Monday, May 31, 2010

a hard rain’s gonna fall

from the EU Times: Toxic Oil Spill Rains Warned Could Destroy North America

A dire report prepared for President Medvedev by Russia’s Ministry of Natural Resources is warning today that the British Petroleum (BP) oil and gas leak in the Gulf of Mexico is about to become the worst environmental catastrophe in all of human history threatening the entire eastern half of the North American continent with “total destruction”.

Russian scientists are basing their apocalyptic destruction assessment due to BP’s use of millions of gallons of the chemical dispersal agent known as Corexit 9500 which is being pumped directly into the leak of this wellhead over a mile under the Gulf of Mexico waters and designed, this report says, to keep hidden from the American public the full, and tragic, extent of this leak that is now estimated to be over 2.9 million gallons a day.

The dispersal agent Corexit 9500 is a solvent originally developed by Exxon and now manufactured by the Nalco Holding Company of Naperville, Illinois that is four times more toxic than oil (oil is toxic at 11 ppm (parts per million), Corexit 9500 at only 2.61ppm).  In a report written by Anita George-Ares and James R. Clark for Exxon Biomedical Sciences, Inc. titled “Acute Aquatic Toxicity of Three Corexit Products: An Overview” Corexit 9500 was found to be one of the most toxic dispersal agents ever developed. Even worse, according to this report, with higher water temperatures, like those now occurring in the Gulf of Mexico, its toxicity grows.

The United States Environmental Protection Agency (EPA) in discovering BP’s use of this dangerous dispersal agent ordered BP to stop using it, but BP refused stating that their only alternative to Corexit 9500 was an even more dangerous dispersal agent known as Sea Brat 4.

The main differences between Corexit 9500 and Sea Brat 4 lie in how long these dangerous chemicals take to degrade into their constituent organic compounds, which for Corexit 9500 is 28 days.  Sea Brat 4, on the other hand, degrades into an organic chemical called Nonylphenol that is toxic to aquatic life and can persist in the environment for years.

A greater danger involving Corexit 9500, and as outlined by Russian scientists in this report, is that with its 2.61ppm toxicity level, and when combined with the heating Gulf of Mexico waters, its molecules will be able to “phase transition” from their present liquid to a gaseous state allowing them to be absorbed into clouds and allowing their release as “toxic rain” upon all of Eastern North America.

Even worse, should a Katrina like tropical hurricane form in the Gulf of Mexico while tens of millions of gallons of Corexit 9500 are sitting on, or near, its surface the resulting “toxic rain” falling upon the North American continent could “theoretically” destroy all microbial life to any depth it reaches resulting in an “unimaginable environmental catastrophe” destroying all life forms from the “bottom of the evolutionary chart to the top”

continue reading toxic oil rains..

Saturday, May 29, 2010

week ending May 29th

the review of the week ending May 29th has been completed and posted on the globalglassonion blog...it briefly summarizes and links to articles from MSM and the blogosphere, generally on the topics listed below and whatever else, including at least 4 dozen links to articles on finreg, about 5 dozen links to articles on the deepwater oil spill in the gulf, and at over 3 dozen on the ongoing crisis in the eurozone...

anyone who wants my weekly emailing of selected links, mostly from these GGO posts, contact me...

Labels: banks, banksters, budget, china, climate change, commercial real estate, debt, deficit, environment, Europe, financial regulation, global debt, Greece, gulf oil spill, inflation, mortgage crisis, state budgets, taxes, the Fed, unemployment

Friday, May 28, 2010

Tuesday, May 25, 2010

you cant make this shit up...

from the Louisiana Shrimp & Petroleum Festival home page...

Welcome to the official home of the Louisiana Shrimp & Petroleum Festival. Please join us for our 75th annual festival to be held Sept. 2 - 6, 2010, in picturesque downtown Morgan City, Louisiana. This is an event that will prove that oil and water really do mix. Deep in the heart of Cajun Country, every Labor Day Weekend, tens of thousands of people celebrate at Louisiana's oldest chartered harvest festival.

