Daily Digest

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Daily Digest 7/2 - Barclays Chairman Resigns, These Are Golden Years, Have Iran Sanctions Worked?

Monday, July 2, 2012, 10:39 AM

Economy

Banking scandal: how document trail reveals global scam (Thomas C.)

Until last week few people outside the world of banking would even have been aware of Libor and fewer still would have appreciated that it can exert a significant influence over their lives. But many people have mortgages linked to Libor and fluctuations in its rate can affect the size of their monthly home loan repayments.

Just Like 1965, These Are Golden Years (Thomas C.)

WSJ columnist Simon Constable visits Mean Street at the onset of a seminal moment in world economics: central banks are hoarding gold at amounts not seen since 1965.

Barclays chairman resigns amid rate-fixing scandal (Dana T.)

Britain's Financial Services Authority on Friday said the law must be tightened to deal with abuses, while Bank of England Governor Mervyn King attacked British banking culture, saying something had gone very wrong with an industry he derided for resorting to "deceitful" methods to make money.

Keiser Report: Barclays' Bad Bet (Thomas C.)

In this episode, Max Keiser and co-host, Stacy Herbert, discuss 'big boys' and carding crimes, marmite pots and Olympic has-beens, wash trades and perfect games. In the second half of the show Max talks to former commodities analyst and blogger, Michael Krieger, about the meaning of the escalating and blatant financial crime wave.

DryShips Daily Market Report (Arthur Robey)

Daily Market: This page contains the latest Dry Bulk Shipping News.

Inter-Regional Trade Movements of Petroleum: Summary

The trouble with BP's over-complicated presentation was that one couldn’t readily visualize the relative petroleum flows from one region to the next, (i.e., the inter-regional flows). Additionally, even though they published these data every year, no effort was made to describe or depict to what extent these inter-regional flows have been changing over time.

I wanted to simplify the petroleum trade-movement data so that the yearly relative amounts of the major movements between smaller numbers of regions could be easily visualized and projected into the future.

No peak oil in sight: We’ve got an unprecedented upsurge in global oil production underway (spencertk)

Contrary to what most people believe, oil is not in short supply and oil supply capacity is growing worldwide at such an unprecedented level that it might outpace consumption. From a purely physical point of view, there are huge volumes of conventional and unconventional oils still to be developed, with no “peak-oil” in sight. The full deployment of the world’s oil potential depends only on price, technology, and political factors. More than 80 percent of the additional production under development globally appears to be profitable with a price of oil higher than $70 per barrel.

Have Sanctions Against Iran Worked? (OPA)

Oil sanctions have had the effect of reducing Iranian oil exports, but already 10 European countries, Japan, India, Turkey, Taiwan, South Korea, Malaysia and South Africa have reduced their imports of Iranian oil to the point where they’ve had exemptions lifted. The sanctions have likely hit their near-term pressure peak, but still the Iranian regime has not made any nuclear concessions and does not seem willing to change this stance.

Shocking Images Follow Super Derecho (ScubaRoo)

Another amazing storm photo from yesterday. Stay safe, Ohio.

Article suggestions for the Daily Digest can be sent to dd@peakprosperity.com. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

3 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 2473
crash_watcher's picture
crash_watcher
Status: Silver Member (Offline)
Joined: Aug 12 2008
Posts: 146
No peak oil in sight

Recently, Bit Tooth Energy had a nice article that put the harvard energy report, which, in turn, is what this article was based on, into some perspective:

Enough, already! There are too many unrealistic assumptions to make this worth spending more time on.

Macs's picture
Macs
Status: Bronze Member (Offline)
Joined: May 27 2011
Posts: 39
Yeah, right....

No peak oil in sight.....   80 percent of the additional production under development globally appears to be profitable with a price of oil higher than $70 per barrel.

We've come from a $20 market price to needing $70+ in less than a decade, and they try to argue this disproves peak oil. Either they don't understand the concept, or they're trying to deceive someone. Strawman at best....

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