Low Oil Prices Continue To Decimate Saudi Arabia’s Currency Reserves

By SR Srocco – Re-Blogged From http://www.SRSroccoReport.com

The low oil price continues to wreak financial havoc on the largest oil producer in the Middle East.  While the Mainstream press has published articles forecasting a rebound in Saudi Arabia’s financial outlook, due to higher oil prices this year, it seems like the Kingdom’s problems are just beginning.

In order to make up for falling oil revenues, Saudi Arabia has been liquidating its foreign currency reserves at a pretty good rate over the past two and a half years.  I discussed this in my article, Bankrupting OPEC… One Million Barrels Of Oil At A Time.  In that article I published this chart:

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Weekly Climate and Energy News Roundup #252

The Week That Was – Dec 16, 2016 – Brought to You by www.SEPP.org

By Ken Haapala, President Science and Environmental Policy Project

Data Manipulation: As twice-elected president of a science society formed in 1871, with early members important to the beginning of climate measurements covering the US, this author has been very concerned with the manipulation of historic data that seems to have taken place over the past few decades. In effect, a warming trend seems to have been established in the data where one did not exist before. As we saw during Climategate, the Climatic Research Unit at the University of East Anglia “lost” historic data when data was mathematically adjusted.

Similarly, as researchers Joe D’Aleo and Tony Heller have demonstrated, the data entrusted to NOAA; and its subordinate organizations the US Historical Climatology Network (USHCN), the Global Historical Climatology Network (GHCN), and the National Climatic Data Center (NCDC); seem to have been manipulated to give the illusion of a warming trend by lowering the earlier data. Now, Paul Homewood, of the UK, points out that NASA’s Goddard Institute of Space Studies (NASA-GISS) has changed its own data since 2011 without notification as to why. The adjustments to its December 2016 version give the illusion of a stronger warming trend than existed in their 2011 data.

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On December 14th Whirlybird Janet Will Be In A Very, Very “Hot Seat”

By Andrew Hoffman – Re-Blogged From http://www.Gold-Eagle.com

It’s Friday night, after another week of financial market ignominy has passed; fortunately, without further damage to those holding REAL money. Which fortunately, is likely to be extremely limited going forward, given how low Precious Metal “valuations” have been driven, amidst the most bullish fundamental environment imaginable. Heck, whilst the paper gold price has been mercilessly attacked – as countless fiat currencies crash, amidst an environment of unprecedented economic and political instability – physical demand has exploded.

To wit, physical gold is trading around $1,700/oz in India; whilst Chinese physical premiums have surged to their highest level since April 2013’s “Alternative Currencies Destruction” raid; which, I might add, caused May 2013 to be Miles Franklin’s best ever month. To that end, yesterday was the single strongest day of Shanghai Exchange physical gold offtake all year; and November, the year’s strongest month for U.S. Mint gold Eagle sales – surpassing…drum roll please…October, which saw a dramatic demand surge following the Cartel’s blatant October 4th attack, just after China’s markets closed for the “Golden Week” holiday.

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Clinton & Islamic State Funded By Same Money

By Tim Brown – Re-Blogged From Freedom Outpost

In a segment of the John Pilger Special which airs Saturday on RT, Wikileaks Founder Julian Assange will accuse Hillary Clinton of deceiving the America people about the scope of support that Middle East allies in Washington, DC have for the Islamic State.

As we have already reported, Assange’s Wikileaks dumped emails in which Hillary Clinton admitted that both Qatar and Saudi Arabia backed the support of the Islamic State.

In referencing that email, he said, “I think this is the most significant email in the whole collection.”

“All serious analysts know, and even the US government has agreed, that some Saudi figures have been supporting ISIS and funding ISIS, but the dodge has always been that it is some ‘rogue’ princes using their oil money to do whatever they like, but actually the government disapproves,” he added. “But that email says that it is the government of Saudi Arabia, and the government of Qatar that have been funding ISIS.”

See Video Interview with Julian Assange:

https://www.rt.com/news/365299-assange-pilger-saudi-clinton/video/

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Divergent Themes In Late 2016

By Andy Sutton & Graham Mehl – Re-Blogged From http://www.Silver-Phoenix500.com

Despite the arrogance, hubris, and lying (obviously – its election season!), we have never seen a cycle that has be more absent in terms of policy details worthy of analysis. Outrageous claims about job creation, making America strong, and so forth are issued, but there is no substance. We have tried on numerous occasions to find enough specifics to even perform cursory analysis and it is just not there. It is very reminiscent of Nancy Pelosi telling America in 2010 that if they wanted to read the healthcare bill they had to pass it first. This is what passes for economic jurisprudence in the Republic the founders gave us all those years ago.

Rest easy good friends, this is not an article about the election. Andy said he’d rather watch goat races in Antarctica and frankly we think many people might be inclined to join us rather than hear another word about the election. We have long stated that this country will not rise from the ashes by the presence of a single person at the top, but rather from the millions below. That’s where the power is.

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Weekly Climate and Energy News Roundup #243

The Week That Was: October 1, 2016 Brought to You by www.SEPP.org

By Ken Haapala, President, Science and Environmental Policy Project

Hubris: Michael Kelly, Emeritus Prince Philip Professor of Technology of Cambridge University has written an excellent, short book review of Hubris: The Troubling Science, Economics and Politics of Climate Change by Michael Hart, a scholar who has spent a decade working on the book.

Kelly’s comments reflect many of the views held by SEPP (British spellings):

“[T]he global climate is changing, and has always been changing. The earth has warmed by 1C over the last 150 years. That is not the issue. The issue is whether the human emissions of carbon dioxide since 1850 are heralding an imminent and certain global climate catastrophe that could be averted by engineering projects.”

To which SEPP would add…or require drastic national and international energy policy restricting the emissions of carbon dioxide (CO2). Kelly goes on to state:

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Did OPEC Just Cry Uncle?

By Frank Holmes – Re-Blogged From http://www.Gold-Eagle.com

OPEC Decision Helps Oil Post Its Second Straight Month of Gains

You’ve probably heard by now that, in an effort to lift oil prices, the Organization of Petroleum Exporting Countries (OPEC) tentatively agreed to a production cut at its meeting in Algiers last week. The cartel, which controls more than a third of world output, plans to limit daily production to between 32.5 million barrels and 33 million barrels, down from 33.2 million barrels.

This comes more than two years since oil prices were kneecapped, wreaking havoc on several OPEC member nations’ economies. Saudi Arabia currently faces a steep budget deficit, as oil revenues make up close to 90 percent of the country’s budget. Meanwhile, Venezuela’s currency, the bolivar, has become so worthless that it’s now cheaper to use it as a napkin than to buy actual napkins. Airlines flying to the U.S. won’t even accept bolivars. (Of course, this has more to do with the government’s woeful mismanagement of the country than oil prices.)

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