The festival has been honoring those who have worked tirelessly through rain and shine...and sometimes even hurricanes, to provide the area's economic lifeblood for over half a century. The festival also emphasizes the unique way in which these two seemingly different industries work hand-in-hand culturally and environmentally in this area of the "Cajun Coast."
 
according to the NY Times, the festival is still a go...

the revolution of '17

The Great Depression and the Revolution of 2017

by L. Randall Wray
WASHINGTON, 7 NOVEMBER 2017*. Yesterday Speaker of the House Dennis Kucinich was sworn in as President, replacing President Jeb Bush, who had fled to Riyadh, Saudi Arabia, aboard Air Force One seeking asylum in his father's well guarded compound on the grounds of the Bin Laden family's palace. Vice President Dick Cheney, who has been in a coma since August after suffering his fifteenth heart attack, was declared incompetent. President Kucinich immediately announced a wide-ranging package of policies designed to bring an end to the Great Depression, which began with the global financial crisis of 2007. He called for calm and pleaded with leaders of the Revolutionary Tea Party Army that has encircled Washington to call off the attack that had been planned for today, the 100th anniversary of the Bolshevik revolution. Commandant Dick Armey said he is willing to meet for a discussion of a ceasefire so long as his militia can take their weapons home.

President Kucinich apparently ordered the Marines to invade Goldman Sachs headquarters in Manhattan early this morning. While there were some reports of small arms fire, most of the 6000 employees were reportedly removed without struggle and are on their way to various jails and prisons in the greater New York area. CEO Timothy Geithner was captured at La Guardia, attempting to board a private jet said to be headed for Riyadh. An anonymous source claimed that Geithner complained that President Bush had left him behind after promising protection. President Kucinich announced that Geithner would be charged with fraud, racketeering, and tax evasion. The case dates back to 2012 but had been put on hold when former President Sarah Palin ordered the attorney general's office to stop its investigation of the Treasury Secretary...

continue reading The Great Depression and the Revolution of 2017 ...

Saturday, May 22, 2010

week ending May 22nd

the review of the week ending May 22nd has been completed & posted on the globalglassonion blog...it briefly summarizes and links to articles from MSM and the blogosphere, generally on the topics listed below and whatever else, including at least 3 dozen links to articles on finreg, about 5 dozen links to articles on the deepwater oil spill in the gulf, and at least 5 dozen on the ongoing crisis in the eurozone...

anyone who wants my weekly emailing of selected links, mostly from these GGO posts, contact me...

Labels: banks, CDSs, china, debt, deficits, education, environment, Europe, financial regulation, FX, global debt, Greece, gulf oil spill, health care, inflation, mortgage crisis, pensions, state budgets, stock market, taxes, unemployment 

Tuesday, May 18, 2010

something happened…

for a couple weeks running ive been trying to explain to friends, mostly unsuccessfully, thats whats been happening recently has been a real game changer, that the world weve been waking up in these recent days is not the same one we were waking up previously….since something has been lacking in my delivery, ill now turn it over to Jim Kunstler to illuminate you better than i could…

Something Happened

     Everybody in the world is broke, except for maybe Lloyd Blankfein, and he may not end up broke so much as broken -- by a political meat-grinder that is revving up to turn the world's woes and swindles into a new kind of Long Emergency sausage, to be distributed among the roiling, angry masses as a synthetic substitute for nutriment. Call it a synthetic non-collateralized political obligation.

     Something snapped in the world last week and a lot of people around the world sensed it -- especially in the organs of news and opinion -- but this ominous twang was not very clearly identified.  It was, in fact, the sound of the financial becoming political. The macro-swindle of a worldwide Ponzi orgy now stands revealed and the vacuum left in its place is about to suck everything familiar into it -- standards-of-living, hopes, dreams, not to mention lives. The political action will be a desperate scramble to determine who and what is able to escape getting sucked into this black hole of annihilation. It's very suddenly shaping up to become an epic in human history.

