Will Charles Hugh Smith put his money where his mouth his and buy a basket of commodities, whose prices would presumably increase if he is right. From Smith at oftwominds.com:
Who knew it would be so easy? All we have to do is collect urine and we’ll be flying our electric air taxi tomorrow!
While the private-jet crowd is busy selling a future of 1 billion electric vehicles, 1 billion windmills, 1 billion solar arrays, hundreds of thousands of electric aircraft, thousands of new nuclear power plants and trillions more in “wealth” accumulating in their bloated ledgers, reality is intruding on their technocratic fantasies.
The primary assumption of the private-jet crowd is that the developed world will continue to have a free pass to strip developing-world nations of their mineral wealth at the low, low cost of a bribe to the current kleptocrats in power and low, low wages paid to local workers. The profits will naturally flow to the private-jet crowd–it’s the Divine Right of Capital.
Knowledgeable readers assure me that the technologies of extracting resources have reached such heights that resources will continue to be low-cost. I have no doubt that technological advances have lowered the costs of extraction and opened access to deeper deposits, but I also have no doubt that the biosphere, physics, chemistry and geopolitics continue to set limits that no technological advancement can circumvent.
In the technocratic fantasy mindset, all that matters is the electricity that recharges the electric vehicle is “carbon-free.” The sources and quantities of energy required to fabricate the electric vehicle, pave the roads the vehicle travels on, etc. are conveniently ignored because the metals, plastics, glass, semiconductors, batteries, etc. needed to manufacture the vehicle require vast quantities of diesel fuel to power the mining equipment, transport the ore to be processed, then transported to the mills, then on to the factory, etc., vast quantities of coal to fire the smelting, vast quantities of fresh water for all these processes, vast quantities of electricity, very little of which is derived from nuclear or so-called renewable sources (all of which have to be replaced every 15 to 20 years), and so on.