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Many of us in the Long Emergency crowd and like-minded
brother-and-sisterhoods remain perplexed by the amazing stasis in our
national life, despite the gathering tsunami of forces arrayed to rock our
economy, our culture, and our politics. Nothing has yielded to these forces
already in motion, so far. Nothing changes, nothing gives, yet. It’s
like being buried alive in Jell-O. It’s embarrassing to appear so
out-of-tune with the consensus, but we persevere like good soldiers in a just
war.
Paper and digital markets levitate, central
banks pull out all the stops of their magical reality-tweaking machine to
manipulate everything, accounting fraud pervades public and private
enterprise, everything is mis-priced, all official
statistics are lies of one kind or another, the regulating authorities sit on
their hands, lost in raptures of online pornography (or dreams of future
employment at Goldman Sachs), the news media sprinkles wishful-thinking
propaganda about a mythical “recovery” and the “shale gas
miracle” on a credulous public desperate to believe, the routine
swindles of medicine get more cruel and blatant each month, a tiny cohort of
financial vampire squids suck in all the nominal wealth of society, and
everybody else is left whirling down the drain of posterity in a vortex of
diminishing returns and scuttled expectations.
Life in the USA is like living in a
broken-down, cob-jobbed, vermin-infested house that needs to be gutted,
disinfected, and rebuilt — with the hope that it might come out of the
restoration process retaining the better qualities of our heritage. Some of
us are anxious to get on with the job, to expel all the rats, bats, bedbugs,
roaches, and lice, tear out the stinking shag carpet and the moldy
sheet-rock, rip off the crappy plastic siding, and start rebuilding along
lines that are consistent with the demands of the future — namely, the
reality of capital and material resource scarcity. But it has been apparent
for a while that the current owners of the house would prefer to let it fall
down, or burn down rather than renovate.
Some of us now take that outcome for granted
and are left to speculate on how it will play out. These issues were the
subjects of my recent non-fiction books, The Long Emergency and
Too Much Magic (as
well as excellent similar books by Richard Heinberg,
John Michael Greer, Dmitry Orlov, and others). They
describe the conditions at the end of the cheap energy techno-industrial
phase of history and they laid out a conjectural sequence of outcomes that
might be stated in shorthand as collapse and re-set. I think the delay in the
onset of epochal change can be explained pretty simply. As the peak oil story
gained traction around 2005, and was followed (as predicted) by a financial
crisis, the established order fought back for its survival, utilizing its
remaining dwindling capital and the tremendous inertia of its own gigantic
scale, to give the appearance of vitality at all costs.
At the heart of the matter was (and continues
to be) the relationship between energy and economic growth. Without
increasing supplies of cheap energy, economic growth — as we have known
it for a couple of centuries — does not happen
anymore. At the center of the economic growth question is credit. Without
continued growth, credit can’t be repaid, and new credit cannot be
issued honestly — that is, with reasonable assurance of repayment
— making it worthless. So, old debt goes bad and the new debt is
generated knowing that it is worthless. To complicate matters, the new
worthless debt is issued to pay the interest on the old debt, to maintain the
pretense that it is not going bad. And then all kinds of dishonest side
rackets are run around this central credit racket — shadow banking,
“innovative” securities (i.e. new kinds of frauds and swindles,
CDOs CDSs, etc.), flash trading, insider flimflams, pump-and-dumps, naked
shorts, etc. These games give the impression of an economy that seems to
work. But the reported “growth” is phony, a concoction of
overcooked statistics and wishful thinking. And the net effect moves the
society as a whole in the direction of more destructive ultimate failure.
Now, a number of stories have been employed
lately to keep all these rackets going — or, at least, keep up the
morale of the swindled masses. They issue from the corporations, government
agencies, and a lazy, wishful media. Their purpose is to prop up the lie that
the dying economy of yesteryear is alive and well, and can continue
“normal” operation indefinitely. Here are the favorites of the past year:
- Shale oil
and gas amount to an “energy renaissance” that will keep
supplies of affordable fossil fuels flowing indefinitely, will make us
“energy independent,” and will make us “a bigger
producer than Saudi Arabia.” This is all mendacious bullshit with
a wishful thinking cherry on top. Here’s how shale oil
is different from conventional oil:
 
- A
“manufacturing renaissance” is underway in the US,
especially in the “central corridor” running from Texas
north to Minnesota. That hoopla is all about a few chemical plants and
fertilizer factories that have reopened to take advantage of cheaper
natural gas. Note, the shale gas story is much
like the shale oil story in terms of drilling and production. The
depletion rates are quick and epic. In a very few years, shale gas
won’t be cheap anymore. Otherwise, current talk of new
manufacturing for hard goods is all about robots. How many Americans
will be employed in these factories? And what about the existing
manufacturing over-capacity everywhere else in the world? Are we making
enough sneakers and Justin Beiber dolls? File
under complete fucking nonsense.
