Daily Digest 5/11 - USPS Holds Back On Closings, CM On Peak Oil, Norwegian Oil Production Down
- Michael Hudson and Pierre Rinfret: The Myth of Alan Greenspan
- Charles Lane is Exhibit A: Dishonesty in Media when addressing Economics
- In Libya, the Captors Have Become the Captive
- Postal Service Holds Back On Closings
- Chris Martenson: Peak Oil Will Change Life As You Know It & So Will the Coming Collapse
- Norwegian Crude Oil Reserves and Production as of 12/31/2011
He was famous for telling the economic truth, even when those in power did not want to hear it. And he was outspoken, too much so for the pampered princes of politics and the media. He himself was often naive I think, in believing that the truth would prevail even among those who were determined not to see it because it conflicted with their interests, and that those to whom he had been loyal would repay him in kind. He was 'set up' to take a loss in his run for governor of NY. But that was just politics and he had made quite a few enemies, especially amongst the emerging neo-conservatives who took control of his beloved Republican Party.
Bill Black's Recipe for Bankers to become Billionaires: 1. Grow massively, 2. By making very poor quality loans at high rates of interest, 3. Use extreme leverage (high corporate debt), and 4. Set aside virtually no loss reserves for the massive losses that will be coming. If you do these four things, you are mathematically guaranteed to report record short-term income. Akerlof and Romer referred to it as a sure thing - it is guaranteed.
I heard this story in early April from Naji Najjar himself. He was still being held captive by the militia, living with 11 other men who had killed and tortured for Qaddafi, in a large room with a single barred window and mattresses piled on the floor. The rebels had attached a white metal plate onto the door and a couple of big bolts, to make it look more like a prison. Najjar’s old PPR pipe and falga, a wooden stick used to raise prisoners’ legs in order to beat them on the soles of the feet, rested on a table upstairs. They had gotten some use in the first months of his confinement, when former victims and their relatives came to the base to deliver revenge beatings.
Postal Service Holds Back On Closings (jdargis)
The agency had originally targeted rural post offices because they are expensive to run and generate little revenue. Some of the smallest rural post offices earned an average of $15,000 annually, but cost $114,000 to operate, the Postal Service said.
Here’s my new interview with researcher and author of ‘The Crash Course’ Chris Martenson. Buckle up, Chris has the data that he believes proves that ‘peak oil’ is a fact – and that any way you cut it, our lives are about to change forever as the days of cheap liquid fuel are nearly over. Chris also covers the coming collapse and the need to continue stacking physical.
These new developments are expected to add up to 350 kb/d of additional oil production, reaching a peak in 2016. This is by itself impressive given the location of the discoveries (offshore, water depth), their size and the total efforts required to bring these to fruition. These 21 developments have been estimated to hold total recoverable reserves of 1 Gb crude oil, 140 Gcm (Gcm = Bcm: Billion cubic meters) of natural gas, around 23 Mb condensates and around 164 Mb NGLs.
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