Daily Digest

Daily Digest - May 1

Saturday, May 1, 2010, 10:03 AM
  • Greece is just the 'tip of the iceberg', Nouriel Roubini warns
  • Europe's Expanding Debt Crisis
  • BP Is Criticized Over Oil Spill, but U.S. Missed Chances to Act
  • The Oil Spill: Wildlife at Risk

Economy

Greece is just the 'tip of the iceberg', Nouriel Roubini warns (mhoop)

“While today markets are worried about Greece, Greece is just the tip of the iceberg,” Roubini told the Milken Institute Global Conference in Beverly Hills, California. "The thing I worry about is the buildup of sovereign debt.”

Europe's Expanding Debt Crisis (woodman)

Fears that the Greek debt crisis may spread have sparked market sell-offs around the world. What the debt burdens in Greece, Portugal and other European countries could mean for economies worldwide.

Energy

BP Is Criticized Over Oil Spill, but U.S. Missed Chances to Act (jdargis)

As oil edged toward the Louisiana coast and fears continued to grow that the leak from a seabed oil well could spiral out of control, the White House announced that President Obama would visit the region on Sunday morning.

Environment

The Oil Spill: Wildlife at Risk (jdargis)

The oil spill from a deepwater well is threatening various birds and marine mammals along the Louisiana coast. The National Audubon Society has identified some of the most vulnerable birds. About 210,000 feet of protective boom has been laid.

Please send article submissions to: [email protected]

30 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4065
Re: Daily Digest - May 1

"ShadowStats' John Williams has done his math and believes his numbers tell the truth. He explains why the U.S. is in a depression and why a "Hyper-Inflationary Great Depression" is now unavoidable. John also shares why he selects gold as a metal for asset conversion in this exclusive interview with The Gold Report. "

"NEW YORK -- Some money managers are preparing for the next stage of the global financial crisis -- a world where the traditional perception of risk has been turned on its head.

Sovereign debt from the industrialized countries, particularly the U.S., the euro zone and Japan, was once perceived as the safest of investments and the benchmark by which to measure all other assets.

But massive debt loads as a result of the global banking crisis eroded sovereign debt creditworthiness, meaning investors have to rethink long-held beliefs and investment strategies. Assets that were once perceived as risky -- such as emerging markets or corporate debt -- are now viewed as less risky than debt sold by large developed economies such as Spain.

Greece's downgrade by Standard Poor's into junk territory this week is merely the tipping point in what is likely to be a fundamental adjustment process that will last much longer than most realize.

"You need to think about the unthinkable," such as sovereign default and a world without AAA-rated nations, said Scott Mather, Pimco's head of global portfolio management, overseeing $41 billion in global bonds.

Greece is just the beginning: Portugal, Spain, Italy, the U.K. and even the ultimate safe-haven, the U.S., are being re-evaluated by wary fund managers looking to avoid exposure to assets that could suddenly lose sharply in value because of their government's poor fiscal management. "

"Everyone knows that the federal deficit is a real and growing problem. It's so large, however — $12 trillion and spiking rapidly — that it can seem abstract.

That's about to change. Serious consequences associated with deficit spending have long seemed like far-off problems, but they are now likely to hit the country with considerable force within the next several years.

One is servicing the debt itself. Most people don't pay much attention to the interest payments the federal government makes every year. They haven't had to. Debt service has been manageable, thanks to low interest rates and consistent economic growth.

But, according to the Congressional Budget Office, annual debt payments — currently about $200 billion — are set to skyrocket. CBO estimates that interest payments on the federal debt will total $916 billion by the year 2020."

Debt Rises Times Five

Notes

Figures for 2010-2020 are projections.

Source: Congressional Budget Office

""In 20 years, if you look at combined debt service, Social Security and health care, those are going to cost us more than the current tax system is capable of raising," says David Wyss, chief economist for Standard & Poor's. "

"SAN FRANCISCO (MarketWatch) -- A trio of bank failures in Puerto Rico and four more closures in Michigan, Washington and Missouri took a nearly $7.4 billion bite out of the federal deposit-insurance fund on Friday, while raising the number of U.S. bank failures this year to 64.

