Daily Digest 3/23 - Family Men Set Off For SD Jobs, U.N. Council Backs Syria Plan, $8 Gas On The Horizon
- Charts Of Truth
- Portugal Town Halls Face Default Amid $12 Billion Debt
- Union leaders gather in Woonsocket to demand more schools' aid
- Geithner Asked What Would Be Very Last Debt Ceiling Request; Says "A Lot, Would Make You Feel Uncomfortable"
- U.N. Council Backs Plan for Ending Syria Conflict
- The HFT Revolution: 6 Reasons Why High Speed Trading Is Taking Over the Markets
- German Bond Prices Decline, Unsettling Confidence in a Safe Haven
- How Far Would You Go for a Comeback?
- CERAWEEK: Total's Upstream Chief Says Peak Oil Is Around The Corner
- Worried About $6 Gas Prices? Try $8
- Unhappy Public Not Sure Who To Blame For High Gas
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Charts Of Truth (June C.)
Now for the coup de grace. This is a busy chart but tells the whole story. The Ghawar oil field is the biggest in the world. It generates 50% of all Saudi Arabian production at 4.5 million barrels per day. It started producing in 1951. That makes it 61 years old. Please observe the production line on the chart. Do you notice a trend?
Portugal Town Halls Face Default Amid $12 Billion Debt (Saxplayer00o1)
Portugal’s town halls face default amid 9 billion euros ($12 billion) of debt unless the government provides aid soon, said Fernando Ruas, president of the nation’s association of municipalities.
“At a company we call it insolvency,” Ruas said in a telephone interview from Lisbon on March 21. “It could happen that some town halls could have to restructure their debt if the government doesn’t intervene.”
Union leaders gather in Woonsocket to demand more schools' aid (Saxplayer00o1)
With a $10-million deficit in the school budget, painful cuts in programs, and every one of the city's 500 teachers pink-slipped, national and local union leaders gathered Thursday in front of Woonsocket High School to demand more help from the state's political leaders.
Randi Weingarten, president of the American Federation of Teachers, demanded Governor Chafee and the General Assembly provide more money for schools "if you think the future of this state is important ... if you really care about kids."
"If this were the last debt ceiling increase you could ask for, the final one, and you had to make it large enough for all current and future obligations, what would the request need to be?" Congressman Trey Gowdy (R-SC) asked Treasury Secretary Tim Geithner at a Capitol Hill hearing on Wednesday.
"I don’t know how to answer that question," Geithner said to Gowdy.
After being prodded by the Congressman, Geithner eventually told him, "it would be a lot."
The statement said Mr. Annan’s plan would “facilitate a Syrian-led political transition to a democratic, plural political system, in which citizens are equal regardless of their affiliations or ethnicities or beliefs, including through commencing a comprehensive political dialogue between the Syrian government and the whole spectrum of the Syrian opposition.”
Rather than making a prediction as to which scenario above will play out, I believe we should at least understand the basic reasons why HFT is revolutionizing the market since it appears almost certain that it will eventually dominate not just the stock market (as it does now), but also foreign exchange, futures contracts, and the derivatives market. More than likely, without any major changes by regulatory bodies around the globe, HFT will quickly gain asset-wide dominance of the entire global financial marketplace.
The spiking yields partly reflect a shift by hedge funds and asset managers into debt issued by countries like Italy and Spain. Those offer a much higher interest rate — but are evidently not considered quite as risky as they were just a few months ago, as Europe shows signs of having muddled through the worst of the crisis.
As long as that crisis was raging, Germany’s relatively robust economy and aura of financial discipline made its bunds seem such a safe bet that the yield fell well below the rate of inflation as their prices rose.
How Far Would You Go for a Comeback? (jdargis)
Mr. Ripka is one of thousands of men with similar stories. They have descended on Williston and its environs over the last two to three years, pulled by the magnet of jobs created by an oil boom with the potential to make the region one of the largest petroleum resources in the country, and pushed by the hope that a steady income can put their finances back on track after a grueling downturn. While the national unemployment rate is 8.3 percent, in North Dakota it is 3.2 percent — and it is 1 percent in Williams County, where Williston has grown from a population of 12,500 before the boom began in 2008 to an estimated 20,000 now.
He admits that his view seems “paradoxical” when considering the amazing growth of supplies from shale fields; further, he says that the 95-97 million number excludes potential growth from biofuels and the manufacture of liquid fuels from coal. Still, he says, by 2030, “25 to 45 million bpd will need to be supplied from fields that are not online today.” That’s akin to the creation of two new Saudi Arabias.
Worried About $6 Gas Prices? Try $8 (David B.)
But a military conflict with Iran could throw Leeb’s $6 price target far off the mark, as approximately 17 percent of the world’s oil supply could be shut out for, not a matter of weeks as the Pentagon has estimated, but months, according to Caitlin Talmadge, fellow at the John M. Olin Institute for Strategic Studies at Harvard University.
They’re skeptical the president is really to blame. Lots think it’s commodity traders. One even mentions the fed and inflation. But the phrase “peak oil” or the word “supply” don’t even appear in the article.
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