MARIN COUNTY'S NEWS
MONTHLY - FREE PRESS
(415)868-1600 - (415)868-0502(fax) - P.O. Box 31, Bolinas, CA, 94924
Bernanke Paves the Way for Fossil Fuels, Nukes, "Trade Liberalization."
By Sandy LeonVest
In an August speech, Federal Reserve Chairman Ben Bernanke fell into line with the Bush Administration's "energy plan," endorsing nuclear and fossil fuel as alternatives to "US dependence on foreign sources of oil." The endorsement gives Wall Street the green light to continue infusing capital into fossil fuels and nuclear power.
In his speech, Bernanke, who has been Fed Chief for only two months, reiterated ex-Chairman Alan Greenspan's concerns over US dependence on (especially foreign sources of) oil. The new Fed Chief further stated he was concerned about inflation and the national budget deficit. Hinting at more working and middle class belt-tightening to come, Bernanke said he was [focused on] "the long[er] term structural entitlements challenge."
The political terrain for offshore drilling having been softened up this summer by the passage of S 3711 along with Wall Street's green light from the feds on nuclear, fossil fuel and "alternative technologies" is not good news for renewables. The message from the top: The Bush Administration is determined to stay the course with its 20th century energy plan, come what may. Look for its unveiling in the next few months.
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