The Federal Deposit Insurance Corp. said Puerto Rico's Westernbank, Eurobank and R-G Premier Bank of Puerto Rico were all closed, with a combined $14.84 billion in deposits.

Their closure will cost the deposit-insurance fund roughly $5.28 billion, the regulator said.

The closure of Everett, Wash.-based Frontier Bank, which $3.13 billion in deposits, will cost the insurance fund $1.37 billion, the FDIC estimated."

.......................4A) FDIC regulators close seven banks; failures may cost insurance fund $7.33 billion

"May 1 (Bloomberg) -- Greek Finance Minister George Papaconstantinou said Greece faces “unprecedented” budget cuts as the euro region and International Monetary Fund near approval of a 120 billion-euro ($159 billion) bailout for the debt- stricken nation.

Greece must brace itself for “very demanding tasks,” Papaconstantinou said yesterday in Athens, where the government is wrapping up talks with the IMF and EU on conditions for the three-year loans. “We are at a critical point in the history of our country.”"

"Mounting Discontent

“Huge doubts remain about the ability of the Greek government to implement these policy changes amid mounting signs of discontent within the population,” Michael Saunders and other economists at Citigroup Inc. said in an e-mailed note. “Even in the event of a successful implementation of the measures, risks remain of a vicious spiral between tighter fiscal policy and collapsing real growth.”"

........................5A) Lagarde: Greek Aid Package Could Reach $160 Billion

........................5B) IMF fears Greece cure will take 10 years -report

........................5C) Rioting Greeks throw petrol bombs at police

.....................................also.. Greek protests turn violent (Reuters video)

.........................5D) Foreign banks exposed

"ZURICH - FOREIGN banks are exposed to US$236.2 billion (S$324.5 billion) of public and private debt in Greece, nearly a third of it held by French banks, Bank for International Settlements data showed on Friday.

Of the total involving Greek debt of all types, some US$188.6 billion was held by European banks, according to the BIS, which is known as the central bank of central banks.

French banks were the most exposed with holdings of US$75.2 billion, followed by German banks (US$45 billion) US (US$16.6 billion), British (US$15 billion) and Dutch banks (US$11.9 billion)."

"The latest downgrades from Moody's are part of a host of cuts announced in April by the ratings agency. A couple of weeks ago, Moody's downgraded $42.2 billion in subprime RMBS.

Separately, S&P said it revised some of its criteria assumptions for rating RMBS, saying its loss estimates for some loan pools may increase.

RMBS helped feed the subprime boom, winding up in the hands of investment funds or in more complicated pools known as collateralized debt obligations, in which underlying mortgage pools were ultimately sliced into different risk tranches."

"The number of defined benefit pension schemes that are in deficit has doubled over the past five years to stand at 92% of the total, making retirement prospects bleak unless changes are made, an accountancy body said on Friday.

Pension funding deficits have risen from $160 billion in 2003 to an estimated $350 billion in 2008 and continue to grow, the Certified General Accountants Association of Canada said. "

........................7A) Canada Reports C$902 Million February Deficit as Spending Rises

"Pennsylvania's disappointing state government tax collections in April are raising the likelihood that more spending cuts or tax increases, or both, will be necessary.

Legislative officials said Friday that the month's revenues will fall short of projections. The Department of Revenue will release official figures on Monday.

The resulting gap may leave a year-to-date deficit of more than $1 billion.

Senate Appropriations Committee Chairman Jake Corman says the budget hole can't be closed without either a significant tax increase or significant spending cuts."

