Debt Rattle March 6 2015
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[See the full post at: Debt Rattle March 6 2015]“For the first time ever, the head of the Nobel Peace Prize Committee has been fired. It happened on Tuesday, March 3rd.
Thorbjorn Jagland, chairman of the Nobel Peace Prize Committee, and former Norwegian Prime Minister, said, on the way out the door, that it would be “really nice” if President Barack Obama were to return the prize.”
Fat chance. Quite a record he has. Anarchy in Libya, the almost total destruction of Syria and now the same on tap for Ukraine.
Head of Nobel Peace Prize Committee Is Fired, Requests Obama to Return 2009 Peace Prize?
One wonders if he is aware at all of what is transpiring in Ukraine. We just announced we are sending 300 armed forces personnel there. This after Britain announced sending 30 or so. We were not there for the latest Minsk negotiation and the sending of troops is surely meant to be a rejection of that imperfect settlement.
Ukraine becomes more bankrupt by the day, if such a thing is possible. Poroshenko is probably skating on very thin ice. Don’t be surprised if another coup of some sort by another name happens. The trick will be getting Yatsenyuk in and avoiding the ultra nationalists from taking over. If the latter would happen even the most servile reporters would have to take note.
The Australian Bureau of Meterology is not “amazed” about the temperatures in the Pacific.
“Renewed warming in the tropical Pacific Ocean”
https://www.bom.gov.au/climate/enso/
This journalist – Peter Hannam – is often writing scary articles about climate. The only other thing you can say about his articles is that he never allows any comments by his readers. He knows full well that he would be ridiculed if he were to permit such comments. Bluntly, he is a full-time propagandist.
Here is some of the stuff that he will never mention in his articles:
“Melbourne weather: City records its coldest January in 10 years … the city did not reach 40 degrees once in January and only breached 30 degrees seven times. ”
Personally, I went swimming in the sea only once this year. Last year, it must have been 10 times.
Ah, Nassim, they are amazed by the warming of the waters so far east in the central Pacific. The weather in Melbourne in this context is nonsense.
Scary articles about the climate are a way to make a living. That doesn’t make them fundamentally wrong. Writing articles about how climate science is a fraud is a way to make a living too. That doesn’t make them wrong. What makes them wrong is physics.
The reason I like the story about oil storage, or the soon to be lack of oil storage, is that we won’t have long to wait to see how it plays out. Maybe two or three months.
Incredibly, oil production in the USA is still rising, nine months into one of steepest crude oil pricing collapses of all time. The reason is that, even though they have cut way back on drilling, they are still completing (e.g. fracking) the many wells that are already drilled.
The important thing to know about shale oil wells is that they produce a majority of their oil in the first year, in a huge flush of production. Then they taper off quickly and produce a small amount per year for many years. So the peak production stream of the heavy leveraged shale oil producers will fetch $50/bbl, and soon to be a money losing $30/bbl.
Even if oil prices recover next year, which I doubt, it will be too late. Everyone in this industry smaller than Exxon Mobile is dead on arrival. Even XOM is cutting back on capital spending, at $50/bbl. What do you think will happen at $30/bbl?
The problem with this is that these are the high paying jobs that have propped up the American economy the last few years. So there will be downward pressure on wages, as low gasoline prices allow workers to accept lower paying jobs than they otherwise could accept if commuting costs were higher.
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