Friday, 06 May 2011 03:42

Market Turmoil as IEA Warns "Age of Cheap Oil Is Over;" $5 Gasoline? US Assault Ships Clear Suez - 3 MARCH 2011

Be very concerned that Libya might well be the last straw in the back of industrial civilization. Even though we've spent the entire day looking for a place in Sonoma County (with some great prospects) I've been keeping abreast of things. As you will see below, Libya is already kicking the uber-fragile European economy in the gut. Reports today of loyalist attacks on oil and natgas facilities in Libya has had -- and will continue to have -- a devastating impact on everything, especially prices. Libya appears to be well on its way to becoming another Somalia. The vulnerability and frailty of the global oil and gas supply system has been psychologically unseeable by decision makers until now. Now, it may well become perhaps the only thing they will be able to think about.. That's the essence of "Crossing the Rubicon". The leaders of the Peak Oil movement have been screaming about both the vulnerability to attack and infrastructure decay for years. There is no elasticity in a decaying and vulnerable supply chain. These conditions are universal and by no means limited to Libya.There is no major energy supply in any country that is not both fragile and vulnerable at the moment.

If, as it is now appearing, the US and NATO are unwilling or unable to stand up militarily over Libya, I conclude it is because they already understand that Saudi Arabia is the big battle where everything will be on the line... soon enough. The Milspeak would be; Why weaken yourself over Libya if that means you will lose Saudi Arabia because of it? But, like I said, Libya may be the last tripwire necessary to push our species over the cliff in a race to the Olduvai Gorge.

Violence is increasing everywhere; the murder of two US servicemen in Frankfurt yesterday just one of many instances around the world where deprivation, poverty, hunger, and fear are slowly eating away at our moral and social fabric.I cannot rid myself of the gnawing vision of widespread, indiscriminate and mindless violence around the world and especially in the United States. The current trench-warfare state of combat between public employee unions and the budget cutters is about to end in a blitzkrieg that hasn't really slowed down. The next escalations come later this week as key unions in New Jersey take to the streets and as the budget axe prepares to chop with or without the benefit of a vote. I must repeat that the imminent bankruptcies of New Jersey, Illinois, Michigan, California, New York and other states are going to come with a ferocity and effect that few can yet comprehend.

I am afraid. I feel less afraid being outside of a big city at the moment, and certainly will feel more so after I leave Culver City and L.A. and have my belongings, my dawg, and a good part of Collapsenet out of there. But I am also personally concerned for the Collapsenet staff that will remain, especially Luis Mora, Paul Chiu and Jimmy Wirt. We're trying to make plans for them too.

We have to look at this as an adventure, as scary as it may be.  In that adventure, we must take every opportunity to be as loving and as good as we can be; because it really means something now. In the meantime, from my catbird seat, I am watching and we are all participating in a glorious and magnificent evolution in human consciousness.

If you are new to Collapsenet you will soon experience this yourself. That's why we're here; to let all whose eyes are opening see that in many organizations and large groups worldwide there are millions of people, some of whom have been working for a decade more, to offer you all that we help you to find here.

Today is one of those days when I'll comment very little and let the headlines speak for themselves. -- MCR

 

From Jenna Orkin et al.

 

Headlines

Market turmoil as IEA warns 'age of cheap oil is over'   

Insightful of them. - JO

$5 Gasoline? One Ingredient of Toxic Brew  

Russia lacks enough carrier rockets to fulfill 2011 launch plans

And the US space shuttle program is nearly over. I predicted about two years ago that in time space development will become economically impossible, and that the ISS will in time turn into an unmanned orbiting hulk. And here we can see the lead-up to that. Future space development will be strictly confined to military purposes. -- RF

World Food Prices Increase to a Record, United Nations Says  

US assault ships clear Suez, enter Mediterranean  

What could trigger US intervention in Libya?   

Hong Kong Offers Cash Handouts

Another government tries to buy some time. -- RF

Bentley, Maserati Flaunt Top Models in Geneva on Revived Wealth

Meanwhile, the aristocracy is doing fine, thank you. -- RF

Just how much does a high oil price affect GDP? (Forbes)

But this is the wrong approach. What matters is how high a price consumers and businesses are willing or able to pay. When that threshold is crossed, we'll see the real effect on GDP. -- RF

Libya: rebels in desperate battle to hold ground

"Heavily outgunned rebels fought a desperate battle to retain control of vital energy supplies on Wednesday after Col Muammar Gaddafi launched a major ground and air assault on opposition-held eastern Libya."

US Naval Update: It's A Mediterranean Party And The Enterprise Is Invited - Libyan Endgame Expected Within 5-7 Days

And Defense Secretary Gates Just Uttered The Magic Word...  

Clinton Says US in Direct Competition with China      

China "Attacks The Dollar" - Moves To Further Cement Renminbi Reserve Currency Status  

Hillary Clinton Says Al Jazeera Is Putting American Media To Shame

The mighty have fallen and the meek are in the process of inheriting. - JO

How Did Gaddafi Bypass US Anti-Money Laundering Rules To Bank With Goldman And JPMorgan?   