"Through its Unemployment Mortgage Assistance Program, CalHFA will provide temporary financial assistance in the form of a mortgage payment subsidy of varying size and term to unemployed homeowners at risk of foreclosure. These funds will provide up to six months of benefits, with a monthly benefit of up to $1,500 or 50 percent of the existing total monthly mortgage payment, whichever is less. The program benefit cap will be $9,000

per household. According to The Wall Street Journal, CalHFA will use around $427 million – the bulk of its hardest hit funding – for this program. "

"Reuters) - A prolonged and increasingly violent stand-off between government and red shirt protesters in Bangkok is worsening and could deteriorate into "an undeclared civil war," the International Crisis Group said.

"The Thai political system has broken down and seems incapable of pulling the country back from the brink of widespread conflict," the Brussels-based conflict resolution group said in a report released late on Friday.

"The stand-off in the streets of Bangkok between the government and red shirt protesters is worsening and could deteriorate in undeclared civil war.""

  •  Other news stories and headlines:

Sovereign debt may hurt mkts for decade

Debt Concerns Reach U.K.

Portuguese workers unite to resist austerity measures

Fed’s Guynn Warned in 2004 Low Rates May Fuel Home-Price Surge

Legislators paint bleak budget picture for PSBA (Pennsylvania)

Putin proposes merging Gazprom, Ukraine gas firm

Greece's lesson for the US: When bond investors turn on you, it's over

Treasury Redeems A Gargantuan $643 Billion In Treasuries In April (Zerohedge)

DOJ Antitrust Division Considering Launching Investigation Into Silver Market Manipulation By JPM (Zerohedge)

 

..........................Back on Monday. Enjoy the weekend!

gregroberts's picture
gregroberts
Status: Diamond Member (Offline)
Joined: Oct 6 2008
Posts: 1024
North Korean Torpedoing Of Gulf Of Mexico Oil Rig

May 1, 2010
US Orders Blackout Over North Korean Torpedoing Of Gulf Of Mexico Oil Rig

A grim report circulating in the Kremlin today written by Russia’s Northern Fleet is reporting that the United States has ordered a complete media blackout over North Korea’s torpedoing of the giant Deepwater Horizon oil platform owned by the World’s largest offshore drilling contractor Transocean that was built and financed by South Korea’s Hyundai Heavy Industries Co. Ltd., that has caused great loss of life, untold billions in economic damage to the South Korean economy, and an environmental catastrophe to the United States.
Most important to understand about this latest attack by North Korea against its South Korean enemy is that under the existing “laws of war” it was a permissible action as they remain in a state of war against each other due to South Korea’s refusal to sign the 1953 Armistice ending the Korean War.

http://www.whatdoesitmean.com/index1367.htm

...
To the attack itself, these reports continue, the North Korean “cargo vessel” Dai Hong Dan believed to be staffed by 17th Sniper Corps “suicide” troops left Cuba’s Empresa Terminales Mambisas de La Habana (Port of Havana) on April 18th whereupon it “severely deviated” from its intended course for Venezuela’s Puerto Cabello bringing it to within 209 kilometers (130 miles) of the Deepwater Horizon oil platform which was located 80 kilometers (50 miles) off the coast of the US State of Louisiana where it launched an SSC Sang-o Class Mini Submarine (Yugo class) estimated to have an operational range of 321 kilometers (200 miles).
On the night of April 20th the North Korean Mini Submarine manned by these “suicidal” 17th Sniper Corps soldiers attacked the Deepwater Horizon with what are believed to be 2 incendiary torpedoes causing a massive explosion and resulting in 11 workers on this giant oil rig being killed outright. Barely 48 hours later, on April 22nd , this North Korean Mini Submarine committed its final atrocity by exploding itself directly beneath the Deepwater Horizon causing this $1 Billion oil rig to sink beneath the seas and marking 2010’s celebration of Earth Day with one of the largest environmental catastrophes our World has ever seen.
To the reason for North Korea attacking the Deepwater Horizon, these reports say, was to present US President Obama with an “impossible dilemma” prior to the opening of the United Nations

