I Have a T-Bone to Pick...

(I had worried about the cheesiness of the title, but c'mon, it employs all three aspects of his name. Good enough for blogging work, I say.)

Most people with access to media have by now heard about T. Boone Pickens' "Plan to Escape the Grip of Foreign Oil." He has rightly been excoriated; my peeps at IER do so here. But like the adversaries of the father in Firestarter, I have had a phrase bouncing around in my head that will soon cause it to explode. I hope that this blog post relieves the pressure.

Anyway, here is the claim that is driving me crazy:

As imports grow and world prices rise, the amount of money we send to foreign nations every year is soaring. At current oil prices, we will send $700 billion dollars out of the country this year alone — that's four times the annual cost of the Iraq war. Projected over the next 10 years the cost will be $10 trillion — it will be the greatest transfer of wealth in the history of mankind.

I have seen people point out that the US federal government will take more than $10 trillion from US taxpayers over the next decade, and that's certainly correct. But I think the mistake in Pickens' argument is even deeper than its lack of imagination.

The fundamental flaw is this: Importing oil doesn't represent a wealth transfer. In exchange for our $10 trillion in cash, the rest of the world is giving us oil. And how much oil, you ask? Why, $10 trillion worth. Ain't that grand!

To see how ludicrous Pickens' claim is, we could easily imagine T. Buhn Piqenz in Saudi Arabia telling his brothers: "Why are we going to send the infidels $10 trillion of our oil over the next decade! That is the biggest transfer of wealth since the Six-Day War!"


  1. Anonymous8:03 PM

    Welcome to wow gold our wow Gold and wow power leveling store. We wow gold are specilized, wow power leveling professional and reliable wow power leveling website for wow power leveling selling and wow gold service. By the World of Warcraft gold same token,we offer wow power leveling the best WoW service wow power leveling for our long-term and wow powerleveling loyal customers. wow powerleveling You will find wow powerleveling the benefits and value powerleveling we created powerleveling different from other sites. As to most people, power leveling they are unwilling to power leveling spend most of wow power leveling the time wow gold grinding money Rolex for mounts or rolex replica repair when replica rolex they can purchase Watches Rolex what they Rolex Watches are badly need. The Watch Rolex only way is to look Rolex Watch for the best place rs gold to buy cheap WOW gold. Yes! You find it here! Our WoW Gold supplying service has already accumulated a high reputation and credibility. We have plenty of Gold suppliers, which will guarantee our delivery instant. Actually, we have been getting Runescape Gold tons of postive feedbacks from our loyal RuneScape Money customers who really appreciate our service.

  2. Anonymous10:04 PM



    A片,色情,成人,做愛,情色文學,A片下載,色情遊戲,色情影片,色情聊天室,情色電影,免費視訊,免費視訊聊天,免費視訊聊天室,一葉情貼圖片區,情色,情色視訊,免費成人影片,視訊交友,視訊聊天,視訊聊天室,言情小說,愛情小說,AIO,AV片,A漫,av dvd,聊天室,自拍,情色論壇,視訊美女,AV成人網,色情A片,SEX






Post a Comment

Popular posts from this blog

Central Planning Works!

Fair's fair!

More college diversity and tolerance