- The USA is
“the cleanest shirt in the laundry basket,” “the best
house in a bad neighborhood,” the safest harbor for international
“liquidity,” making it a sure bet that both the equity and
bond markets will continue to ratchet up as money seeking lower risk
floods in to the Dow and S & P from other countries with dodgier
economies and sicker banks. In a currency war, with all nations
competitively depreciating their currencies, gaming interest rates,
manipulating markets, falsely reporting numbers, hiding liabilities,
backstopping bad banks, and failing to regulate banking crime, there are
no safe harbors. The USA can pretend to be for a while and then that
illusion will pop, along with the “asset” bubbles that
inspire it.
- The USA is
enjoying huge gains from fantastic new “efficiencies of
technological innovation.” The truth is not so dazzling. Computer technology, produces diminishing returns and
unanticipated consequences. The server farms are huge energy sinks.
Online shopping corrodes the resilience of commercial networks when only
a few giant companies remain standing; and so on. Problems like these
recall the central collapse theory of Joseph Tainter
which states that heaping additional complexity on dysfunctional
hyper-complex societies tends to induce their collapse. Hence, my
insistence that downscaling, simplifying, re-localizing and re-setting
the systems we depend on are imperative to keep the project of
civilization going. That is, if you prefer civilization to its known
alternatives.
Notice that all of these stories want to put
over the general impression that the status quo is alive and well.
They’re based on the dumb idea that the stock markets are a proxy for
the economy, so if the Standard & Poor’s 500 keeps
on going up, it’s all good. The master wish running through the
American zeitgeist these days is that we might be able to keep driving to
Wal-Mart forever.
The truth is that we still have a huge,
deadly energy problem. Shale oil is not cheap oil, and it will stop seeming
abundant soon. If the price of oil goes much above $100 a barrel, which
you’d think would be great for the oil companies, it will crash demand
for oil. If it crashes demand, the price will go down, hurting the
profitability of the shale oil companies. It’s quite a predicament.
Right now, in the $90-100-a-barrel range, it’s just slowly bleeding the
economy while barely allowing the shale oil producers to keep up all the
drilling. Two-thirds of all the dollars invested (more than $120 billion a
year) goes just to keep production levels flat. Blogger Mark Anthony
summarized it nicely:
…the shale oil and gas developers tend to use unreliable
production models to project unrealistically high EURs (Estimated Ultimate
Recovery) of their shale wells. They then use the over-estimated EURs to
under-calculate the amortization costs of the capital spending, in order to
report “profits”, despite of the fact that they have to keep
borrowing more money to keep drilling new wells, and that capital spending
routinely out paces revenue stream by several times… shale oil and gas
producers tend to over-exaggerate productivity of their wells, under-estimate
the well declines…in order to pitch their investment case to banks and
investors, so they can keep borrowing more money to keep drilling shale
wells.
As stated in the intro, these perversities
reverberate in the investment sector. Non-cheap oil upsets the mechanisms of
capital formation — financial growth is stymied — in a way that
ultimately affects the financing of oil production itself. Old credit cannot
be repaid, scaring off new credit (because it is even more unlikely to be
repaid). At ZIRP interest, nobody saves. The capital pools dry up. So the
Federal Reserve has to issue ersatz credit dollars on its computers. That
credit will remain stillborn and mummified in depository institutions afraid
of lending it to the likes of sharpies and hypesters
in the shale gas industry.
But real, functioning capital (credit that
can be paid back) is vanishing, and the coming scarcity of real capital makes
it much more difficult to keep the stupendous number of rigs busy drilling
and fracking new shale oil wells, which you have to do incessantly to keep
production up, and as the investment in new drilling declines, and the
“sweet spots” yield to the less-sweet spots or the
not-sweet-at-all spots… then the Ponzis of
shale oil and shale gas, too will be unmasked as the jive endeavors they are.