Review Conference of the Parties to the Treat on the Non-Proliferation of Nuclear Weapons (NPT) set to begin May 3rd in New York.
This “impossible dilemma” facing Obama is indeed real as the decision he is faced with is either to allow the continuation of this massive oil leak catastrophe to continue for months, or immediately stop it by the only known and proven means possible, the detonation of a thermonuclear device.
To whatever decision Obama makes it remains a fact that with each passing hour this environmental catastrophe grows worse. And even though Obama has ordered military SWAT teams to protect other oil rigs in the Gulf of Mexico from any further attack, and further ordered that all drilling in the Gulf of Mexico be immediately stopped, this massive oil spill has already reached the shores of America and with high waves and more bad weather forecast the likelihood of it being stopped from destroying thousands of miles of US coastland and wildlife appears unstoppable.
And not just to the environmental catastrophe that is unfolding the only devastation to be wrecked upon the United States and South Korea by this North Korean attack as the economic liabilities associated with this disaster are estimated by these Russian reports to be between $500 Billion to $1.5 Trillion, and which only a declaration of this disaster being an “act of war” would free some the World’s largest corporations from bankruptcy.
Important to note too in all of these events was that this was the second attack by North Korea on its South Korean enemy, and US ally, in a month as we had reported on in our March 28th report titled “Obama Orders ‘Immediate Stand-down’ After Deadly North Korean Attack” and which to date neither the Americans or South Korea have retaliated for and giving one senior North Korean party leader the courage to openly state that the North Korean military took “gratifying revenge” on South Korea.
And for those believing that things couldn’t get worse, they couldn’t be more mistaken as new reports coming from Japanese military sources are stating that North Korea is preparing for new launches of its 1,300 kilometer (807 miles) intermediate range ballistic “Rodong” missile which Russian Space Forces experts state is able to “deploy and detonate” an atomic electromagnetic pulse (EMP) device, and which if detonated high in the atmosphere could effectively destroy the American economy for years, if not decades, to come.

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - May 1

Sax - thank you for the JW report, I missed that.

cmartenson's picture
cmartenson
Status: Diamond Member (Offline)
Joined: Jun 7 2007
Posts: 5570
Re: Daily Digest - May 1

This is really, really bad.

I feel terrible about the disaster unfolding down in the Gulf, for the people and the wildlife. 

Estimates are now cropping us that the rate of flow may be as much as 25,000 barrels a day.

WASHINGTON—The Gulf of Mexico oil spill could be leaking at a rate of 25,000 barrels a day, five times the government's current estimate, industry experts say.

Basing their calculations on government data and standard industry measurement tools, the experts said the Gulf spill may already rival the historic 1969 Santa Barbara, Calif., and 1989 Exxon Valdez disasters.

Ian MacDonald, professor of oceanography at Florida State University who specializes in tracking ocean oil seeps from satellite imagery, said there may already be more than 9 million gallons of oil floating in the Gulf now

(Source WSJ)

rjs's picture
rjs
Status: Gold Member (Offline)
Joined: Aug 8 2009
Posts: 445
Re: Daily Digest - May 1

Experts: Oil May Be Leaking at Rate of 25,000 Barrels a Day in Gulf - WSJ —The Gulf of Mexico oil spill could be leaking at a rate of 25,000 barrels a day, five times the government's current estimate, industry experts say.Basing their calculations on government data and standard industry measurement tools, the experts said the Gulf spill may already rival the historic 1969 Santa Barbara, Calif., and 1989 Exxon Valdez disasters. Ian MacDonald, professor of oceanography at Florida State University who specializes in tracking ocean oil seeps from satellite imagery, said there may already be more than 9 million gallons of oil floating in the Gulf now, based on his estimate of a 25,000 barrel-a-day leak rate. That's compared to 12 million gallons spilled in the Valdez accident.

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - May 1

210,000 barrels per day - by other estimates. Link

It's a river of oil flowing from the bottom of the Gulf at the rate of 210,000 gallons a day that officials say could be running for two months or more. If that prediction holds, much of the state's southeastern coast will become a world-watched environmental battleground that hasn't been seen in the United States since the Exxon Valdez ran aground in Alaska 21 years ago.

