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The Petrodollar Is Under Attack: Here’s What You Need To Know

The Petrodollar Is Under Attack: Here’s What You Need To Know thumbnail

Once upon a time, the U.S. dollar was backed by the gold standard in a framework that established what was known as the Bretton-Woods agreement, made in 1944. The dollar was fixed to gold at a price of $35 an ounce, though the dollar could earn interest, marking one notable difference from gold. The system ended up […]

The ‘new’ Saudi Arabia is still a dungeon

The ‘new’ Saudi Arabia is still a dungeon thumbnail

ONCE AGAIN, news from Saudi Arabia points toward the old thinking and not the modern society promised by the new crown prince, Mohammed bin Salman. Despite the lofty rhetoric of the crown prince’s “Vision 2030” declaration, he increasingly resembles an earlier generation of leaders with authoritarian methods. Saudi Arabia has been, and seems determined to […]

Kunstler: Pushback

Public Policy

A very brave law professor at the University of Pennsylvania, named Amy Wax has published the astounding argument that human beings in America would benefit from adopting “bourgeois values” and behaving accordingly. Bourgeois (Boozh-wah, for the underspeeched) may be an unfortunate term-of-art, since it came to be used as a pejorative back in the old […]

Global Oil Demand is Surging But That’s Still Not Enough to Fix the Oil Market

ConsumptionPublic Policy

The oil industry just can’t seem to snap out of its doldrums this year. Crude remains stubbornly low, which has stalled the industry’s attempts at a recovery. However, while weaker prices have been bad for oil producers, they’ve been great for consumers because it has kept prices for refined products like gasoline down, which is […]

China Dollar Dump Means Hyperinflation – Chris Martenson

Public Policy

Resource analyst and futurist Chris Martenson points out, “The Dow is hitting all-time highs. So, it can’t be that bad, right? The Dow is used as a signaling device, and it says have faith in your leadership and everything is fine. Under the covers, obviously, things are not fine. The people I talk to are […]

Suddenly, “De-Dollarization” Is A Thing

Suddenly, “De-Dollarization” Is A Thing thumbnail

For what seems like decades, other countries have been tiptoeing away from their dependence on the US dollar. China, Russia, and India have cut deals in which they agree to accept each others’ currencies for bi-lateral trade while Europe, obviously, designed the euro to be a reserve asset and international medium of exchange. These were […]

Venezuela publishes oil prices in Chinese currency to shun US dollar

Public Policy

Venezuela published the price of its oil and fuel in Chinese currency on Friday in what it called an effort to free the socialist-run country from the “tyranny of the dollar,” echoing a plan recently announced by President Nicolas Maduro. Maduro last week said his government would shun the dollar after the United States announced […]

Venezuela Just Officially Stopped Accepting Dollars for Oil Payments

Public Policy

Did the doomsday clock on the petrodollar (and implicitly US hegemony) just tick one more minute closer to midnight? Source: The Burning Platform Apparently confirming what President Maduro had warned following the recent US sanctions, The Wall Street Journal reports thatVenezuela has officially stopped accepting US Dollars as payment for its crude oil exports. Sponsored By Stansberry Research Millionaire […]

Saudi Arabia’s Economic Overhaul Claims a Victim

Saudi Arabia’s Economic Overhaul Claims a Victim thumbnail

The crown prince is shaking up business to wean the kingdom off oil. The first casualty is Saudi Oger, one of the country’s biggest builders. By Vivian Nereim , Sarah Algethami , and Matthew Martin September 13, 2017, 11:00 PM EDT Oger built the Abdulaziz Center for World Culture in Dhahran, Saudi Arabia. Photographer: T.H. […]

ISIS still stealing, spilling and smuggling oil throughout Iraq

ISIS still stealing, spilling and smuggling oil throughout Iraq thumbnail

Despite being recently defeated from their major strongholds of Mosul and Tel Afar in Iraq, more than two years after Iraqi forces specifically sought to retake oil-rich areas from the Islamic State, its militants are continuing to steal, spill and smuggle crude oil from Iraqi oil fields as a means to wreak havoc and fund […]

