huge governmental gold sales behind the scenes, american soldiers working to supply oil to China, pickpocketing because of red tide toxic algae, us treasury rigging the market in summer of 2008 to jack up the value of the dollar and lower the price of crude oil, recorded on September 20th 2008
Duration : 0:4:33
It doesn’t help that Nixon canceled the 1944 Bretton Woods economic agreement and Bill Clinton abolished the Glass Steagall Act which had required a responsible banking structure; commercial banks had to be separate from investment banks and were not allowed to gamble with deposits, pension funds etc. Hundreds of trillions of imagined dollars, more than what the world’s economy and capital infrastructure are worth, are on the books of a few banks now essentially as an expression of a modern feudal status. This feudal class of bank executives that managed to secure about half of total bail out funds for personal benefits, in order to distinguish itself requires impoverished and debt enslaved masses. Free trade in the banking sector represents 21. century Letters of Marque to the banks, royal authority for robbery. The result has been a focus shift, a harmful influence on the economy for many years now. There is a neglect of investment into the economy, infrastructure and into sustainable productivity by banks and in extension by governments. Real money and monopoly money don’t mix, that is one problem of the bail out heist which in the meantime has swollen 12 fold from 700 billions to 8.5 trillions in the US alone. US government debt is doubling as we speak, in a vital sense tying the hands of the Obama administration to fix anything as economist Michael Hudson but also the writer, researcher and former investment banker Nomi Prins point out. In combination with the industrial stuff of life, oil, diminishing, a perfect, global storm of destruction has broken loose.
Business operations are complicated and cant just come and go with the moody speed of an extreme crude price volatility; even a lot of oxygen will not do much for a dead patient. The shrinking flow of crude oil had stopped the flow of inflated capital.
Sounds like a straightforward reason why Wall Street was caught with their pants down right after the Peak Oil generated crude oil prize shock and not some other time?
The all important sweet, light crude comes from 400 big, tired fields producing 75% of all oil and representing only 1% of all fields and they are on line since the 70s and from before. After all, the peak of new oil field discovery was in the year JFK was assassinated, 1963, a very long time ago. Between then and now there lies a long, steep and hardened slope of decline for total new oil discoveries. There is no recovery for a national oil economy and not for a global oil economy. Economic activity will feel in a short coupled way the boa constrictor like tightening grip of a more and more shrinking oil production the instant it wants to take a breath. Then the crude prize will spike way up and throttle economic activity.
Crucial time was wasted since Reaganomics killed an already fledgling green energy conversion in the early 80s which we are reminded to by Bushs and Harpers free trade platitudes at the 2008 Doha trade talks and now at the APEC meeting in Lima; At this point Harpers globalization talk scares investors, Reagan had more listeners for his fantasy ideas. Lets all give our heads a shake, walk up a mountain, or do whatever it takes to think it over.
A good time to remember the journalist Edward R. Murrow who fought ideologues and censorship in the McCarthy era and who was known for his trade mark closing line on the CBS evening news casts: Good Night and Good Luck.
Duration : 0:0:3
Audio clip (2004)
Predicts that debt can not longer grow or be served when oil production falters. Savinar is a bright analyst, and proves it here.
Duration : 0:9:55
Audio clip (2004)
Predicts that debt can not longer grow or be served when oil production falters. Savinar is a bright analyst, and proves it here.
Duration : 0:9:57
Chapter 17b – Energy Budgeting (1 of 2): Petroleum has supplied the surplus energy that has allowed for social complexity, industrialization, and the modern conveniences that we enjoy. In this chapter, Dr. Chris Martenson explains that in the future our supply of surplus energy will decline due to the fact that increasing amounts of energy will be required to produce new energy. When poor net energy (ERoEI) returns are paired with peak oil production, it points to a return to a less complex society.
http://www.chrismartenson.com
Duration : 0:6:48
Has Oil Production has peaked?
Hubbert Peak Web Site
http://www.hubbertpeak.com/
Duration : 0:9:17
Video 2 of… everything you need to know about the world’s limits to oil production. This video introduces the problem. (Split into video 1 & 2 due to YouTube 10 minute limit.) Later videos look at the impacts on the economy, on Australia in particular, and how best to prepare for the coming changes. These videos are all part of the Be Prepared Crash Course from http://www.BePreparedEducation.com.au
Duration : 0:6:9
Dec. 18 (Bloomberg) — Bloomberg’s Su Keenan reports on the performance of oil market in 2009, and the outlook for oil prices next year. (Source: Bloomberg)
Duration : 0:1:26
Our global economic system is dependent on a growing energy, and most importantly, oil supply.
Without growth in energy, the money supply can not grow (for long), which leads to a situation where the money supply stops growing, leading to economic recession.
When the USA hit its peak oil production in 1970, there were a series of economic impacts, including recession, abandoning the gold standand, high unemployment, and high inflation.
Global peak oil extraction appears to have happened in the 2005-2008 time frame, and had a large contributing effect on stressing the global economic system to the verge of collapse. The run up in gas gasoline prices during that same era impacted the economic system severely.
The US Government and many others have examined the global peak oil issue and have come to the sobering conclusion that severe economic impacts are inevitable, and we are unprepared.
Future oil prices may be driven up by the stagnant or declining supply, and then collapsing down as economic dislocation occurs.
This is the second part of a 30 minute talk by Aaron Wissner about our Local Future.
Duration : 0:10:5
Chapter 17a – Peak Oil (1 of 2): Energy is the lifeblood of any economy and a steady supply of energy is necessary to maintain the status quo, while an ever-increasing supply is needed to grow an economy. In this chapter, Dr. Chris Martenson explains that Peak Oil is not a theory, rather it is a description of how oil production increases over time, reaches a peak, then declines. Evidence points to a global production peak in the near future, which is troubling since the U.S. imports two-thirds of its oil and relies on it to much of its transportation and food production needs.
http://www.chrismartenson.com
Duration : 0:7:55