Gives a lot of credence to Dr. Al's "Our solutions create more problems" observation. I expect the environmental outrage that will ensue in the coming days will have profound price ramifications. I also seriously wonder how much of this hard to reach oil - is even reachable.

Won't say today, but I won't be surprised tomorrow either if we learn the back side of the bell curve is really a cliff.

To the people who rule the world, with the exception of those like Rosco Bartlett - they are a bunch of utter and absolute morons for not addressing this. Like the financial crisis that is coming - those who aren't aware and don't get make preparations are going to get a royal scr*wing.  

 

Travlin's picture
Travlin
Status: Diamond Member (Offline)
Joined: Apr 15 2010
Posts: 1322
Re: Daily Digest - May 1
saxplayer00o1
My sincere thanks for the outstanding job you do with your additions to the Daily Digest.  I have found amazing and solid information in the items your present.  The first three items today were particularly strong.  Please keep up the good work.
Travlin's picture
Travlin
Status: Diamond Member (Offline)
Joined: Apr 15 2010
Posts: 1322
Re: Daily Digest - May 1

Davos

You have to read the press reports carefully  210,000 GALLONS divided by 42 = 5,000 BARRELS.  The media likes hyping this with the bigger number.  Some article use both figures and people get the impression that they are different estimates in barrels.  I did that myself.

Travlin's picture
Travlin
Status: Diamond Member (Offline)
Joined: Apr 15 2010
Posts: 1322
Re: Daily Digest - May 1

Double post.

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - May 1
Travlin wrote:

Davos

You have to read the press reports carefully  210,000 GALLONS divided by 42 = 5,000 BARRELS.  The media likes hyping this with the bigger number.  Some article use both figures and people get the impression that they are different estimates in barrels.  I did that myself.

Thanks, I'm reading way tooo fast these days

CB's picture
CB
Status: Gold Member (Offline)
Joined: Mar 18 2008
Posts: 365
Re: Daily Digest - May 1

All estimates of the rate of leakage are educated guesses as there is no way to measure the flow directly. News today says that there are fears that the rate could reach 6 million gallons a day and that the slick which has tripled in size in the past day could reach the east coast before it is capped. While I have not heard it discussed yet hurricane season is approaching and there is a reasonable chance of a storm affecting the area of the slick - especially if it takes 3 months to contain it.

Interesting that Haliburton was involved in this mess...

VeganDB12's picture
VeganDB12
Status: Platinum Member (Offline)
Joined: Jul 18 2008
Posts: 731
Re: Daily Digest - May 1

Chris

You said it.  This is giving me nightmares already.

 

Right, CB,Halliburton bought Boots and Coots (??) three weeks ago. Makes me wonder how long they knew the platform might blow. I know that is conspiratorial conjecture, apologies but, per Cryptogon:

Halliburton Acquired Boots & Coots On 9 April 2010

May 1st, 2010

And then…

‘Last Resort’ Safety Device Failed in Fatal Drilling Incident:

Boots & Coots Inc. of Houston and Amarillo, Texas-based GSM Enterprises Inc., two of the companies that extinguished hundreds of oil wells in Kuwait set ablaze by retreating Iraqi troops in 1990, have been brought in to help cap the leaks.

 

Subprime JD's picture
Subprime JD
Status: Platinum Member (Offline)
Joined: Feb 17 2009
Posts: 562
Re: Daily Digest - May 1

The "North Korean Submarine" theory  is absolutely INSANE! Its sounds like some conspiracy theory imagination but the pieces fit perfectly together. A NK sub leaving Cuba on route to Venezuela, going off course to blow up a SOUTH KOREAN oil drill makes perfect logical sense. I seriously hope and pray that this isnt the case because that means WAR with NK very soon.

