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Why Are The IMF, The UN, The BIS And Citibank All Warning That An Economic Crisis Could Be Imminent? thumbnail

Why Are The IMF, The UN, The BIS And Citibank All Warning That An Economic Crisis Could Be Imminent?

The warnings are getting louder.  Is anybody listening?  For months, I have been documenting on my website how the global financial system is absolutely primed for a crisis, and now some of the most important financial institutions in the entire world are warning about the exact same thing.  For example, this week I was stunned to see that the Telegraph had published an article with the following ominous headline: “$3 trillion corporate credit crunch looms as debtors face day of reckoning, says IMF“.  And actually what we are heading for would more accurately be described as a “credit freeze” or a “credit panic”, but a “credit crunch” will definitely work for now.  The IMF is warning that the “dangerous over-leveraging” that we have been witnessing “threatens to unleash a wave of defaults” all across the globe… Governments and central banks risk tipping the ...

Historic Failure For Brazilian Oil Auction thumbnail

Historic Failure For Brazilian Oil Auction

Brazil just held an oil and gas auction, and judging by the results, few companies are interested in developing the country’s oil and gas reserves right now. The state-owned oil company Petrobras, which is still reeling from the corruption scandal, did not participate in the auction. The unusual absence was due to the company’s massive pile of debt. Petrobras has limited resources to throw around these days, and it can ill-afford to take on new projects that would require large capital expenditures upfront, with payoff somewhere down the road. However, there was scant interest from international oil companies as well. Brazil’s oil auction failed to attract any oil majors, including Royal Dutch Shell, Total, Statoil, ExxonMobil, or BP, all of which either have a presence in Brazil or were registered to bid in auction. Out of the 266 onshore and offshore blocks that ...

T. Boone Pickens says $70 oil by year-end thumbnail

T. Boone Pickens says $70 oil by year-end

Prominent oil wildcatter T. Boone Pickens isn’t giving up his ambitious bull call for crude-oil prices. In a Thursday op-ed for CNBC, Pickens admitted that with two and half months left until the end of the year, and crude prices hovering in the vicinty of $50, his call “isn’t looking good.” West Texas Intermediate crude oil for November delivery CLX5, +2.51%  was up 63 cents, or 1.3%, at $48.44 a barrel early in Thursday trade, while Brent crude—the international benchmark for oil—was 72 cents, or 1.4%, higher at 52.50 a barrel. Those levels are much improved from crude oil’s nadir but still well off Pickens’s lofty prediction. The 87-year-old oil tycoon and sometimes renewable energy investor, who founded energy hedge fund BP Capital Management, earlier in the year not only forecast $70 oil but also predicted a price of $80 to $90 ...

Public Policy

The REAL Reason Saudi Arabia Hates Iran

Everyone knows that the Saudi Arabia – the center of Sunni Islam – hates Iran because it is the center for the rival Shia Muslim sect. The Saudis – close U.S. allies – also hate Iran because it is allied with Russia. But there is a third, little-known reason why the Saudi government hates Iran. As the Gulf Cooperation Council – the official council for the Arab Gulf States, comprised of the monarchies of Saudi Arabi, Kuwait, Bahrain, the United Arab Emirates, Qatar and Oman – writes: More than any other single factor, the Iranian Revolution helped to coalesce the security concerns of Saudi Arabia and the other monarchies in the Gulf region. As the largest Arab monarchy, Saudi Arabia was in a position to lead the others toward cooperative efforts. The impact of the Iranian Revolution on Saudi Arabia was manifold. The revolution ...


China Triples Proven Reserves at Top Shale Gas Project

China has nearly tripled the size of proven reserves at its Fuling project, by far the country's largest shale gas find, according to an official from investor Sinopec Corp and an industry report. The Jiaoshiba block of the project, in the municipality of Chongqing in southwest China, has 273.8 billion cubic metres (bcm) of newly proven reserves, said the report carried on news.cnpc.com.cn, an industry portal run by top energy group CNPC. That would take total proven preserve certified by the Ministry of Land and Resources (MLR) at Fuling to 380.6 bcm, giving it the potential to have an annual production capacity of 10 bcm by the end of 2017, it said. China hopes to replicate the shale gas boom that has turned the United States into a net exporter, but more complex geology and small scale of development by only a handful ...

