Daily Digest

Daily Digest 4/15 - Persecution Likely In MF Global Case, Why The Eurozone Is Getting Worse, 5 Killed In Violent Plains Storms

Sunday, April 15, 2012, 10:49 AM
  • 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

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Economy

The “Likelihood of a Criminal Prosecution” in MF Global Case Has Grown (Thomas C.)

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.

Increasingly in Europe, Suicides ‘by Economic Crisis’ (jdargis)

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.

Energy

Inter-Regional Trade Movements of Petroleum to and from Europe: Part 6 (Crash_Watcher)

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.

EIA: We Just Revised Two Decades Of Global Oil Data (Ernest W.)

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.

Environment

5 Killed as Violent Storms Cut Across Central Plains (jdargis)

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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5 Comments

RogerA's picture
RogerA
Status: Silver Member (Offline)
Joined: Jun 18 2009
Posts: 103
Europe’s petroleum production.

http://oilprice.com/Energy/Energy-General/Greece-Oil-Smuggling-Helps-Define-the-Parliamentary-Mafiocracy.html

Maybe they should follow Greece.

.... some sources say that although Greece imports up to 99 percent of its fuel needs, it still manages to export more than it imports.

But what surprises Kostakos most is that no one in Europe seems to understand that the Greek mafia is behind the current economic crisis. “It is a colossal failure of the political elite in Europe who have not communicated this properly to the public.”

“Greece has one of the largest black markets in Europe; the highest corruption levels in Europe; a strong political culture based on patron-client relations; levels of trust amongst people and between people and Institutions are lower than in any other country in Europe and there is a sovereign debt that does not mirror the real wealth of the average Greek family. What more evidence do we need to conclude that this is Greek mafia?” Kostakos asks.

Or maybe not.

Edit: In light of this I am wondering what effect it will have as Iran halts oil exports to Greece.

Corruption and fraud will be more decisive than peak oil in bringing this to a collapse, I think.

efarmer.ny's picture
efarmer.ny
Status: Member (Offline)
Joined: Jan 7 2012
Posts: 21
Persecution or Prosecution

in the MF Global case?

Bill Hicks's picture
Bill Hicks
Status: Bronze Member (Offline)
Joined: Jul 3 2011
Posts: 34
Eight Old School Diseases Making A Comeback

And this is even BEFORE the health care system starts to break down.

 http://billhicksisdead.blogspot.com/2012/04/eight-old-school-diseases-making.html

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 2425
Future Falling Fuel Prices

And over at TAE

One of the most pronounced trends in the Western world since the onset of the global financial crisis has been the plummeting demand for petroleum and the subsequent losses for the refinery industry, which has been squeezed by a combination of declining credit availability, higher prices for input crude and lower demand/prices for refined products (over-capacity).

Reminds me somewhat of the end of Whale Oil and the begining of something new.

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 2425
Beam me Up Scotty, She's about to Blow.

Information on the Global economy etc. That is what this blog is all about.

So what I am about to share is definatly not for the two-space dwellers.  (Three, is we concede that Time is a dimension)

To date, the QVPT line of research has produced data suggesting very high specific impulse coupled with high specific force. If the physics and engineering models can be explored and understood in the lab to allow scaling to power levels pertinent for human spaceflight, 400kW SEP human missions to Mars may become a possibility, and at power levels of 2MW, 1-year transit to Neptune may also be possible

If this (pdf) does not stir your blood it is time for a transfusion.

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