On the other hand, if this is the case, then the silver lining is that deepwater horizon didnt fail due to the laws of physics but because of human interference. Either way, that is some BLOWOUT news.

rjs's picture
rjs
Status: Gold Member (Offline)
Joined: Aug 8 2009
Posts: 445
Re: Daily Digest - May 1
Deepwater Horizon Disaster: New Spill Calculation, Exxon Valdez Surpassed Today - Dr. Ian MacDonald at FSU just produced a new spill-size estimate based on the US Coast Guard aerial overflight map of the oil slick on April 28, 2010. The bottom line: that map implies that on April 28, 2010, there was a total of 8.9 million gallons floating on the surface of the Gulf.That implies a minimum average flow rate of slightly more than 1 million gallons of oil (26,000 barrels) per day from the leaking well on the seafloor. Since we're now in Day 11 of the spill, which began with a blowout and explosion on April 20, we estimate that by the end of the today 12.2 million gallons of oil, at a minimum, have been spilled into the Gulf of Mexico. The oft-quoted official estimate for the Exxon Valdez spill is 11 million gallons, although some think that is the lower limit of the likely range. It appears that we've just set a very sad new record. Here is Dr. MacDonald's calculation:
CB's picture
CB
Status: Gold Member (Offline)
Joined: Mar 18 2008
Posts: 365
Re: Daily Digest - May 1

http://www.msnbc.msn.com/id/36852827/ns/us_news-environment/?GT1=43001

Quote:

The oil gushing from the well where the Deepwater Horizon oil rig exploded and sank is now spreading through the Gulf of Mexico. Oil spills can kill wildlife, pollute the air and water, and alter the ecosystem for years to come. Many of us think of the Exxon Valdez oil spill as a particularly bad one, but with about 42,800 tons of oil spilled, it doesn't rank as one of the 10 worst ever.

Here are some of the worst oil spills in history:

The Odyssey: 132,000 tons
In November 1988, the American-owned oil tanker Odyssey split in two 700 miles off the coast of Nova Scotia. The tanker spewed about 132,000 tons of crude oil into the sea and caught fire as it sank, setting the spill aflame. Because of hazardous weather conditions, the Canadian Coast Guard could not immediately reach the spill, and much of the oil burned.

The Haven: 145,000 tons
A violent explosion aboard the Cyprus-based tanker the Haven killed six members of the crew and spilled 145,000 tons of oil off the coast of Italy in April 1991. About 70 percent of the oil burned in the ensuing fire. In most oil spills, oil remains near the surface of the water, but in this spill some of it sank. Oil from the Haven was later found in ocean beds at depths of up to 1,640 feet (500 meters).

The Amoco Cadiz: 223,000 tons
Stormy weather drove the Amoco Cadiz Very Large Crude Carrier (VLCC) aground on the Portsall Rocks, a 90-foot deep outcrop off the coast of Brittany, France, in 1978. The ship split in two and quickly sank before its 1,604,500 barrels of oil load could be pumped from the wreck.

Castillo de Bellver: 252,000 tons
In August 1983, a fire aboard the Castillo de Bellver led to an explosion that caused the tanker to break in two. Oil spilled into the sea 24 miles off the coast of Cape Town, marking the largest spill to date in South Africa. Luckily, the oil caused minimal environmental damage as the direction of the wind moved the oil slick offshore, where it dissipated naturally.

ABT Summer: 260,000 tons
ABT Summer tanker, traveling from Iran to Rotterdam, leaked oil and caught on fire about 700 miles off the Angolan coast in 1991. The disaster killed five of the 32 crew members on board.

Nowruz oil field: 260,000 tons
During the first Gulf War, a tanker collided with a platform on Feb. 10, 1983, spilling approximately 1,500 barrels each day, until the platform was attacked by Iraqi planes in March and the slick caught fire. The Nowruz oil field was not immediately capped, because the field was located in the middle of the Iran/Iraq war zone. The well was finally capped by Iran in September of that year – an effort that resulted in the deaths of 11 people.