Saudi government allegedly funded a ‘dry run’ for 9/11

Saudi government allegedly funded a ‘dry run’ for 9/11 thumbnail

Fresh evidence submitted in a major 9/11 lawsuit moving forward against the Saudi Arabian government reveals its embassy in Washington may have funded a “dry run” for the hijackings carried out by two Saudi employees, further reinforcing the claim employees and agents of the kingdom directed and aided the 9/11 hijackers and plotters. Two years […]

There Are Worse Things Than the Weather

Public Policy

And we’d better get ready for them Gasoline prices are falling, but you can’t buy the stuff. In the wake of one hurricane and in the face of another, the price of gasoline — as measured by gasoline futures — declined last week, even as the U.S. gasoline inventory was drawn down. You’d think that […]

Saudi Arabia angered after emir’s phone call

Saudi Arabia angered after emir’s phone call thumbnail

Saudi Arabia says it has suspended dialogue with Qatar, shortly after a phone call between the Qatari leader and the Saudi crown prince. The two sides had discussed holding talks to resolve the Qatar crisis, which has seen Doha cut off from Saudi Arabia, Bahrain, Egypt and the UAE. However, Saudi Arabia then accused Qatar […]

Venezuela Is About To Ditch The Dollar In Major Blow To US: Here’s Why It Matters

Public Policy

Venezuelan President Nicolas Maduro said Thursday that Venezuela will be looking to “free” itself from the U.S. dollar next week, Reuters reports. According to the outlet, Maduro will look to use the weakest of two official foreign exchange regimes (essentially the way Venezuela will manage its currency in relation to other currencies and the foreign exchange market), along […]

Putin Says Tillerson ‘Fell in With Bad Company’

Putin Says Tillerson ‘Fell in With Bad Company’ thumbnail

U.S. Secretary of State Rex Tillerson appears to have fallen in with “bad company,” Russian President Vladimir Putin said, lamenting U.S. policy toward his country. Tillerson, a former Exxon Mobil Corp. chief who was awarded one of Russia’s highest honors for foreigners in 2013 and whose appointment after Donald Trump’s election provoked delight in Moscow, […]

Russia Is Preparing for a Massive War

Public Policy

Ukrainian President Petro Poroshenko claimed Thursday that the upcoming Russian military drill in Belarus shows Moscow is preparing its forces for a much bigger conflict. The comments came during his annual address to parliament. Russia’s backing of separatists in the eastern region of Ukraine and its annexation of Crimea show no sign of being reversed, Poroshenko […]

The real BRICS bombshell

Public Policy

Putin reveals ‘fair multipolar world’ concept in which oil contracts could bypass the US dollar and be traded with oil, yuan and gold… The annual BRICS summit in Xiamen – where President Xi Jinping was once mayor – could not intervene in a more incandescent geopolitical context. Once again, it’s essential to keep in mind […]

Kunstler: Perturbations Anon

Public Policy

Happy Labor Day everybody. Forward from here, things get jiggy. The nation faces a pile-up of events as we turn the corner on summer and head into the spook-house of autumn. This will be the week when the reeking after-effects of Harvey’s journey through Houston become super-vivid. It’s going to be hot-hot-hot there all week, […]

De-Dollarization Accelerates: China Readies Yuan-Priced Crude Oil Benchmark Backed By Gold

Public Policy

The world’s top oil importer, China, is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, potentially creating the most important Asian oil benchmark and allowing oil exporters to bypass U.S.-dollar denominated benchmarks by trading in yuan, Nikkei Asian Review reports. The crude oil futures will be the […]

North Korea detonates its most powerful nuclear device yet

Public Policy

North Korea sharply raised the stakes in its stand-off with the rest of the world Sunday, detonating a powerful nuclear device that it claimed was a hydrogen bomb that could be attached to a missile capable of reaching the mainland United States. Even if Kim Jong Un’s regime is exaggerating its feats, scientific evidence showed that North […]