     Meanwhile, a giant oil blob lies quivering in deep waters off the Gulf coast, like some awful amorphous Moby Dick full of malice waiting to sink Pequod America -- or at least the economies of five states. A few months from now, the BP corporation will wonder why it didn't go into something safe and predictable like the pants business instead of oil exploration. They will surely question the viability of conducting future business anywhere near the USA, and the USA will enter a wilderness of soul-searching about the drill-baby-drill strategy that only a few scant weeks ago seemed to be a settled matter. Tough to have your future hoped-for energy supplies evaporate at the same time that your hopes for future prosperity get sucked into a black hole.

continue reading…

Saturday, May 15, 2010

week ending May 15th

the review of the week ending May 15th has been completed & posted on the globalglassonion blog...it briefly summarizes and links to articles from MSM and the blogosphere, generally on the topics listed below and whatever else, including about 5 dozen links to articles on the deepwater oil spill in the gulf, and at least 6 dozen on the ongoing crisis in the eurozone...

anyone who wants my weekly emailing of selected links, mostly from these GGO posts, contact me...

banks, banksters, china, climate change, consumers, debt, deficit, Europe, finreg, global debt, Greece, GSEs, gulf oil spill, jobs, mortgage crisis, poverty, state budgets, the Fed, unemployment

Friday, May 14, 2010

Companies Dodge $60 Billion in Taxes Even Tea Party Condemns

Companies Dodge $60 Billion in Taxes Even Tea Party Condemns


By Jesse Drucker

May 14 (Bloomberg) -- Tyler Hurst swiped his debit card at a Walgreens pharmacy in central Phoenix and kicked off an international odyssey of corporate tax avoidance.

Hurst went home with an amber bottle of Lexapro, the world’s third-best selling antidepressant. The profits from his $99 purchase began a 9,400-mile journey that would lead across the Atlantic Ocean and more than halfway back again, to a grassy industrial park in Dublin, a glass skyscraper in Amsterdam and a law office in Bermuda surrounded by palm trees.

While Forest Laboratories Inc., the medicine’s maker, sells Lexapro only in the U.S., the voyage ensures most of its profits aren’t taxed there -- and they face little tax anywhere else. Forest cut its U.S. tax bill by more than a third last year with a technique known as transfer pricing, a method that carves an estimated $60 billion a year from the U.S. Treasury as it combines tax planning and alchemy. (See an interactive graphic on Forest’s tax strategy here.)

Transfer pricing lets companies such as Forest, Oracle Corp., Eli Lilly & Co. and Pfizer Inc., legally avoid some income taxes by converting sales in one country to profits in another -- on paper only, and often in places where they have few employees or actual sales.

After an economic bailout in which the U.S. government lent, spent or guaranteed as much as $12.8 trillion, the Obama administration faces a projected budget deficit of $1.5 trillion this year. In February, the administration said it would target some of the techniques companies use to shift profits offshore -- part of a package intended to raise $12 billion a year over the coming decade.

Losing $60 Billion

That’s only about a fifth of the $60 billion in annual U.S. tax revenue lost to thousands of companies’ income shifting, according to a study published in December in the National Tax Journal by Kimberly A. Clausing, an economics professor at Reed College in Portland, Oregon.

The lost revenue could pay the federal government’s share of health coverage for more than 10 million uninsured Americans, such as Hurst -- more than a third of the people who will gain insurance under the health-care overhaul passed in March. The administration’s proposed tax on certain financial institutions would take almost seven years to generate $60 billion.

“Transfer pricing is the corporate equivalent of the secret offshore accounts of individual tax dodgers,” said Sen. Carl Levin, a Michigan Democrat and chairman of the Senate’s Permanent Subcommittee on Investigations, in a statement to Bloomberg News. Levin has overseen hearings on tax shelters including those sold to wealthy people by KPMG LLP. “Now that progress has been made in addressing offshore tax abuse by individuals, transfer pricing is an issue that deserves scrutiny.”