And when people stop believing these cockamamie stories, the truth will dawn
on them that we are in a predicament where further growth and wealth cannot
be generated and the economy is actually in the early stages of a permanent
contraction, and that will trigger an unholy host of nasty consequences
proceeding from the loss of faith in these fairy tales, going so far as the
meltdown of the banking system, social turmoil, and political upheaval.
The
bottom line is that the “shale revolution” will be short-lived.
2014 may be the peak production year in the Bakken
play of North Dakota. Eagle Ford in Texas is a little younger and may lag Bakken by a couple of years. If Federal Reserve policies
create more disorder in the banking system this year, investment for shale
will dry up, new drilling will nosedive, and shale oil production will go
down substantially. Meanwhile. conventional oil
production in the USA continues to decline remorselessly.
The End of Fed Cred
It must be scary to be a Federal Reserve
governor. You have to pretend that you know what you’re doing when, in
fact, Fed policy appears completely divorced from any sense of consequence,
or cause-and-effect, or reality — and if it turns out you’re not
so smart, and your policies and interventions undermine true economic
resilience, then the scuttling of the most powerful civilization in the
history of the world might be your fault — even if you went to Andover
and wear tortoise-shell glasses that make you appear to be smart.
The Fed painted itself into a corner the last
few years by making Quantitative Easing a permanent feature of the financial
landscape. QE backstops everything now. Tragically, additional backdoor
backstopping extends beyond the QE official figures (as of December 2013) of
$85 billion a month. American money (or credit) is being shoveled into
anything and everything, including foreign banks and probably foreign
treasuries. It’s just another facet of the prevailing pervasive
dishonesty infecting the system that we have no idea, really, how much money
is being shoveled and sprinkled around. Anything goes and nothing matters.
However, since there is an official consensus that you can’t keep QE
money-pumping up forever, the Fed officially made a big show of seeking to
begin ending it. So in the Spring of 2013 they announced their intention to
“taper” their purchases of US Treasury paper and mortgage paper,
possibly in the fall.
Well, it turned out they didn’t or
couldn’t taper. As the fall equinox approached, with everyone keenly
anticipating the first dose of taper, the equity markets wobbled and the
interest rate on the 10-year treasury — the index for mortgage loans
and car loans — climbed to 3.00 percent from its May low of 1.63
— well over 100 basis points — and the Fed chickened out. No
September taper. Fake out. So, the markets relaxed, the interest rate on the
10-year went back down, and the equity markets resumed their grand ramp into
the Christmas climax. However, the Fed’s credibility took a hit,
especially after all their confabulating bullshit “forward
guidance” in the spring and summer when they couldn’t get their
taper story straight. And in the meantime, the Larry-Summers-for-Fed-Chair
float unfloated, and Janet Yellen
was officially picked to succeed Ben Bernanke, with her reputation as an
extreme easy money softie (more QE, more ZIRP), and a bunch of hearings were
staged to make the Bernanke-Yellen transition look
more reassuring.
And then on December 18, outgoing chair
Bernanke announced, with much fanfare, that the taper would happen after all,
early in the first quarter of 2014 — after he is safely out of his
office in the Eccles building and back in his bomb shelter on the Princeton
campus. The Fed meant it this time, the public was
given to understand.
The only catch here, as I write, after the
latest taper announcement, is that interest on the 10-year treasury note has
crept stealthily back up over 3 percent. Wuh-oh.
Not a good sign, since it means more expensive mortgages and car loans, which
happen to represent the two things that the current economy relies on to
appear “normal.” (House sales and car sales = normal in a
suburban sprawl economy.)
I think the truth is the Fed just did too
darn much QE and ZIRP and they waited way too long to cut it out, and now
they can’t end it without scuttling both the stock and bond markets.
But they can’t really go forward with the taper, either. A rock and a hard
place. So, my guess is that they’ll pretend to taper in March, and then
they’ll just as quickly un-taper. Note the curious report out
of the American Enterprise Institute ten days ago by John H. Makin saying
that the Fed’s actual purchase of debt paper amounted to an average $94
billion a month through the year 2013, not $85 billion. Which
would pretty much negate the proposed taper of $5 billion + $5 billion
(Treasury paper + Mortgage paper).
