Daily Digest 4/15 - Persecution Likely In MF Global Case, Why The Eurozone Is Getting Worse, 5 Killed In Violent Plains Storms
- The “Likelihood of a Criminal Prosecution” in MF Global Case Has Grown
- Increasingly in Europe, Suicides ‘by Economic Crisis’
- Why the Eurozone Crisis Is Getting Worse
- Inter-Regional Trade Movements of Petroleum to and from Europe: Part 6
- EIA: We Just Revised Two Decades Of Global Oil Data
- 5 Killed as Violent Storms Cut Across Central Plains
Granting immunity from prosecution is rare in criminal cases primarily because prosecutors are wary of giving possible targets free reign to discuss their alleged crimes without fear of facing charges. In fact until recently, federal prosecutors have brushed off offers of a so-called “proffer” agreement by O’Brien’s attorneys in which she would gain immunity in exchange for her cooperation in the ongoing criminal probe, these people say.
The economic downturn that has shaken Europe for the last three years has also swept away the foundations of once-sturdy lives, leading to an alarming spike in suicide rates. Especially in the most fragile nations like Greece, Ireland and Italy, small-business owners and entrepreneurs are increasingly taking their own lives in a phenomenon some European newspapers have started calling “suicide by economic crisis.”
Why the Eurozone Crisis Is Getting Worse (jdargis)
Moreover, while über-competitive Germany can withstand a euro at—or even stronger than—$1.30, for the eurozone’s periphery, where unit labor costs rose 30 percent to 40 percent during the last decade, the value of the exchange rate would have to fall to parity with the U.S. dollar to restore competitiveness and external balance. After all, with painful deleveraging—spending less and saving more to reduce debts—depressing domestic private and public demand, the only hope of restoring growth is an improvement in the trade balance, which requires a much weaker euro.
Europe’s petroleum production has been in a strong decline since 2002, and presently, only equals about 30% of Europe’s petroleum consumption. Despite fairly steep declines in production, Europe’s consumption of petroleum has changed little in the last decade. Consequently, Europe has to import 70% of the petroleum that it consumes, which is relatively more than what North America imports. With continuing declines in petroleum production, Europe will have to import ever increasing amounts of petroleum. The startling trend (shown in Figures 9 and 11) is that Europe has looked increasingly to the former Soviet Union countries as its primary source of imports. Indeed, in 2010, roughly 50% of Europe’s inter-regional imports came from the former Soviet Union countries, up from 30% in 2000. If the last decade’s trend continues, then we might expect 77% of Europe’s petroleum to come from former Soviet Union countries alone by 2021.
Since 2005, despite a phase transition in prices, global oil production has been trapped below a ceiling of 74 mbpd (million barrels per day). New production from new fields and new discoveries comes on line, but, it has not been at a rate fast enough to overcome declines from existing fields. Overall, global decline has been estimated at a minimum of 4% per year and as high as 6+% a year.
The tornado on Sunday morning swept through the western section of the city. In a video from The Woodward News that was posted on the Web site of The Oklahoman newspaper, a massive tornado can be seen whipping up debris in the brief moments when flashes of lightning brighten the dark sky. Ms. Cain said officials did not yet have any details about the five fatalities, but The Woodward News reported that two of those killed were children.In Iowa on Saturday night, a tornado battered the small Iowa town of Thurman damaging or destroying 75 to 90 percent of its homes, the authorities said. The town, with a population of roughly 250 is south of Omaha, was on lockdown as officials prepared to assess the damage.
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