by trump and co. Even the duo I successfully used for years for depression and anxiety don't seem to help anymore. We just have to get rid of trump. There's no other solution to the ills in this country. And even that is just a start; but it would be a good symbolic one.