Fergana Valley: 285,000 tons
The Fergana Valley, one of Central Asia's most densely populated agricultural and industrial areas, was the site of the largest inland oil spills in history in 1992.

Atlantic Empress/Aegean Captain: 287,000 tons
In July 1979, a Greek oil tanker called the Atlantic Empress collided with another ship, the Aegean Captain, during a tropical storm off of the island of Tobago in the Caribbean Sea. The Atlantic Empress disaster killed 26 crew members and is the largest ship-based oil spill.

Ixtoc I oil well: 454,000 tons
The Ixtoc I oil well exploded in the Gulf of Mexico in June 1979. The oil drilling platform then caught fire and collapsed, rupturing valves and making it difficult for rescue personnel to control the damage. The spill continued until March 1980.

Gulf War oil spill: 1,360,000 -1,500,000 tons
The worst oil spill in history, the Gulf War oil spill spewed an estimated 8 million barrels of oil into the Persian Gulf after Iraqi forces opened valves of oil wells and pipelines as they retreated from Kuwait in 1991. The oil slick reached a maximum size of 101 miles by 42 miles and was five inches thick.

flatspin's picture
flatspin
Status: Member (Offline)
Joined: Apr 26 2009
Posts: 8
Re: North Korean Torpedoing Of Gulf Of Mexico Oil Rig

This article is complete and utter bullshit and anyone believing it is hopelessly naive. And the US can't order a "media blackout".

Will's picture
Will
Status: Bronze Member (Offline)
Joined: Oct 27 2008
Posts: 81
Re: Daily Digest - May 1

While we all sit and watch another Triple E catastrophy unfold before our distracted eyes down in the Gulf of Mexico, the FED sees an opportunity to make a stealth move with a Friday night press release:

Fed adopts plan to let banks set up CD to drain money from the economy

 

I can't wait to read the blogs (including CM of course) analyze this move!

 

Subprime JD's picture
Subprime JD
Status: Platinum Member (Offline)
Joined: Feb 17 2009
Posts: 562
Re: Daily Digest - May 1

Flatspin:

 

I looked into the article on NK submarine. Its a bunch of crap, written by david brook, who is known for posting this type of nonsense from time to time. You have to love his creativity lol

signalfire's picture
signalfire
Status: Bronze Member (Offline)
Joined: May 18 2009
Posts: 34
Re: Daily Digest - May 1

As far as I can tell, the North Korea sub story originated at Sorchal Faal.

 

printfaster's picture
printfaster
Status: Bronze Member (Offline)
Joined: Sep 30 2009
Posts: 52
Re: Daily Digest - May 1

As for Sorcha Faal.

It is not a true rumor until Debkafile confirms it to be arumor.  Until then, the idea that the oil platform was torpedoed must remain a fake rumor.

 

Erik T.'s picture
Erik T.
Status: Diamond Member (Offline)
Joined: Aug 5 2008
Posts: 1234
Re: Daily Digest - May 1

GregRoberts,

Dude, I usually enjoy your posts, but if you're gonna post conspiracy theory, at least try to find some remotely plausible conspiracy theory! That was the most absurd bunch of BS I ever read.

Topedoes that somehow magically jump out of the water hundreds of feet to cause an explosion on the platform? Thermonuclear device is a "known way" to contain an oil spill?

Dude, the National Enquirer is a hundred times more believable than this crap.

Erik

gregroberts's picture
gregroberts
Status: Diamond Member (Offline)
Joined: Oct 6 2008
Posts: 1024
Re: Daily Digest - May 1

Erik,

Surely you've heard of the infamous NK jumping torpedoes? (and) If you use thermonuclear  devices properly and blow up the entire planet you won't have to worry about a major oil spill, (or anything else) ;-)

Sometimes the truth is hidden somewhere between the reported news and the coo coo sphere, found the article in a few of my news sources so I thought I would post it and take the appropriate abuse that would follow.

