There’s something wrong with that link to the P.J. O’Rourke article. Try this one:

http://money.ninemsn.com.au/ARTICLE.aspx?id=749833

http://www.youtube.com/watch?v=bk0RPkkAT9A

“I would expect food would not be a big problem outside of the cities.”

“Adam Smith saw it a long time ago, as a recent article by PJ O’Rourke shows:
http://money.ninemsn.com.au/article.aspx?id=749833”

“With regard to T-bill shorts and what to do, I am studying the situation and will report when I feel more sure of conclusions. It is more complicated than it may appear on the surface because what happens elsewhere has its own effect here. As things fall apart elsewhere America is seen as a safe haven – or at least it has been. If there is a trade war, where would you rather be? No matter how bad it gets here, it is usually worse in other places, and so as the worldwide crash continues, and capital flight ends up here – but the timing is terribly complicated. And then there’s Russia’s grand schemes….

I am working on it.”

WE must also consider China which is the only entity with enough cash to buy the T-Bills required to fund this whole Shamulus Socialist Bill.

My guess is that Dagny thinks that the “Red” part of the USA will survive while the cities will disintegrate into lawless impoverished areas. Without city buses, and other mass transit systems much of their populace will not get further than the suburbs. I would think that if you live in a metro area of less than 500,000 you will be okay. However, cash may well be of little use and your bank account may well disappear. Credit cards would certainly be of no use.

The President and Vice President of China are going all over the world in person to try to find customers for their export industry and sources for their raw materials. They are doing this to try to have any alternative to selling into the US and thus accumulating more dollars.

They are trying to stimulate domestic consumption but that won’t work. The rural folk are poor for a reason: they have no resources. Likewise much of the world they are visiting is poor, but in some cases they actually have resources (oil etc.).

Meanwhile, the head of their banking commission says “We hate you guys.” Literally. See http://ft.com/cms/s/0/ba857be6-f88f-11dd-aae8-000077b07658.html They also say they are sticking with T-bills because everything else is worthless. However they are buying resource companies wherever they can, such as Rio Tinto. They also have today come to a grand financial alliance etc. with Putin. Yes, they really do hate the US management for what they are about to do to the dollar.

Now another quote…
When the bubble pops, people go back to their roots. In America our roots are more individual, free market, and rational than the Argentine/Italian roots. Remember the mafia’s role in Italy. It is different here. Or at least so I hope.

I suspect there will be outrage at Obama and his ilk. Polls show real people are against the bailouts. Our election was a farce, but it may not be next time now that a sleeping giant awoke and found its clothes had been stolen.

Then there is this…
You may be right. But there is something else different today: The internet.

We have more communication and things that were swept under the rug then cause outrage today. Perhaps the truth will out… especially after Obama goes from being the Savior to being the Devil. He is failing miserably and those sucking at the teat will be very angry when it dries up.

and finally this…
The people of China are free marketers, but the rulers are not. If there was going to be a melt down, it should have happened over the New Year holiday. Perhaps it can still happen, but expect protectionism until the revolution comes. They will buy our lumber, minerals etc., but not our goods.

Here is the real trump card, China is the only entity who can finance the Porkulus Socialism Bill, but they have to create around 25 million new jobs each year or all hell will break loose. There are riots happening all over China and Russia as well speak, and have been for several months now.

Kermit, another interesting read, indeed.