And
in so faking and so doing they may succeed in completely destroying the
credibility of the Federal Reserve. When that happens, capital will be
disappearing so efficiently that the USA will find itself in a compressive
deflationary spiral — because that’s what happens when faith in
the authority behind credit is destroyed, and new loans to cover the
interest on old loans are no longer offered in the non-government banking
system, and old loans can’t be serviced. At which point the Federal
Reserve freaks out and announces new extra-special QE way above the former
2013 level of $85 billion a month, and the government chips in with currency
controls. And that sets in motion the awful prospect of the dreaded
“crack-up boom” into extraordinary inflation, when dollars turn
into hot potatoes and people can’t get rid of them fast enough. Well,
is that going to happen this year? It depends on how spooked the Fed gets. In
any case, there is a difference between high inflation and hyper-inflation.
High inflation is bad enough to provoke socio-political convulsion. I
don’t really see how the Fed gets around this March taper bid without
falling into the trap I’ve just outlined. It wouldn’t be a pretty
situation for poor Ms. Janet Yellen, but nobody
forced her to take the job, and she’s had the look all along of a
chump, the perfect sucker to be left holding a big honking bag of flop.
We’re long overdue for a return
to realistic pricing in all markets. The Government and its handmaiden, the
Fed, have tweaked the machinery so strenuously for so long that these efforts
have entered the wilderness of diminishing returns. Instead of propping up
the markets, all they can accomplish now is further erosion of the
credibility of the equity markets and the Fed itself — and that bodes
darkly for a money system that is essentially run on faith. I think the
indexes have topped. The “margin” (money borrowed to buy stock)
in the system is at dangerous, historically unprecedented highs. There may be
one final reach upward in the first quarter. Then the equities crater, if not
sooner. I still think the Dow and S &P could oversell by 90 percent of
their value if the falsehoods of the post-2008 interventions
stopped working their hoodoo on the collective wishful consciousness.
The worldwide rise in interest rates holds
every possibility for igniting a shitstorm in
interest rate swaps and upsetting the whole apple-cart of shadow banking and
derivatives. That would be a bullet in the head to the TBTF banks, and would
therefore lead to a worldwide crisis. In that event, the eventual winners
would be the largest holders of gold, who could claim to offer the world a
trustworthy gold-backed currency, especially for transactions in vital
resources like oil. That would, of course, be China. The process would be
awfully disorderly and fraught with political animus. Given the fact that
China’s own balance sheet is hopelessly non-transparent and part-and-parcel
of a dishonest crony banking system, China would have to use some powerful
smoke-and-mirrors to assume that kind of dominant authority. But in the end,
it comes down to who has the real goods, and who screwed up (the USA, Europe,
Japan) and China, for all its faults and perversities, has the gold.
The wholesale transfer of gold tonnage from
the West to the East was one of the salient events of 2013. There were lots
of conspiracy theories as to what drove the price of gold down by 28 percent.
I do think the painful move was partly a cyclical correction following the
decade-long run up to $1900 an ounce. Within that cyclical correction, there
was a lot of room for the so-called “bullion banks” to pound the
gold and silver prices down with their shorting orgy. Numerous times the past
year, somebody had laid a fat finger on the “sell” key, like, at
four o’clock in the morning New York time when no traders were in their
offices, and the record of those weird transactions is plain to see in the
daily charts. My own theory is that an effort was made — in effect, a
policy — to suppress the gold price via collusion between the Fed, the
US Treasury, the bullion banks, and China, as a way to allow China to
accumulate gold to offset the anticipated loss of value in the US Treasury
paper held by them, throwing China a big golden bone, so to speak — in
other words, to keep China from getting hugely pissed off. The gold crash had
the happy effect for the US Treasury of making the dollar appear strong at a
time when many other nations were getting sick of US dollar domination,
especially in the oil markets, and were threatening to instigate a new
currency regime by hook or by crook. Throwing China the golden bone is also
consistent with the USA’s official position that gold is a meaningless
barbaric relic where national currencies are concerned, and therefore nobody
but the barbaric yellow hordes of Asia would care about it.
Other nations don’t feel that way.
Russia and Switzerland have been accumulating gold like crazy at bargain
prices this year. Lat year, Germany requested its
sovereign gold cache (300 tons) to be returned from the vaults in America,
where it was stored through all the decades of the cold war, safe from the
reach of the Soviets. But American officials told the Germans it would take
seven years to accomplish the return. Seven years !
