“The American phoenix is slowly rising again. Within five years or so, the US will be well on its way to self-sufficiency in fuel and energy. Manufacturing will have closed the labour gap with China in a clutch of key industries. The current account might even be in surplus.”
So it looks like my questions on oil shale were not that crazy after all. Shale gas apparently is having a larger impact at first but the two do seem to be related and if it is true that we can get energy independence this soon it would be a total game changer.
It is a bit funny to remember the happy lefties who were celebrating the 2008 crisis as the event that would turn power over to Europe. The EU crisis is possibly what has been holding our recovery in the first place, and the energy card might be the event that allows the US to ‘decouple’ from Europe. If that happens, the gap between the two continents will be even larger than it was before 2008.
Some people will get really upset with all of this! Damn yankees!