BREAKING NEWS
May 23, 2006
Pipeline Thefts Cripple Iraqi Oil Production
KIRKUK, Iraq -- In a desolate stretch of desert near this northern city, a pool of gooey crude oil was spreading by the side of the road on a February night. A U.S. military patrol followed the oil to an exposed underground pipeline. Three square holes pierced its thick steel skin.
A hose led from the pipeline to a pump next to a pickup truck, which had a makeshift tank mounted on its bed, according to U.S. soldiers. Two men had just finished siphoning off the crude from the holes, which were cut with a power tool.
The Wall Street Journal
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In the Depths of a Falling Trend, It Is All About the Tribe
By: Pete Kendall, May 25, 2007 |
Major bear markets are accompanied by a reduction in the size of people's unit of allegiance, the group that they consider to be like themselves. The “in group” becomes smaller and smaller, moving from the universe to the world to the nation to the ethnic, religious, regional or sexual group to the city or feudal estate to the family to the individual.
The Elliott Wave Theorist, September 1992 |
 The operative quote from this Wall Street Journal article comes straight from what socionomic theory says should happen during a downturn in social mood: "Tribal loyalty is stronger than national loyalty.” -LTC Jack Pritchard, US Army, to the Wall Street Journal. It's going to be a long slide to the bottom.
--Michael Flagg |
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