As Arron would say, Cheers!

portals's picture
portals
Status: Member (Offline)
Joined: Apr 20 2009
Posts: 22
Re: Daily Digest - May 1

The real problems with the Deepwater Horizon render articles like the NK torpedo crap mild by comparison.  If they cannot stop this leak, this won't be a problem just for Lousiana, but for every single one of us.  This is particularly true if a worse case scenerio occurs, where the well completely opens up, leaving open the possibility of the entire contents of this massive oil reserve being dissipated into the Gulf as Ian MacDonald has suggested in his article.

Chris is absolutely right.  This is bad, really bad.

One does not need some hair brained conspiracy theory anymore to drive up public fear artificially.  We now have the real thing, and there is nothing artificial about it.

 

 

 

 

gregroberts's picture
gregroberts
Status: Diamond Member (Offline)
Joined: Oct 6 2008
Posts: 1024
Re: Daily Digest - May 1

 

ideohttp://www.youtube.com/watch?v=i3AX4nw6JDg

pslater's picture
pslater
Status: Member (Offline)
Joined: Oct 2 2009
Posts: 6
Re: North Korean Torpedoing Of Gulf Of Mexico Oil Rig

Suppose for just a minute that there might be even a scrap of truth to it.  Modern oil rigs almost never explode and I can't remember on sinking in MANY years.  It will be interesting to see the forensic analysis of the reasons the rig sank.  The reasons given for N. Korea's justification fit their profile too.  Never say never.

pslater's picture
pslater
Status: Member (Offline)
Joined: Oct 2 2009
Posts: 6
Re: Daily Digest - May 1

I just sent Debka a link to this article and asked their opinion....

Farmer Brown's picture
Farmer Brown
Status: Martenson Brigade Member (Offline)
Joined: Nov 23 2008
Posts: 1503
Re: Daily Digest - May 1

The NK attack article is by all means waaaaaaay out there, and I don't believe it for a minute, but it is weird that there have been no media interviews (that I know of)  with the surviving crew members.  Doesn't that seem strange?  I mean usually, the media is all over the human angle of these tragedies.  Maybe there's just too much to cover these days with goldman, the central square bombing attempt, and the environmental & economic disaster angle of the oil spill.

CB's picture
CB
Status: Gold Member (Offline)
Joined: Mar 18 2008
Posts: 365
Re: Daily Digest - May 1

There were reports in the MSM that anti terror teams were sent to the area - I heard it on radio news - in the first few days after the explosion. There was no explanation and it was passed off as routine parinoia - the new normal for any incident these days. I have heard nothing since about this.

My understanding is that there were two explosions - a smaller one first, then the big one a few hours later. I understood that the rig sank in part because the firefighting boats pumped so much water on it that they flooded some critical areas.

There are, of course, many law suits pending and that could be one reason that no one who was on the rig is talking. There is a link I saw that referred to a suit involving Haliburton and their 'cementing' operation that preceeded the explosion.

Erik T.'s picture
Erik T.
Status: Diamond Member (Offline)
Joined: Aug 5 2008
Posts: 1234
Re: Daily Digest - May 1

See the link I posted in the other thread (and again in tomorrow's DD) for better info on what happened and why the big explosion on deck was to be expected in a NG-topped blowout event.

I think the chances of this being a N. Korean sub are zero. On the other hand, if the environmental mess gets really bad, the gov't will need a scapegoat for why it was not failure to oversee the industry that caused this. A "terror" angle akin to those WMDs the Bush admin was "certain" the Iraqis had would be a convenient fit.

Erik

 

VeganDB12's picture
VeganDB12
Status: Platinum Member (Offline)
Joined: Jul 18 2008
Posts: 731
Re: Daily Digest - May 1

It will be helpful to have clear explanations as this tragedy unfolds. It is hard to understand why more effort has not been put into research into cleanup of these spills.  If Halliburton could come up with an answer I would be all for it.  Too bad they waited until now to get into the game.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments