In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘peak oil’

Is America on a Burning Platform?

Posted by smeddum on October 17, 2010

15th October 2010

The Burning Platform

David Walker, the former Comptroller of the United States from 1998 until 2008, has been warning politicians, the media, and the American public for over a decade that we are off course and headed for disaster. In August 2007, before the financial system meltdown of 2008, Mr. Walker declared:

The US government is on a “burning platform” of unsustainable policies and practices with fiscal deficits, chronic healthcare underfunding, immigration and overseas military commitments threatening a crisis if action is not taken soon. There are striking similarities between America’s current situation and the factors that brought down Rome, including declining moral values and political civility at home, an over-confident and over-extended military in foreign lands and fiscal irresponsibility by the central government. The fiscal imbalance meant the US was on a path toward an explosion of debt. With the looming retirement of baby boomers, spiraling healthcare costs, plummeting savings rates and increasing reliance on foreign lenders, we face unprecedented fiscal risks. Current US policy on education, energy, the environment, immigration and Iraq also was on an unsustainable path. Our very prosperity is placing greater demands on our physical infrastructure. Billions of dollars will be needed to modernize everything from highways and airports to water and sewage systems.

Three years have passed since Mr. Walker sounded the alarm and issued his dire warning. The National Debt in August 2007 was $8.9 trillion. Today it stands at $13.6 trillion, a 53% increase in just over 3 years. It took 205 years as a country to accumulate $4.7 trillion of debt. We’ve added $4.7 trillion in the last 38 months. It doesn’t appear that anyone in government heeded Mr. Walker’s warnings. Read the rest of this entry »

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The Fateful Geological Prize Called Haiti

Posted by seumasach on January 31, 2010

F.William Engdahl

Global Research

31st January, 2010

President becomes UN Special Envoy to earthquake-stricken Haiti.

A born-again neo-conservative US business wheeler-dealer preacher claims Haitians are condemned for making a literal ‘pact with the Devil.’

Venezuelan, Nicaraguan, Bolivian, French and Swiss rescue organizations accuse the US military of refusing landing rights to planes bearing necessary medicines and urgently needed potable water to the millions of Haitians stricken, injured and homeless.

Behind the smoke, rubble and unending drama of human tragedy in the hapless Caribbean country, a drama is in full play for control of what geophysicists believe may be one of the world’s richest zones for hydrocarbons-oil and gas outside the Middle East, possibly orders of magnitude greater than that of nearby Venezuela.

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How the financial “Big Players” gained their power

Posted by seumasach on November 24, 2009

Not Sylvia Night

AlethoNews

23rd November, 2009

The international financial elites wield enormous power over governments both in developing and developed industrial countries.

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Where “Global Warming” and “Peak Oil” meet

Posted by seumasach on November 12, 2009

Not Sylvia Night

Aletho News

11th November, 2009

That place, of course, is the world´s financial market.

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More on the real reason behind high oil prices

Posted by seumasach on May 22, 2008

 

More on the real reason behind high oil prices
Part II
Global Research, May 21, 2008
 

As detailed in an earlier article, a conservative calculation is that at least 60% of today’s $128 per barrel price of crude oil comes from unregulated futures speculation by hedge funds, banks and financial groups using the London ICE Futures and New York NYMEX futures exchanges and uncontrolled inter-bank or Over-The-Counter trading to avoid scrutiny. US margin rules of the government’s Commodity Futures Trading Commission allow speculators to buy a crude oil futures contract on the Nymex, by having to pay only 6% of the value of the contract. At today’s price of $128 per barrel, that means a futures trader only has to put up about $8 for every barrel. He borrows the other $120. This extreme “leverage” of 16 to 1 helps drive prices to wildly unrealistic levels and offset bank losses in sub-prime and other disasters at the expense of the overall population. Read the rest of this entry »

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