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Daily Digest 7/5 - Government By Banks For Banks, Lower Oil Prices Not A Good Sign, How Much Oil Does The World Produce?

Thursday, July 5, 2012, 9:58 AM


Government By Banks, For Banks (pinecarr)

On June 29, German Chancellor Angela Merkel acquiesced to changes to a permanent eurozone bailout fund - "before the ink was dry", as critics complained. Besides easing the conditions under which bailouts would be given, the concessions included an agreement that funds intended for indebted governments could be funneled directly to stressed banks.

According to Gavin Hewitt, Europe editor for BBC News, the concessions mean that:

"[T]he eurozone's bailout fund (backed by taxpayers' money) will be taking a stake in failed banks.

Risk has been increased. German taxpayers have increased their liabilities. In future a bank crash will no longer fall on the shoulders of national treasuries but on the European Stability Mechanism (ESM), a fund to which Germany contributes the most."

Insider Report on Big Pharma’s Corrupt Marketing and Phony Science (Arthur Robey)

Creativity is NOT what you want for this job. You do not want someone who is creative in their dealings with doctors. Everything they say is according to very strict guidelines…The words they can share with the doctor are all carefully crafted and screened by the FDA. They can’t deviate from the script. If they deviate, they get in trouble, they get the company in trouble along with them. All the scandals in the industry were the salesforce management and the company, not the sales reps.


Lower Oil Prices: Not A Good Sign (Sandy S.)

The big issue is that oil supply is not rising enough–and hasn’t been for a long time.

Oil: The Next Revolution (ScubaRoo)

Contrary to what most people believe, oil supply capacity is growing worldwide at such an
unprecedented level that it might outpace consumption. This could lead to a glut of
overproduction and a steep dip in oil prices.

Monbiot says he was wrong on peak oil but the crisis is undeniable (ScubaRoo)

How Much Oil Does The World Produce? (ScubaRoo)

In the first installment of this series, I took a look at U.S. and global oil reserves according to the 2012 BP Statistical Review of World Energy. Today, I want to examine oil production statistics since 1965.

Shale Gas Reality Begins to Dawn (Ben Johnson)

Many industry insiders know perfectly well that the prospects for recovering substantial amounts of gas are poor, and that the industry is structured as a ponzi scheme. Still, there has been money to be made in the short term by flipping land leases and building infrastructure to handle gas.
The hype is so extreme that those who fall for it contemplate, in all seriousness, North America becoming a natural gas exporting powerhouse, and a threat to Australian LNG producers, or to Russia's Gazprom.
This concept, constructed from a mixture of greed and desperation (at the lack of conventional gas prospects), is entirely divorced from reality.

We were wrong on peak oil. There's enough to fry us all (ScubaRoo)

Among environmentalists it was never clear, even to ourselves, whether or not we wanted it to happen. It had the potential both to shock the world into economic transformation, averting future catastrophes, and to generate catastrophes of its own, including a shift into even more damaging technologies, such as biofuels and petrol made from coal. Even so, peak oil was a powerful lever. Governments, businesses and voters who seemed impervious to the moral case for cutting the use of fossil fuels might, we hoped, respond to the economic case.

Colorado Wildfires: The Aftermath (jdargis)

Still burning near Colorado Springs, the Waldo Canyon fire is now the most destructive wildfire in Colorado history, claiming 346 homes and two lives. Residents of affected neighborhoods, who were briefly allowed to return and survey the damage, described "unreal" scenes where houses that burned down to their foundations stood side-by-side with homes that appeared completely untouched. While the Waldo Canyon fire is now 55 percent contained, it is only one of dozens of fires still blazing across the west

Article suggestions for the Daily Digest can be sent to [email protected]. 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."


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San Diego Firework!

This is the most important news in San Diego today! surprise



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The Refutation

Under pressure of time and at the risk of Confirmational bias I offer this refutation to the Times Article that is based on this document. by Leonardo Maugeri that we are in for an oil glut.

Heading out of Oil Drum critiques the (Glossy) publication. Quick glance at Heading outs piece is that the entire argument is based on projected increases.

Gotta Go.

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