The mine, and its associated railroad and port, are a toxic mix of long-term (CO2) and immediate (reef-killing dredging) environmental consequences. It's so bad that Australia's major insurers will not write a policy for the project:
The Obama administration inherited a vast economic crisis. They responded with Quantitative Easing, pumping trillions into the finance sector to rescue the banks that had knowingly gambled on bad mortgages, losing so much they were about to go under.
At the time, deficit hawks predicted inflation, which is a commonsense prediction: inflation is what happens when the amount of money chasing goods and services goes up faster than the supply of those goods and services, creating bidding wars.
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They were right...and wrong. What we got was asset bubbles, especially in housing markets, driving up the price of putting a roof over your head rewarding speculators and landlords, especially Wall Street landlords.
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