Daily Digest 10/5 - Egypt Struggles To Pay Oil Bill, Marine Energy Projects Gain Momentum

Economy

Peter Schiff: The Recession Is Already Here (David B.)

The comments were made in an interview on Monday on Fox Business, as Schiff was asked about his views on the economy. His reasoning for feeling that we are in another recession stems from a few different metrics. First, he points out that government data shows we are growing at 1.3% while inflation is currently at 1.6%. He states that if inflation is truly at 3% (a number he seems to pull out of thin air, mind you) then we are already in a recession. You can watch the interview here to see for yourself, but it appears that Schiff is suggesting inflation numbers are being under reported or covered up for the time being.

George Farah: How Democrats and Republicans Conspire to Exclude Third Party Candidates from Presidential Debates (Jaime)

Fascinating discussion about how the Democratic and Republican parties wrestled control of the presidential debate process from the League of Women Voters. One of their primary goals: exclusion of third party candidates.

Flow of
Funds Accounts Of The United States (Arthur Robey)

These data are released during the second week of March, June, September, and December.

U.S. Abandoning Hopes for Taliban Peace Deal (jdargis)

“I don’t see it happening in the next couple years,” said a senior coalition officer. He and a number of other officials spoke on the condition of anonymity because of the delicacy of the effort to open talks.

“It’s a very resilient enemy, and I’m not going to tell you it’s not,” the officer said. “It will be a constant battle, and it will be for years.”

Energy

Marine Energy Projects Pick Up Momentum (jdargis)

The immense force of the tides has long tantalized those hoping to harvest energy from them, but although a few small projects are operational, the technical barriers are high. Two distinct technologies exist — traditional dam-based plants and more recent “tidal stream” generators, built like underwater windmills. But tidal dams can be ecologically harmful while in places suitable for tidal stream plants, currents can sometimes be so strong that they risk destroying the generating turbines.

Egypt Struggles To Pay Oil Bill (jdargis)

Despite the problems, companies that are able to withstand higher levels of debt are still attracted by Egypt’s oil and gas potential. For instance, BP decided in September to invest $11 billion in an Egyptian gas project that is expected to produce 40 percent of the country’s natural gas output when completed.

The High Cost of Energy is Leading the Economy into Recession (James S.)

Think of it this way. You have run out of petrol and have to push your car a couple of metres off to the side of the road. It's a lot of work, especially if it's a heavy car. Think about having to push the car for kilometre after kilometre - that would really be a lot of work. If you do the math, a single litre of fuel is doing the work that's the equivalent to, maybe, six weeks of hard labour. You can't get labour anywhere as cheap as the petrol we buy.

Judge Rejects Binghamton's Fracking Ban (jdargis)

“First, there has been no showing of dire need,” the ruling said. “There can be no showing of dire need since the New York State Department of Environmental Conservation has not yet published the new regulations that are required before any natural gas exploration or drilling can occur in the state.”

“Second, since the D.E.C. is not yet issuing permits, there is also no crisis nor a crisis condition that could possibly be shown by the city at this time,” he wrote.

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