Daily Digest

Daily Digest 10/22 - Japan's Rare Earth Minerals May Run Out, Interview with John Michael Greer, Cap on Trade Surpluses

Friday, October 22, 2010, 10:53 AM
  • Canada urged to block bid for PotashCorp
  • Geithner calls for cap on trade surpluses
  • Pentagon Mostly Gets a Pass From Deficit Hawks
  • Interview with John Michael Greer
  • French police force open blockaded fuel depot
  • Chevron takes first step into Gulf of Mexico, but others will follow
  • Cnooc Said to Bid $5 Billion With GNPC for Kosmos Jubilee Stake
  • Japan's rare earth minerals may run out by March

Crash Course DVDThe deluxe DVD features a helpful presenter’s pack and live segments by Chris (NTSC or PAL)

Economy

Canada urged to block bid for PotashCorp

Saskatchewan urged the Canadian government to block BHP Billiton’s $39bn (£24.8bn) bid for PotashCorp on the grounds that the Australian miner had failed to show that the deal would benefit the prairie province. “We must say no to this hostile takeover,” Brad Wall, Saskatchewan’s premier, told the chamber of commerce in Regina, the provincial capital. “In this deal we would lose a proud Canadian company. We would go from being price-setters to price-takers.

Geithner calls for cap on trade surpluses

Washington has taken a fresh line of attack in attempts to get Beijing to allow its currency to appreciate, calling for the G20 group of leading economies to agree a cap on current account surpluses. The US has long sought faster and sustained appreciation of the renminbi but Beijing has consistently resisted specific targets. In order to break this impasse, Timothy Geithner, US Treasury secretary, said G20 finance ministers, meeting in the South Korean city of Gyeongju on Friday, should commit to limit trade deficits and surpluses that create imbalances in the global economy.

Pentagon Mostly Gets a Pass From Deficit Hawks

Several GOP candidates have said military-spending reductions should be considered, along with cuts to entitlement programs. In a videotaped statement posted on his campaign website, Rand Paul, the libertarian-leaning Republican Senate hopeful in Kentucky, singled out what he described as an "enormous amount of waste" in defense spending.   "There's not enough money just in welfare to cut to balance the budget," Mr. Paul said. "You have to look at the entire budget, and approximately 40% of that budget is military."   That isn't necessarily the party line: The GOP's Pledge to America platform calls for fiscal austerity but makes notable exceptions for the military. Marco Rubio, the party's Senate nominee in Florida, for instance, generally supports efforts to trim federal spending but opposes specific measures to roll back defense budgets. Former Alaska Gov. Sarah Palin, who commands a following among tea-party groups, has said publicly that defense shouldn't be touched.

Crash Course DVDThe deluxe DVD features a helpful presenter’s pack and live segments by Chris (NTSC or PAL)

Energy

"In America most people have no conception that anything can really change radically" - Interview with John Michael Greer (Woodman/NZSailor)

JMG: For the first almost a decade after that start of being a peak oil scene, peak oil movement, it was a very, very fringe activity. There were very few people interested in it, they mostly talked to each other, nobody else wanted to hear about it. In the last couple of years we have started to see some very influential people and organizations taking it very seriously. You have, as a recent example, the German military, the Bundeswehr, doing a study and discovering it, saying: look, this is a serious national security issue. You have various nations starting to take it seriously, it is no longer being brushed up and dismissed, as it used to, that’s what I meant.

French police force open blockaded fuel depot

French riot police forced open a strategic fuel refinery Friday that had been a bastion of resistance to President Nicolas Sarkozy's bid to raise the retirement age to 62, pushing striking workers aside with shields in a bid to end gasoline shortages.   Helmeted officers in body armor descended on the refinery and depot at Grandpuits overnight, confronting workers who shoved back and shouted union slogans as they sought to keep police from opening the gates to the depot.   Workers have been camped for 10 days in front of the site, blocking access and contributing to punishing fuel shortages. As of Friday, about 20% of France's service stations were still empty, down from 40% a few days ago, Environment Minister Jean-Louis Borloo said Friday, according to his office.

Chevron takes first step into Gulf of Mexico, but others will follow

Chevron’s announcement that it will lead a $7.5bn investment in the deepwater Gulf of Mexico underlines how eager the industry is to get back out there despite BP’s accident.

Cnooc Said to Bid $5 Billion With GNPC for Kosmos Jubilee Stake

Cnooc Ltd., China’s largest offshore oil producer, and Ghana National Petroleum Corp. made a $5- billion bid to buy Kosmos Energy LLC’s assets in the West African country, including its stake in the Jubilee field, according to three people with knowledge of the matter. The all-cash, fully financed bid, the first from the Cnooc- Ghana National group, was received about two weeks ago, said the people, who declined to be identified as the talks are private. The offer tops an earlier, failed bid of more than $4 billion fromExxon Mobil Corp. for the Kosmos assets, which include a 23.49 percent stake in Jubilee. The field holds an estimated 1.8 billion barrels of crude, enough to supply all U.S. East Coast refineries for more than four years.

