Great piece, thanks. I was amused by the peach analogy because it is apt in more ways than just that. One of our horses has a weird taste for green peaches, and he has managed to remove all that he can reach from the trees around the house. He spits out the pits with a little flesh on them and the chickens pounce happily, chasing each other around to steal tidbits from each other. The trees aren’t doing as well because last year the goats nibbled enough bark off two of them to kill several large branches. Doesn’t that sound a great deal like what is going on in the banking business?! All we have to do is assign roles for the players. I guess Bernanke gets to be the horse.

As or biodiesel…a very bad idea all around and quite unnecessary. That’s the hard, expensive, destructive way to get fuel, particularly for an old diesel truck that will run on any sort of used oil you pour into it including filtered motor oil that is now disposed of at large cost.

Funny how the old ways turn out to be sensible, such as accumulating your daughter’s dowry one gaudy gold bracelet at a time…

Regards,

LBT