This is an important economic summary by AIAS Fellow Steve Bannister of the University of Utah, where low energy nuclear reactions were discovered. He earned his Ph. D. this year on the causes of the first industrial revolution, and is applying his conclusions to the second industrial revolution in which fossil fuel will no longer be needed. The apparatus, circuits and theories are in place. It is a matter of defeating the Luddites, the Langevin reaction to the shock of the new, and the resistance to change. As Dr. Bannister points out, they will be defeated by the most fundamental of all human instincts, the instinct for survival. Steve kindly flew over all the way from Utah to attend an AIAS conference here, and I gave him a piece of steam coal from Hendy drift mine as a token of the new, not of the old.”
The ridiculous Dr Bannister is rapidly making himself a secondary target in our project: a sort of Martin Bormann to Ron’s Hitler, or is ‘Quisling’ a more apt analogy? As we have pointed out before, one cannot expect much of a state that was founded by the followers of a liar, religious maniac and financial scam-artist who was shot in prison by a lynch-mob. It is thus almost logical that the pseudoscience of cold-fusion (now re-branded as LENR) started partly in Utah (and partly at the University of Southampton, where not only Fleischman but also Harold Aspden operated). As for Bannister, he is a sort of financial analogue of Crothers. That is, they both pursued quite desultory careers before deciding that they wanted a doctorate rather late in life. Bannister was an ‘army brat’ and spent time in France and Japan, when not moving from state to state. This led to a great deal of academic dislocation and necessitated his attending nine grade schools and three high schools before getting to MIT and the University of Illinois. His career has included time with Fortune 500 firms: one immediately wonders whether he was the one supposedly buying perpetual-motion machines from Hill of Beans. Economics is known as ‘the dismal science’ and economists are universally hated and derided for being perpetually ‘wise after the event’: the event usually being a financial bubble and crash which harms just about everybody. One can only be delighted to find such a ‘stick’ as Bannister (a believer in perpetual-motion) with which to beat economists in general.