! ! WTF? Is there a shortage of banana boats? The sentiment in goldville is that the USA long ago “leased”
or sold off or rehypothecated or lost that gold.
Anyway, Germany’s 300 tons was a small fraction of the 6,700 tons
supposedly held in the Fed’s vaults. Who knows? No auditors have been
allowed into the Fed vaults to actually see what’s up with the
collateral. This in and of itself ought to make the prudent nervous.
I think we’re near the end of these
reindeer games with gold, largely because so many vaults in the West have
been emptied. That places constraints on further shenanigans in the paper
gold (and silver) markets. In an environment where both the destructive
forces of deflation and inflation can be unleashed in sequence, uncertainty
is the greatest motivator, trumping the usual greed and fear seen in markets
that can be fairly measured against stable currencies. In 2014, the public
has become aware of the bank “bail-in” phenomenon which, along
with rehypothication schemes, just amounts to the
seizure of customer and client accounts — a really new wrinkle in
contemporary banking relations. Nobody knows if it’s safe to park cash
money anywhere except inside the mattress. The precedent set in Cyprus, and
the MF Global affair, and other confiscation events, would tend to support an
interest in precious metals held outside the institutional framework. Uncertainty rules.
Miscellany
I get a lot of email on the subject of Bitcoin. Here’s how I feel about it.
It’s an even more abstract form of
“money” than fiat currencies or securities based on fiat
currencies. Do we need more abstraction in our economic lives? I
don’t think so. I believe the trend will be toward what is real. For
the moment, Bitcoin seems to be enjoying some
success as it beats back successive crashes. I’m not very comfortable
with the idea of investing in an algorithm. I don’t see how it is
impervious to government hacking. In fact, I’d bet that somewhere in
the DOD or the NSA or the CIA right now some nerd is working on that. Bitcoin is provoking imitators, other new computer
“currencies.” Why would Bitcoin
necessarily enjoy dominance? And how many competing algorithmic currencies can
the world stand? Wouldn’t that defeat the whole purpose of an
alternative “go to” currency? All I can say is that I’m not
buying Bitcoins.
Will ObamaCare
crash and burn. It’s not doing very well so far. In fact, it’s a
poster-child for Murphy’s Law (Anything that can go wrong, will
go wrong). I suppose the primary question is whether they can enroll enough
healthy young people to correct the actuarial nightmare that health insurance
has become. That’s not looking so good either now. But really, how can
anyone trust a law that was written by the insurance companies and the
pharmaceutical industry? And how can it be repealed when so many individuals,
groups, companies, have already lost their pre-ObamaCare
policies? What is there to go back to? Therefore, I’d have to predict
turmoil in the health care system for 2014. The failure to resolve the
inadequacies of ObamaCare also may be a prime
symptom of the increasing impotence of the federal government to accomplish
anything. That failure would prompt an even faster downscaling of governance
as states, counties, communities, and individuals realize that they are on
their own.
Sorry to skip around, but a few stray words
about the state of American culture. Outside the capitals of the “one
percent” — Manhattan, San Francisco, Boston, Washington, etc.
— American material culture is in spectacular disrepair. Car culture
and chain store tyranny have destroyed the physical fabric of our communities
and wrecked social relations. These days, a successful Main Street is one
that has a wig shop and a check-cashing office. It is sickening to see what
we have become. Our popular entertainments are just what you would design to
produce a programmed population of criminals and sex offenders. The spectacle
of the way our people look —overfed, tattooed, pierced, clothed in the
raiment of clowns — suggests an end-of-empire zeitgeist more disturbing
than a Fellini movie. The fact is, it simply mirrors
the way we act, our gross, barbaric collective demeanor. A walk down any
airport concourse makes the Barnum & Bailey freak shows of yore look
quaint. In short, the rot throughout our national life is so conspicuous that
a fair assessment would be that we are a wicked people who deserve to be
punished.
Elsewhere in the World
Globalism, in the Tom Friedman euphoric
sense, is unwinding. Currency wars are wearing down the players, conflicts
and tensions are breaking out where before there were only Wal-Mart share
price triumphs and Foxconn profits. Both American
and European middle-classes are too exhausted financially to continue the
consumer orgy of the early millennium. The trade imbalances are horrific.
