When, what to my wondering eyes should appear,
But a miniature sleigh, and eight tiny reindeer,
With a little old driver, so lively and quick,
I knew in a moment it must be St. Nick.
There has to be more to it, doesn’t there? Doesn’t this “Santa” guy have some ulterior motive?
The story of today is the price of oil. A month ago it looked as though it couldn’t go any lower as US wells were pegged to a production price of about $80 per barrel. Now, it’s at $60 per barrel. There are signs that many US wells will indeed keep operating as improvements in efficiency and a lower operating cost once the sunk costs once well is started leave room for more profit even at this low price. Cheap oil may be here to stay longer than we thought.
But with that, we still have the problems in Russia. The Ruble has fallen off a cliff, a problem often blamed on the price of oil. It’s deeper than that, and the flailing Russian response has in some ways made things worse. The currency has lost about 60% of its value in one year, versus about 40% for oil.
That’s not to say there aren’t threats as well as opportunities in the US beyond oil itself. Cheap oil changes a lot of games, and is worth thinking through.
As is so often the case today, bad news is good news. Sen. Elizabeth Warren (D-MA) had a terrible loss when an important provision of the Dodd-Frank financial reform was weakened over her very vocal objections, slipped into the critical budget deal when no one was supposed to be looking. But if you read the press, it was good for her because it increased her stature at a time when calls for her to run for President are only getting louder.
There are now two prominent calls for her to run, one by MoveOn and another independent one pushed by a group of major Obama backers. A true hero usually heeds the third call. The way the press is writing her story, that’s about to come. What does it all mean?
Christmastime stories all have a touch of magic in them. From spirits of Christmas past, present, and future to a real Santa Claus the light of the season becomes real through some divine spark that illuminates a life. But all of these fairy stories dim in comparison to one with a much lighter touch of providence acting only through the hearts and arms of men. And this story is also true.
The time is a century ago, near St Yves, France. The Great War has stalled into the mud as Germans and English have dug in yards apart. The men of both sides shiver as December settles deep into the trenches. Hired on as murderers, the stench of death around them, they chose instead for a few days to be something much more. For a brief moment, they even become friends.
The Senate report on CIA torture has been released. It will be a hot political topic for some time to come, and the use of torture will likely have its defenders.
That’s a terrible problem, because many fundamental principles of our great nation have been violated through the practices used. The release of this information has indeed shamed us, but only a truly great nation can admit its mistakes and correct them. We will get through this, but more to the point we have to make sure that this never happens again.