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pstarr wrote:You can't trust him. He just hates our American way of life.

Using several different techniques to estimate the current reserves of conventional oil and the amount still left to be discovered, we conclude that the decline will begin before 2010.

Therefore my answer is: under the current circumstances and outlook, oil is likely to peak at a 95 mmbd plateau by 2015 and can then be sustained well beyond 2020 at increasing real oil prices.

http://davidstockmanscontracorner.com/i ... y+Thursday

During the last 15 years, for example, the Saudi central bank balance sheet rose from $150 billion to more than $800 billion because its policy was to keep its exchange rate flat as a board at 3.75 riyal to the dollar. So doing, it created a bid for US treasuries, securitized commercial mortgage paper, ETFs and IBM stock that was dependent upon perpetuation of the global boom and the maintenance of $100 oil prices......

......Needless to say, the great global deflation has already eliminated the giant petro state current account surpluses, and their capacity to peg their currencies and hoard global financial assets. For example, from a peak run rate of $350 billion annually, the Saudi surplus has already plunged into negative territory, where it is likely to stay for years to come as world oil demand falters and the momentum of previous (sunk) supply enhancing investments carries forward.

This means that the petro states will be liquidating their capital hoard to cover current account deficits. The big fat central bank Bid will become a relentless Offer in London, New York and financial markets everywhere. To paraphrase Warren Buffett, when the tide comes in Wall Street will prove to have been both naked and coupled to the rest of the world.....

....If the Fed chooses to stay the ZIRP course yet another month it will be unmistakably evident as to why. It has unleashed the gamblers and furies of greed in the casino and is terrified by the prospect of reining them in.

Doing so will reveal that the Keynesian central banking project of the last two decades has been a failure and a fraud. It may even bring pitchforks and torches to the nation’s capital in search of the small posse of cowards and zealots who are setting the stage for still another thundering financial crash.

WHAT GREEN FAITH CAN DO

1. MEET TOGETHER AND SHARE IDEAS AND PROJECTS CONCERNING PROPER CARE OF OUR EARTH
2..HELP TO EDUCATE OUR CHURCH ABOUT THE PROPER CARE OF THE EARTH-INCLUDING PRESENTING PROGRAMS ON IMPORTANT TOPICS- CLIMATE CHANGE, THE POPE'S ENCYCLICAL ON THE ENVIRONMENT, RECYCLING, ETC.
3. WORK ON PROJECTS TOGETHER-CLEAN UP CAMPAIGNS, GETTING SIGNATURES FROM MEMEBERS OF OUR CHURCH ABOUT LEGISLATIVE ACTION ON IMPORTANT ENVIRONMENTAL ISSUES, RECYCLING, ENERGY CONSERVATION
4. ACTING ON IMPORTANT LEGISLATIVE ISSUES VIA ACTION ALERTS
5. PROVIDING IMPORTANT WEBSITES ABOUT ENVIRONMENTAL ISSUES SO THAT WE CAN KNOW WHAT TO ACT ON
6. SHOWING FILMS ABOUT PROPER CARE OF EARTH-PERHAPS WITH A SUPPER
7. WRITING LETTERS TO EDITOR, OP-EDS-ABOUT IMPORTANTY ENVIRONMENTAL ISSUES
8. WRITING OUR CONGRESSMEN ON IMPORTANT ENVIRONMENTAL ISSUES- HANDWRITTEN LETTERS BY FAR THE BEST
9. SUPPORTING EACH OTHER-WE ARE NOT ALONE
10. EMPHASIZING OVER AND OVER AGAIN THAT WE CAN MAKE A DIFFERENCE-I ALWAYS SAID SOMEONE SHOULD DO SOMETHING ABOUT THIS MESS, AND THEN I REALIZED THAT I AM SOMEONE!
11. COMING UP WITH IDEAS TO HELP OUR COMMUNITY-ENERGY SAVINGS PROGRAMS, RECYCLING, ETC--EVEN MEETING WITH OUR LOCAL OFFICIALS OVER THIS--THIS IS PRESENTLY BEING DONE IN TOWNS COUNTY
12. MEETING TOGETHER TO SUPPORT NATIONAL EFFORTS BY GREEN FAITH AND OTHER ENVIRONMENTAL GROUPS
13. LOOKING TOGETHER AT WHAT OTHER ENVIROMENTAL GROUPS ARE DOING AND SEE IF WE WANT TO GET MORE INVOLVED WITH THEM-SUCH AS LOBBYING THRU CITIZENS CLIMATE LOBBY, WORKING WITH ENERGY SAVINGS VOLUNTEERS, ETC
14. MANY OTHER IDEAS THAT YOU CAN ALL COME UP WITH