Tea Party Signs

The anti-tax activists of the national Tea Party movement haven’t put transfer pricing on signs in their demonstrations, yet it deserves attention, said Mark Skoda, chairman and founder of the Memphis Tea Party.

“I find the issue of corporations paying no tax or little tax in the United States, when the majority of their operations are here, problematic,” Skoda said in an interview. “The problem is that this is sort of the level of micro that people don’t look at.”

The trek taken by Forest’s profits on Hurst’s $99 purchase involves a corporate structure nicknamed “the Double Irish,” registered offices that occupy no real estate and a set of U.S. rules that one tax attorney calls “unenforceable.” It provides a case study in how U.S. companies use transfer pricing to avoid paying taxes.

Read More

Tuesday, May 11, 2010

a world of debt

DESCRIPTIONBenjamin David Hennig, SASI Research Group, University of Sheffield - Click for larger version.

The size of each country represents the total external debt of that nation (using 2010 World Bank estimates). The color of each country, on the other hand, shows the size of national debt relative to the size of each country’s economy. (yep, that whole red ball in the middle is europe)

lets look at how that european debt is entangled, via this NYTimes graphic

Europe's Web of Debt

Banks and governments in these five shaky economies owe each other many billions of euros — converted here to dollars — and have even larger debts to Britain, France and Germany. Arrow widths are proportional to debt amounts. Related Article »

Graphic: Web of Debt

 

the charts below are from George Magnus’ most recent report on the upcoming global structural crisis…according to the UBS senior economic adviser, these reflect the makings of a potential debt-trap in not one, but numerous over extended OECD governments the world over:

click either chart --  here’s the average rate:

he explains:

There is little on offer in the underlying details of most governments’ deficit and debt arithmetic moreover that would suggest these debt ratios are about to peak and then decline to more manageable levels in the period ahead.

Indeed on current policy settings the evidence suggests that debt-to-GDP ratios will continue to climb. The reasons are two-fold and relate to conventional textbook definitions of a ‘debt-trap1’

The first reason is that most governments will still be running a deficit on their cycle-adjusted primary budget balance in 2011 – the budget balance excluding interest payments that would appear if the economy was operating at full capacity.

continue reading…

Saturday, May 8, 2010

week ending May 8th

the review of the week ending May 8th has been completed & posted on the globalglassonion blog...it briefly summarizes and links to articles from MSM and the blogosphere, generally on the topics listed below and whatever else, including about 5 dozen links to articles on the deepwater oil spill in the gulf, and at least 6 dozen on the ongoing crisis in the eurozone...

anyone who wants my weekly eclectic emailing of miscellaneous & selected links, mostly from these GGO posts, contact me...


topics: banks, banksters, china, consumers, debt, education, environment, Europe, financial regulation, global debt, goldman, Greece, GSEs, gulf oil spill, mortgage crisis, peak oil, state budgets, the Fed, unemployment, & water

Monday, May 3, 2010

Exponential Growth Meets Reality

(chris martenson interview)

in the above interview, chris mentions his crash course; you can take the crash course here;

each course chapter is between 3 and 20 minutes in length. all 20 chapters take 3 hours and 23 minutes to watch…if you are interested in a quick summary of the course, watch his 45-Minute Crash Course presentation by clicking here.

it would also be a good time to go back and review Arithmetic, Population, and Energy here on MW666, to keep your economic bullshit detector in top shape…

Saturday, May 1, 2010

week ending May 1st

the review of the week ending May 1st has been completed & posted on the globalglassonion blog...it briefly summarizes and links to articles from MSM and the blogosphere, generally on the topics listed below and whatever else, including about 3 dozen links to articles on the goldman sachs fraud charge, 3 dozen on the deepwater oil spill in the gulf, and at least 6 dozen on the ongoing crisis in the eurozone...

anyone who wants my weekly eclectic emailing of miscellaneous & selected links, mostly from these GGO posts, contact me...