'Europe's Banks Are in Far Greater Danger Than People Realize'   

Canada girds for substantial military role in North Africa 

"Canada is beefing up its military presence in the region around Libya, dispatching a patrol ship and special forces to prepare for more muscular evacuations that could evolve into major aid lifts or even a blockade to hem in the Gadhafi regime."

 

Only a recession stands in the way of $200 oil  

Libyan strife could cut Algerian oil to US-EIA  

Asia moves to shore up strategic oil reserves  

Libya exposes risks of China's African ventures  

Slippery Slope for EU After Oil Shock   

Saudi Arabia contagion triggers Gulf rout  

Egypt Prime Minister Resigns, Meeting Key Protester Demand  

Libya War Draws Chavez, Arab Mediation Offer as Qaddafi Attacks      

France Rejects Hugo Chavez' Generous Offer To Mediate Libya Crisis

Hugo Chavez Says Qaddafi Has Agreed To His Peace Proposal  

Libya Planes Fire Missiles On Oil Facility Port Town Of Brega

Measure Aims To Dramatically Reduce Bargaining Rights Of Public Workers  

N. Korea Appears to Be Stockpiling Food - South   

Obama, Jeb Bush to visit Miami high school  

Small world. - JO

Chile Dealing With Rampant Energy Inflation By Extending Summer For Three Weeks  

“The “Population Bomb” Echoes

Conspiracy with a Silver Lining - NY Times blog

Op-Ed about rigging of the silver market.  GATA allegations getting acknowledged in the mainstream at last. - JO

As Silver Touches $34.90, US Mint Runs Out Of Bullion Blanks, Halts American Eagle Silver Coin Production

There have been a number of articles about vendors running out of silver but this is the US Mint. - JO

 

Economy/Energy

Roubini Firm Sees Rising Muni Defaults: Report   

Billionaire Howard Marks: The U.S. Is About To Look Like A Patient Coming Off Life Support  

The 10 Countries In The Crosshairs of The Oil Price Shock  

USA Incorporated - a Look at the Grim Financial Situation of the USA  

Watch The Highlight Of Today's Congressional Hearing: Ron Paul vs The Bernank

Bernanke Says Stronger Recovery Would Reduce State Woes  

Bernanke says more money would make states richer. - JO

Four time bombs that will blow up Wall Street - from Elizabeth Miller  

China Gold Demand Voracious - Chinese Yuan Gold Standard?

Dollar Plummets, Market Surges, Rinse, Repeat

ShadowStats' John Williams Explains Why It's All Been Downhill Since 1973

Ford finance chief warns electric cars may only be for the rich  

The American public is introduced to the concepts of scalability and cost with respect to the ideas they were assured would save humanity. - JO

What retirement? Rise in over-65s still working  

Despite Huge Resources Only a Small Amount of Oil is Recoverable

Peak oil common sense. -- RF

Belfast to Dublin train line maintenance work shelved

They can't take care of what they've got, but still insist on building high-speed rail. -- RF

Thousands Still in Dark in Nevada County

This article on a long power outage caused by snow contains lots of lessons. -- RF

'Wisconsin's Broke,' Governor Says, Unveiling Budget

Such refreshing candor... and we're about to hear it from many other states. -- RF

State Worker Retirements Are Soaring Across the Country

Gettin' out while the gettin's good. – RF

US municipalities could default on $100bn, warns Nouriel Roubini thinktank

Meredith Whitney, we hear you talking! -- RF 

California gas prices $4, climbing   

Which Countries Own The Most U.S. Debt?   

Who Owns the US  

US budget - Government of the dumb, by the dumb, for the dumb

It's True: Rich People Are Different From The Rest Of Us    

 

Terror/Intelligence

Zimbabwe police detain activists for watching video of North African revolts

"The incident in Zimbabwe is part of a larger crackdown south of the Sahara on pro-democracy activists, many of whom have been inspired by Tunisia and Egypt."

Moscow drops plan to deport thousands of dogs

"The Russian capital has an estimated 26,000 stray dogs, some smart enough to ride escalators and trains on the subway and others who intimidate or attack humans."

A sign of social disorder, as with the packs of dogs that roam Baghdad streets. – RF

Brazil defers jet fighter orders for 2011 

"Brazil has put off indefinitely its plans to buy 36 jet fighters for which it invited bids in 2010 after sharp cuts in its defense expenditure."

 

Hillary Clinton says US in direct competition with China for influence

"Secretary of State Hillary Clinton says the U.S. is in direct competition with China and risks losing influence as the communist country 'wines and dines' leaders in the resource-rich Pacific."

Nordics Team Up to Buy Light Patrol Vehicles

More defense teamwork, as with Britain and France. -- RF

Preparing for the worst on the South Kuril Islands

This should leave no doubt on Russia's view as to who owns the islands. -- RF

Complete List Of Which Countries Sold Weapons To Libya

US military to help develop energy storage device  

Doubts surround Gaddafi's chemical weapons arsenal  

RFK Assassin Sirhan Sirhan, Denied Parole  

Malware Hits Android Market Apps  

   

Environment/Health

Today's Food System: All Drugged Up  

Homebuyers 'ignore energy labels'   

'Air hybrid' cars cheaper than electric, study claims

Last modified on Friday, 06 May 2011 03:47

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