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September then (2008) September now (2011)
By Robert Singer
The year is 2011 and to anyone not in denial, the industrialized nations have entered the greatest calamity the world has ever known:
- 35 Million Americans on Food Stamps: 12 Percent of U.S. Population on Food Stamps, the highest since records kept in 1969, and that’s before the Obama administration announced a planned three-year budget freeze on government discretionary spending. (My Budget 360)
- 18 Million empty houses in the United States and 39 million Americans who are no longer working or looking for work, and that’s before Federal Reserve finishes rewriting the rules of American “capitalism” as US Housing, the Automobile Industry and the American Dream are dismantled. (The 31-Year-Old in Charge of Dismantling G.M., David E. Sanger)
“There are now well over 150 million Americans who feel stress over these things on a consistent basis. Over 60 percent of Americans now live paycheck to paycheck.” (The Economic Elite vs. People of the USA, David DeGraw)
So then, why are Exxon, Rosneft and Shell pouring out billions into potentially huge, risky prospects above the Arctic Circle? Arctic Riches Lure Explorers
An economy in a state of rigor mortis doesn’t need oil to lubricate an engine that blew up on October 29, 2008, and our way of life won’t come back if the oil industry creates a handful of jobs or we reduce our dependence on foreign oil.
Exxon Mobil Corp.'s blockbuster $2.2 billion deal to drill for oil in the frigid waters north of Russia with OAO Rosneft makes no cents.
Drill, Drill, Drill hasn’t made economic sense for at least the last 20 years!
Matt Simmons, an investment banker, considered to be a mover and shaker in the oil industry [before he “apparently” drowned in his bathtub] thought he, “spent his career in the wrong kind of barrels.”
“It will take 16 trillion dollars to replace the production we now have on line and add to it by 2030. Oil or another form of energy is an indispensable requisite for life as we know it. But over the past 20 years, oil has been a terrible investment. A 15% return on investment (ROI) is what one expects to get from a building. Oil’s ROI has largely been less than 15%. Scotch returns 50% ROI, wine returns 15%.
Why has oil given such a lousy return?
Because spot energy pricing, where oil is bought and sold like a commodity has destroyed long term value for the oil industry. Spot markets make all contracts short term, so no one is looking out for the future."
[From a presentation by Matt Simmons at the 2004 Offshore Technology Conference [1]]
“The not-so-invisible hand of JP Morgan Chase is guilty of the ongoing intentional, not accidental, great crime of manipulating the spot markets, lower, not higher as you would expect. So you could, prior to 2008, ‘save money and live better’ while at the same time pollute the environment.” (Silver, But No Silver Lining)
Why has Oil been a “terrible investment”?
Inexplicably, the industry picks the most expensive places on the earth to drill for oil.
Chevron spent $2.7 billion over 10 years on just the first phase of a deep-water oil project in the Gulf. Other sub-salt discoveries involve drilling more than 30,000 feet, some of the most expensive wells ever drilled.
On January 7, 2010, the Wall Street Journal published, “Cramped on Land, Big Oil Bets at Sea”
“Big Oil never wanted to be here, in 4,300 feet of water far out in the Gulf of Mexico, drilling through nearly five miles of rock. It is an expensive way to look for oil.”
September 2011, Exxon Mobil announced their latest $2.2 billion blockbuster deal to drill for oil in one of the most dangerous places in the world.
“Another sign that of the energy industry's white-hot interest in exploring above the Arctic Circle despite the challenges. The company hopes to drill their first exploratory well by 2015 and, if everything goes well, could begin production in the region by early next decade. The extreme weather and ice floes during colder months could wreak havoc on oil-industry platforms. Cleaning up an oil spill would be a huge effort. The seas there don't support the microbes that can break down oil droplets.” Russell Gold russell.gold@wsj.com
You really don’t need to know a lot about geology or oil to figure out something is wrong here: people living in homeless shelters don’t need cheap oil to go shopping and if they did, “why not go back to the old days and drill oil wells onshore?” Buy Oil Stocks… No Matter What, by Chris Mayer
Or if oil companies insist on drilling offshore, why not use up the 70 million “offshore acres leases” remaining from the total of 90 million?
U.S.-Canada Perimeter Security and the Consolidation of North America
By Dana Gabriel
The U.S. and Canada are very close to unveiling a North American perimeter security deal that would promote greater integration between both countries. This includes expanding collaboration in areas of law enforcement and intelligence sharing which could dramatically affect sovereignty and privacy rights. While there is a need for more public scrutiny, incrementalism has been used to advance North American integration. In many ways this has kept the agenda under the radar. Much like NAFTA and the Security and Prosperity Partnership, a U.S.-Canada perimeter security agreement would represent another step in the consolidation of North America.