US Releases 1 Million Barrels Of Oil From Strategic Reserve

Public Policy

The U.S. Energy Department on Thursday released 1 million barrels of oil from the Strategic Petroleum Reserve and a White House adviser said more could flow after Tropical Storm Harvey inundated Gulf Coast refineries and drove up motor fuel prices. In the first tapping of the reserve for an emergency since Hurricane Isaac in 2012, […]

There is no Planet B

Public Policy

Yeah, the earth is warming. If things don’t change we’ll be like Venus – uninhabitable. So, what are we going to do about it? There’s certainly no leadership coming from President Trump, or EPA Administrator Scott Pruitt. Is it all hopeless? Actually not. Anchorage Mayor Ethan Berkowitz is actually upbeat. So is former Lt. Gov. […]

I Was an Exxon-Funded Climate Scientist

I Was an Exxon-Funded Climate Scientist thumbnail

ExxonMobil’s deliberate attempts to sow doubt on the reality and urgency of climate change and their donations to front groups to disseminate false information about climate change have been public knowledge for a long time, now. Investigative reports in 2015 revealed that Exxon had its own scientists doing its own climate modeling as far back as the 1970s: science and modeling that […]

China says North Korea tensions reached ‘tipping point’

China says North Korea tensions reached ‘tipping point’ thumbnail

BEIJING: China warned that tensions on the Korean peninsula have reached “tipping point” after North Korea Tuesday (Aug 29) fired a ballistic missile over Japan, but said the United States and South Korea are partly to blame. Foreign ministry spokeswoman Hua Chunying urged all sides to avoid provocations and repeated Beijing’s call for the North […]

Saudi-US relations reset along familiar lines

Public Policy

With US imports of Saudi crude falling to levels last seen three decades ago, you could be forgiven for concluding that relations between Washington and Riyadh have broken down. That clearly isn’t the case, however, judging from the red carpet rolled out for President Donald Trump upon his arrival in the Kingdom this spring. Oil […]

Kunstler: When the Butterfly Flaps Its Wings

Public Policy

It remains to be seen what the impact will be from Mother Nature putting the nation’s fourth largest city out-of-business. And for how long? It’s possible that Houston will never entirely recover from Hurricane Harvey. The event may exceed the physical damage that Hurricane Katrina did to New Orleans. It may bankrupt large insurance companies […]

Should California spend $3 billion to help people buy electric cars?

Should California spend $3 billion to help people buy electric cars? thumbnail

Over seven years, the state of California has spent $449 million on consumer rebates to boost sales of zero-emission vehicles. So far, the subsidies haven’t moved the needle much. In 2016, of the just over 2 million cars sold in the state, only 75,000 were pure-electric and plug-in hybrid cars. To date, out of 26 […]

North Korea Fires Multiple Missles Into East Sea

North Korea Fires Multiple Missles Into East Sea thumbnail

North Korea launched what are believed to be several short-range ballistic missiles Saturday into the East Sea, South Korea’s Yonhap News Agency reports. According to South Korea’s Joint Chiefs of Staff, the “unidentified projectiles” were fired from Gangwon Province at around 6:49 a.m. The suspected-missiles came down into waters between the Korean Peninsula and Japan after traveling […]

China Extends Its Reach

Public Policy

Afghanistan has long been known as the “Graveyard of Empires.” Conquerors like the Persians, Mongols, Brits and Russians all packed up and left — just as the U.S. has tried to do. Next in line to try its luck may be China. President Xi Jinping is spending more than $50 billion in an economic corridor in […]

What an Afghanistan Victory Looks Like Under the Trump Plan

What an Afghanistan Victory Looks Like Under the Trump Plan thumbnail

Shortly after President Trump’s speech, a retired Afghan general recalled a Taliban fighter who had taken up arms after six of his sons were killed, one by one. The same AK-47 was handed down to each. Then the father was killed. “You don’t make peace with people like that,” said the retired general, Abdul Jabbar […]

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How Hurricane Harvey helped extend a boom in U.S. crude #oil exports. #PeakOil… via @WSJ

#DPRK "oppression" is nothing like global capitalist oppression, debt-slavery. Focus on #PeakOil, #PeakPopulation, real problems!…