Environment

Japan's rare earth minerals may run out by March: govt

Japan's stockpile of rare earth minerals could dry up by March or April without fresh imports from China, which has stopped shipping them, a senior Japanese government official said Thursday.

11 Comments

saxplayer00o1's picture
saxplayer00o1
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alcatwize's picture
alcatwize
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Several GOP candidates have said military-spending reductions sh

Former Alaska Gov. Sarah Palin, who commands a following among tea-party groups, has said publicly that defense shouldn't be touched.

It's going to get touched.  There is just no other way around the fact that we spend WAY too much money on defense.  It seems that at least some GOP candidates are pulling their head from the sand and realizing this.

rjs's picture
rjs
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Posts: 445
Re: Daily Digest 10/22 - Japan's Rare Earth Minerals May ...

Obama launches effort to develop jet fuel from plants 

rhare's picture
rhare
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Posts: 1325
Re: Daily Digest 10/22 - Japan's Rare Earth Minerals May ...

Great, government getting involved in another area.  Wonder which favored companies (Boeing) will be the beneficiaries. How about we just let companies compete, hmm, here is one that has been working on the problem for quite a while already:

http://www.amyrisbiotech.com/en/markets/fuels/renewable-jet-fuel

I wonder if this will work out as well as the whole corn ethanol mandates.  :-(

rjs's picture
rjs
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Posts: 445
Re: Daily Digest 10/22 - Japan's Rare Earth Minerals May ...

more jet fuel, less fish...

The lure for catfish farmers is sinking - Catfish feed is made of soybean and corn meal, so when grain prices go up, the feed goes up,"

cmartenson's picture
cmartenson
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Re: Daily Digest 10/22 - Japan's Rare Earth Minerals May ...

The article says "jet fuel from plant residues."  This sounds like poor reporting.  I am unaware of any efforts to develop jet fuels from residues.  Alcohol?  Sure.  But jet fuel?  Unless we are calling soybeans 'residues' now, I think something got lost in the translation.

gmeader3's picture
gmeader3
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Re: Jet fuel from plants.- details

There are several organizations developing jet fuel from plants (besides the Dept of Agriculture). The links to the Technology Review article and algaeaviationfuel.com might explain the use of the term "residues". The U.S. military has already been researching this for years.

Jet fuel from Plants:  Technology Review (MIT magazine) Aug 2010: http://www.technologyreview.com/business/25956/ (mentions "plant scraps")

Scientific American Oct 2008: http://www.scientificamerican.com/article.cfm?id=using-plants-instead-of...

Solazyme Delivers 100% Algal-Derived Renewable Jet Fuel to U.S. Navy http://www.solazyme.com/media/2010-07-19

Honeywell (defense contractor): http://www51.honeywell.com/honeywell/news-events/case-studies-n3n4/jet_f...

DARPA: http://www.physorg.com/news185521814.html

Algae: http://algaeaviationfuel.com/blog "Dry process biofuels are essentially powders that can be fluidized and combusted in jet turbine engines."

Plant Oils: http://www.susoils.com/flights.php

idoctor's picture
idoctor
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Re: Daily Digest 10/22 - Japan's Rare Earth Minerals May ...

idoctor's picture
idoctor
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Posts: 1731
Re: Daily Digest 10/22 - Japan's Rare Earth Minerals May ...

King World news interview:http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/10/20_Jim_Rickards.html

 

Poet's picture
Poet
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Posts: 1891
Re: Several GOP candidates have said military-spending ...
alcatwize wrote:

Former Alaska Gov. Sarah Palin, who commands a following among tea-party groups, has said publicly that defense shouldn't be touched.

It's going to get touched.  There is just no other way around the fact that we spend WAY too much money on defense.  It seems that at least some GOP candidates are pulling their head from the sand and realizing this.

Agreed. Defense Secretary Gates has done a lot of cost-cutting:
http://www.newsweek.com/2010/09/12/what-gates-plans-to-do-before-he-leav...

We have 11 carrier groups. Do we really need 11? I bet we could have 9 and still be a great power. And as long as we continue to maintain nuclear submarines with nuclear missiles in good order, we can keep Russia and China at bay. We can also start getting other countries to start paying for protection rather than give protection away for free. Japan, I'm sure, would be happy to have American warships steaming alongside theirs when in disputed waters. Taiwan and the Philippines would love Americans in the Spratlys.

Poet

taxed2death's picture
taxed2death
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Re: Daily Digest 10/22 - Japan's Rare Earth Minerals May ...

http://www.washingtonpost.com/wp-dyn/content/article/2010/10/22/AR201010...

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