During his speech at a recent meeting of northern border states, U.S. Attorney General Eric Holder told participants that the U.S. and Canada are set to launch a pilot project next year which will allow law enforcement officers to operate on both sides of the border. Holder explained that, “the creation of ‘NextGen’ teams of cross-designated officers would allow us to more effectively identify, assess, and interdict persons and organizations involved in transnational crime.” He went on to say, “In conjunction with the other provisions included in the Beyond the Border Initiative, such a move would enhance our cross-border efforts and advance our information-sharing abilities.” The declaration, Beyond the Border: Shared Vision for Perimeter Security and Economic Competitiveness issued by President Barack Obama and Prime Minister Stephen Harper last February, identified joint law enforcement operations and information sharing as a high priority. There are already examples of what we could expect from a security perimeter as some Canadians have been denied entry into the U.S. after their records of mental illness were shared with the U.S. Department of Homeland Security.
1923-Style Collapse Underway On a Global Scale
LaRouche
The creme-de-la creme of the international financial elite is descending on Washington, D.C. this week, for the annual meeting of the IMF-World Bank. They do so in an environment of utter panic and hysteria—panic and hysteria created by the death rattle of their global financial system, and by their own criminal incompetence to deal with it.
- "All signs of panic are there!"
- "We need squillions of dollars!"
- "You need a lot more firepower to be a circuit breaker!"
- "We're on the eve of a new crisis!"
- "We are entering a dangerous phase!"
- "We need a broader firewall!"
- "This is already a raging panic!"
“Embarrassing” Obama in free-fall as alley-cat morals kill peace process
Stuart Littlewood
No-one connected with the old discredited peace 'circus' should be allowed anywhere near the new quest for justice in the Holy Land. Too many are strangers to fair play and appear to share the morals and mentality of the alley-cat.
The only surprise about the Palestinians' bid for freedom at the United Nations was the panicky response of US president and the speed with which he jettisoned all pretence of integrity and political respectability.
Obama’s speech to the UN overflowed with Tel Aviv disinformation and was a brazen advertisement for his enslavement by Israel.
AIPAC's Ugly Agenda
by Stephen Lendman
AIPAC is an unregistered foreign agent representing Israel. Edward Said once called it "the most powerful and feared lobby in Washington."
Calling itself "America's Pro-Israel Lobby," it's represented Israeli interests since founded in 1953. In 1963, it was incorporated as a division of the American Zionist Council (AZC), its precursor.
For decades, it's been very successful subverting opposition to Israel's agenda. Virtually no one in Congress confronts it. Doing so would be a career-ender.
Netanyahu and Obama Spurn Peace
by Stephen Lendman
As a belligerent modern-day Sparta, Israel is a pariah state. Netanyahu exceeds the worst of Ariel Sharon.
His government is Israel's worst ever. His majority Knesset allies are rogue, racist criminals, operating outside international law.
His weak-kneed opposition goes along to get along. As a result, Palestinians suffer grievously. No relief whatever is in sight for them. Netanyahu's peace overtures hide his duplicitous intent to continue status quo injustice.
The Irvine 11: Guilty of Being Muslims in America
by Stephen Lendman
Post-9/11, America targeted Muslims ruthlessly for political advantage. Law-abiding citizens discovered they're living here at the wrong time.
Police state repression endangers growing millions, including Muslims for their faith, ethnicity, and forthrightness to confront injustice no one should tolerate.
Many lawlessly prosecuted stand out, including the Irvine 11. They were wrongfully targeted for exercising their fundamental First Amendment right without which all others are threatened.
No Peace or Justice in Our Time with Netanyahu
by Stephen Lendman
Like his Washington paymaster/partner, Netanyahu deplores peace. Initiating talks never worked before and won't now.
Speaking privately at the Clinton Global Initiative conference in New York, Bill Clinton said Netanyahu lost interest because Palestine has a president he controls, and normalizing relations with the Arab world is within reach.
"The Israelis always wanted two things that once it turned out they had," he said, it didn't seem so appealing to Mr. Netanuahu."
Obama's UN speech is unjust, immoral and dishonest
By Khalid Amayreh in occupied Jerusalem
President Obama's speech at the United Nation's General Assembly was probably appropriate for an opportunistic politician who sacrifices honesty, morality, and basic ethics for the sake of making some momentary profit here or there. But it was by all means inappropriate, to say the least, for a statesman, let alone the President of the strongest nation on earth.
Obama's excessive praise of Israel caricatured an insecure president that fears telling the truth, a leader that shakes at the very thought of uttering the "wrong words" even when these wrong words happen to represent the heart, soul and essence of the truth.
Resuming Peace Process Hypocrisy to Subvert Palestinian Statehood
by Stephen Lendman
On September 20, London Guardian writer Chris McGreal headlined, "Palestinian statehood: plan emerges to avoid UN showdown," saying:
Washington-led "(i)nternational efforts to forestall a showdown in the UN Security Council over the declaration of a Palestinian state are solidifying around a plan for (Abbas) to submit a request for recognition but (agree to) put (a vote) on hold while a new round of peace talks is launched."
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