Bubbles and Backlashes thumbnail

Bubbles and Backlashes

Financial markets have been turbulent as of late with no end in sight. A sagging global economy could overwhelm America’s recovery efforts with toxic effects on key climate change and clean energy initiatives now underway. The Federal Reserve’s recent decision to postpone an interest rate hike is but one reflection of their deep global concern. In a world of multiple, interrelated systems, a sneeze in one global system could cause pneumonia in another; ultimately triggering a perfect storm. As the global economy worsens and bubbles start to burst, an over-fixation on economic recovery could relegate promising clean energy and climate change initiatives to a secondary status, or worse. The geopolitical blips on the radar screen are ominous. Consider this: 1.We’ve been warned Global asset, credit and debt bubbles are on the cusp of bursting. My email “News Flash” warned of this last May (See: ...

There Will Be Blood – Part III thumbnail

There Will Be Blood – Part III

Earlier last week we introduced you to the first part of a missive on shale oil by my friend Harris Kupperman. We followed that up with Part II where Harris dug deeper into some of the numbers in this sector - numbers which should be enough to bring terror into the hearts of even the most fear defying luminaries such as Rambo, Darth Vader and the Williams sisters. Today I bring you Part III, penned in January of this year, where Harris discusses the leverage and subsequent securitization of shale oil and how interestingly similar it is to the housing bubble. Something which should be vivid in investors' minds but due to human nature has already been forgotten. It's a truism that the further removed one is from the source of any investment the higher the risk of loss. Securitization is this wonderful means of sanitizing ...

Shale Drives Uncertain New Geoeconomics of Oil thumbnail

Shale Drives Uncertain New Geoeconomics of Oil

The emergence of fracking has modified the global market for fossil fuels. But the plunge in oil prices has diluted the effect, in a struggle that experts in the United States believe conventional producers could win in the next decade. The U.S. oil industry had peaked – when the discovery of new deposits and output from existing wells begins to fall – which made the country more dependent on imports. But the equation was turned around thanks to the new technique. “The bubble won’t explode, but it will progressively deflate. At current prices, we would see a relatively quick shrinking of capital availability for the shale sector, because those companies are producing at a loss.” -- David Livingston The innovative technology of hydraulic fracturing or fracking and the discovery of large deposits of shale gas and oil, along with massive investment flows, led ...


Oil Production ‘Falling Rapidly’

Bloomberg's Scarlet Fu, Joe Weisenthal and Alix Steel weigh in on Energy Aspect’s report of the plummet in oil production. They speak on "What'd You Miss?"

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The Problem of Agriculture thumbnail

The Problem of Agriculture

I was born and raised in North Dakota, a rural state with an economy that historically has been dependent on agriculture, but I knew virtually nothing about the hard work of farming—nor did I understand the way farming creates ecological crises—until I met Jim Koplin. At that time, like most people who labeled themselves as an environmentalist, I thought in terms of pollution in human communities and the need for wilderness preservation. Farming was, well, just something farmers did, not an ecological question. One of the most important contributions Jim made to my education was exposing me to a critique of the increasing industrialization of agriculture, which led me to recognize that there is no solution to environmental problems without facing the problem of agriculture. That phrase—the problem of agriculture, instead of problems in agriculture—is taken from Wes Jackson, who points ...

Saudi King Hospitalized for Dementia thumbnail Saudi King Hospitalized for Dementia
Informed sources told Arabic-language al-Ahd news agency that King Salman is now in the ...
Inside the deserted Fukushima exclusion zone thumbnail Inside the deserted Fukushima exclusion zone
VIEW GALLERY These never-before-seen photographs give an unprecedented ...
A Landscape of Dreams thumbnail A Landscape of Dreams
Maybe it’s just the psychology of selective attention, but tolerably often when I want ...
United States Will Be Net Exporter of Natural Gas by 2017 thumbnail United States Will Be Net Exporter of Natural Gas by 2017
The United States’ natural gas demand is currently growing at the fastest pace since ...

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#peakoil Renewable energy showcase targeted by wind turbine protesters - WPTZ The Champlain Valley: WPTZ The C... tinyurl.com/oglbea9

Whispering... #PeakOil... @Sustainable2050 Don't forget the agricultural disaster in #Syria (probably) due to climate change :-/

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