Russia Made BILLIONS Exporting Oil. We Could Have Done The Same If Biden Didn't Destroy Our Oil Independence
Destroying progress is good if it profits foreign adversaries I suppose...
SCRIPTURE OF THE DAY:
For the whole Law is fulfilled in one word, in the statement, “You shall love your neighbor as yourself.”
- Galatians 5:14 NASB95
TODAY’S READS:
The Worse-than-Medieval Economics of Climate Technocrats - Mises Institute
Over 100 Rioters Attempt to Storm DNC HQ, Forcing Evacuation - American Greatness
The Catastrophic Death of Fairness - American Thinker
TODAY’S FINDS:
Get 65% OFF Ring Video Doorbell Bundle With Echo Show 5 For A Limited Time - Amazon
Ray-Bans Are on Sale For JUST $79 Right Now - Amazon
Get THOUSANDS Of Audio Books For Just $0.41 A DAY - Amazon
TODAY’S SUBSTACK:
BIDEN SHOULD LEARN FROM RUSSIA AND RESTRUCTURE THE ECONOMY AROUND FREE MARKETS INSTEAD OF KEYNESIAN THEORY
*footnotes can be found at the bottom of the post
While Biden systematically destroyed Trump’s oil setup, making the country dependent on OPEC once again, Russia has made tens of billions of dollars in oil. [1] The Western sanctions have failed as Russia and eastern countries established trade, and Keynesian economics has been, once again, disproven as a viable economic theory, as Russia simply sought to bolster their market trading rather than rely on aid money.
Russia is on track to make 75 billion dollars this year according to Bloomberg. [2] Meanwhile the U.S. is set to plummet 1.7 trillion dollars. [3]
It is plain to see that Keynesian economic theory has failed the United States, while a more Austrian trade policy has benefitted Russia greatly. In the midst of unprecedented sanctions, Russia responded the way any Austrian (and Classical) economist would have predicted and simply changed customers.
side note: there’s a reason Biden is destroying our oil production. It involves global superpowers like China funding his bank account. If you’ve ever wanted all the proof that Biden is taking money from the highest bidder, Red-Handed by Peter Schweizer is a must-read.
Meanwhile, the Biden Administration is continuing down the track of the Keynesian economist and, in the process, progressively bankrupting the economy. Each new bailout, union negotiation, and tax raise is just dogpiling onto the already massively high inflation rate and plunging the country further into debt.
But America hardly needs a lesson in Keynesian economics after the vaporous bailouts for the government-caused Great Recession. [4] Our economy had not actually recovered until January of 2017 when Trump went the Austruan route and began cutting taxes and reducing government regulations.
Too bad Trump didn’t learn, either, and helped inject trillions of dollars into the economy, the main cause of the 20%+ inflation in just 3 short years. [5]
But Russia didn’t stick to mass bailouts. Granted, the government is a monopoly there, so the economic situation is different. But one thing to understand is that macroeconomics is just microeconomics at the country-level. There is actually no such thing as a “national economy.” [6] A nation’s economy is made up of firms and buyers and sellers, who are all working independently.
In Russia, the government is simply the biggest firm, and it handles itself like any other big firm would: it trades, makes deals, and sells and buys products that it then resells to customers. This has proven successful, as they have a surplus in the midst of being sanctioned by the West.
Biden should learn from Russia and focus on allowing the market to work instead of trying to organize and control it like a Keynesian. In the three short years we followed Austrian economic policies, America’s economy boomed. Yeah, we had tariffs, and they did harm the economy overall, but outside of tariffs Trump made historically good decisions.
If we continue down the road we are continuing down, America WILL default. You can only print money for so long without consequences. The paper eventually becomes worth more than the number printed upon it, and, like in Germany during hyperinflation, the citizens abandon it for things that hold actual market value, like eggs and bread.
The Austrian theory explains it simply: the existence of money came about as a placeholder. It represents something everyone wants, thus allowing people to trade money instead of belongings. [7] But the second that money no longer represents something they want, it begins to lose its value, and America is slowly arriving at this moment.
Ever since leaving the gold standard, our money has gotten less and less valuable over time, and inflation progresses higher and higher. One day, it will he too high, and that will not fare well for America at all.
SOURCES:
[1] https://www.rt.com/business/587396-russia-current-account-sruplus-rise/
[3] https://www.nytimes.com/2023/10/20/business/treasury-report-shows-1-7-trillion-deficit.html
[4] https://mises.org/library/was-tarp-good-taxpayers
[5] https://mises.org/wire/current-us-economic-situation-austrian-viewpoint
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