Unpayable debt saturates everything. Sick economies will weigh down commodity
prices except for food-related things. The planet Earth has probably reached
peak food production, including peak fertilizer. Supplies of grain will be
inadequate in 2014 to feed the still-expanding masses of the poor places in
the world.
The nervous calm in finance and economies
since 2008 has its mirror in the relative calm of the political scene.
Uprisings and skirmishes have broken out, but nothing that so far threatens
the peace between great powers. There have been the now-historic revolts in
Egypt, Libya, Syria, and other Middle East and North African (MENA) states.
Iraq is once again disintegrating after a decade of American
“nation-building.” Greece is falling apart. Spain and Italy
should be falling apart but haven’t yet. France is sinking into
bankruptcy. The UK is in on the grift with the USA and insulated from the
Euro, but the British Isles are way over-populated with a volatile
multi-ethnic mix and not much of an economy outside the financial district of
London. There were riots in — of all places — Sweden this year.
Turkey entered crisis just a few weeks ago along with Ukraine.
I predict more colorful political
strife in Europe this year, boots in the street, barricades, gunfire, and
bombs. The populations of these countries will want relief measures from
their national governments, but the sad news is that these governments are
broke, so austerity seems to be the order of the day no matter what. I think
this will prod incipient revolts in a rightward nationalist direction. If it
was up to Marine LePen’s rising National Front
party, they would solve the employment problem by expelling all the recent
immigrants — though the mere attempt would probably provoke widespread
race war in France.
The quarrel between China and Japan over the Senkaku Islands is a diversion from the real action in
the South China Sea, said to hold large underwater petroleum reserves. China
is the world’s second greatest oil importer. Their economy and the
credibility of its non-elected government depends on
keeping the oil supply up. They are a long way from other places in the world
where oil comes from, hence their eagerness to secure and dominate the South
China Sea. The idea is that China would make a fuss over the Senkaku group, get Japan and the US to the negotiating
table, and cede the dispute over them to Japan in exchange for Japan and the
US supporting China’s claims in the South China Sea against the other
neighbors there: Vietnam, Indonesia, Malaysia, and the Philippines.
The catch is that Japan may be going
politically insane just now between the rigors of (Shinzo)
Abenomics and the mystical horrors of Fukushima.
Japan’s distress appears to be provoking a new mood of nationalist
militarism of a kind not seen there since the 1940s. They’re talking
about arming up, rewriting the pacifist articles in their constitution.
Scary, if you have a memory of the mid-20th century. China should
know something about national psychotic breaks, having not so long ago
endured the insanity of Mao Zedong’s Cultural Revolution (1966-71). So
they might want to handle Japan with care. On the other hand, China surely
nurtures a deep, deadly grudge over the crimes perpetrated by Japan in the
Second World War, and now has a disciplined, world-class military, and so
maybe they would like to kick Japan’s ass. It’s a hard one to
call. I suspect that in 2014, the ball is in Japan’s court. What will
they do? If the US doesn’t stay out of the way of that action, then we
are insane, too.
That said, I stick by my story from last
year’s forecast: Japan’s ultimate destination is to “go
medieval.” They’re never going to recover from Fukushima, their
economy is unraveling, they have no fossil fuels of their own and have to
import everything, and their balance of payments is completely out of whack.
The best course for them will be to just throw in the towel on modernity.
Everybody else is headed that way, too, eventually, so Japan might as well
get there first and set a good example.
By “go medieval” I mean re-set to
a pre-industrial World Made By Hand level of operation. I’m sure
that outcome seems laughably implausible to most readers, but I maintain that
both the human race and the planet Earth need a “time out” from
the ravages of “progress,” and circumstances are going to force
the issue anyway, so we might as well kick back and get with the program: go
local, downscale, learn useful skills, cultivate our gardens, get to know our
neighbors, learn how to play a musical instrument, work, dine, and dance with
our friends.
As it
happens, the third in the series of my World Made By Hand novels, set
in upstate New York in the post-collapse economy, will be published in
September by the Atlantic Monthly Press. It’s a ripping yarn. Whether
anyone will have enough money to buy a copy, I can’t predict. Happy 2014, Everybody!
New Features this week at kunstler.com:
Jim’s Garden Report, 2013
Jim’s New Paintings,
2011-2013
Published as an E-book for the
first time!
The 20th Anniversary edition
With an entertaining new introduction by the author
Bargain Price $3.99
Amazon Kindle …or
… Barnes & Noble Nook …or… Kobo
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