"The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."
-- Adam Smith
Chinese Slowdown Idles U.S. Coal Mines - WSJ.com
September 27, 2012
By KRIS MAHER
That dam Obama EPA!WHARTON, W.Va.—Slowing growth in China is taking a brutal toll on Appalachian coal mines and coal towns.
Appalachia has one of the world's richest deposits of high-grade coal used to make steel. Thanks to Chinese demand, the price for premium metallurgical coal, whose low-ash and low-sulfur content makes it ideal for steelmaking, hit a record $330 a metric ton in early 2011.
Now, the Chinese economy is slowing and so is its steel industry. That has sent the price of coal used for steelmaking down nearly 50% to $170 a metric ton. Those coal producers who counted on Chinese sales are reeling."..."
Last edited by mbig; 10-24-12 at 08:56 AM.
I'm personally sick of not being able to dunk a basketball because of racism.