Wall Street is Chasing Ghosts

By Michael Pento – Re-Blogged From Pento Portfolio Strategies

Wall Street’s absolute obsession with the soon to be announced most wonderful trade deal with China is mind-boggling. The cheerleaders that haunt main stream financial media don’t even care what kind of deal gets done. They don’t care if it hurts the already faltering condition of China’s economy or even if it does little to improve the chronically massive US trade deficits—just as long as both sides can spin it as a victory and return to the status quo all will be fine.

But let’s look at some facts that contradict this assumption. The problems with China are structural and have very little if anything to do with a trade war. To prove this let’s first look at the main stock market in China called the Shanghai Composite Index. This index peaked at over 5,100 in the summer of 2015. It began last year at 3,550. But today is trading at just 2,720. From its peak in 2015 to the day the trade war began on July 6th of 2018, the index fell by 47%. Therefore, it is silly to blame China’s issues on trade alone. The real issue with China is debt. In 2007 its debt was $7 trillion, and it has skyrocketed to $40 trillion today. It is the most unbalanced and unproductive pile of debt dung the world has ever seen, and it was built in record time by an edict from the communist state.

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Weekly Climate and Energy News Roundup #347

The Week That Was: February 9, 2019, Brought to You by www.SEPP.org

By Ken Haapala, President, Science and Environmental Policy Project

Quote of the Week:On specific energy and climate issues I’m guided by what the data tell me, not by claims made in the scientific literature. This is why you will find me disagreeing with most of the ‘consensus’ views on climate change but not all of them. My main concern for the future of my three grandchildren isn’t climate change, but that the misguided efforts of the people who want to save the world from it will leave them freezing in the dark.” – Roger Andrews, RIP.

Number of the Week: 1.4 million barrels per day (b/d)

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Venezuelan Socialists On Track to Eliminate Their Nation’s Oil Industry

By Eric Worrall – Re-Blogged From WUWT

Despite oil accounting for a whopping 90% of Venezuela’s export earnings, President Maduro, a fervent supporter of the Paris Agreement, has courageously put principle before profits by implementing his version of a new green deal. Maduro has eliminated the capitalist exploiters from his nation’s oil industry, and replaced them with loyal army officers who are rapidly dismantling the infrastructure left behind by the capitalists.

Soldiers are taking over Venezuela’s oil industry, and the country with the world’s biggest oil reserves is falling further behind

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Weekly Climate and Energy News Roundup #341

Brought to You by www.SEPP.org, The Science and Environmental Policy Project

By Ken Haapala, President

Quote of the Week: “On what principle is it that with nothing but improvement behind us, we are to expect nothing but deterioration before us?” – Lord Macaulay, [H/t Matt Ridley]

Number of the Week: Up to a 50% increase in efficiency?On to Chile: Some seem to be disappointed with the outcome of the 24th Conference of Parties (COP-24) of the United Nations Framework Convention on Climate Change (UNFCCC) in Katowice, Poland, in a coal mining district. Rather than adopting hard, fast rules for the implementation of the Paris Agreement, the delegates adopted vague generalities and promised to do more. Reading through the “bureaucratic speak,” of the concluding remarks by the UN Secretary General, António Guterres, read by Patricia Espinosa, Executive Secretary of the UNFCCC, the stated goals were not accomplished. The Secretary General wrote:

“I’d first like to thank the Presidency of the COP for the enormous efforts it deployed to organize this 24th session in Katowice, Poland.

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“Weekly Climate and Energy News Roundup #338

Brought to You by www.SEPP.org, The Science and Environmental Policy Project

By Ken Haapala, President

Quote of the Week: “There is a principle which is a bar against all information, which is proof against all arguments and which cannot fail to keep a man in everlasting ignorance – that principle is contempt prior to investigation.”— Herbert Spencer [H/t William Readdy]

Number of the Week: 42 Billion barrels

Old Science v. New “Evidence Free Science”: SEPP Chairman emeritus Fred Singer is “old school.” He does not make predictions until the facts are gathered, the evidence. Perhaps it was because he began his long professional career by using high altitude rockets to gather evidence about the atmosphere including measuring the energy spectrum of primary cosmic rays; the distribution of stratospheric ozone; the equatorial electrojet current flowing in the ionosphere and publishing the first studies on subatomic particles trapped in the Earth’s magnetic field: radiation belts, later discovered by James Van Allen.

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Weekly Climate and Energy News Roundup #336

Brought to You by www.SEPP.org, The Science and Environmental Policy Project

By Ken Haapala, President

Quote of the Week: “I have observed that not the man who hopes when others despair, but the man who despairs when others hope, is admired by a large class of persons as a sage.” ― John Stuart Mill [H/t Matt Ridley]

Number of the Week: $1,096/MWh – An increase of 22 times

USGCRP Prophecies: On November 23, the US Global Change Research Program (USGCRP) released the second volume of its two-part series on human caused global warming. The first volume. the “Climate Science Special Report (CSSR)” supposedly discussed the physical science but was largely confined to projections from poorly tested global climate models and physical events unrelated to increasing carbon dioxide. The current release came in time for the upcoming 24th Conference of Parties (COP-24) of the UN Framework Convention on Climate Change (UNFCCC) in Katowice Poland. According to official announcements, this conference will additionally include “the 14th session of the Conference of the Parties serving as the Meeting of the Parties to the Kyoto Protocol (CMP) and the third part of the first session of the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement (CMA 1-3)” – international bureaucratic science at its best.

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Texas Oil Surge Threatens OPEC

By Bloomberg – Re-Blogged From Newsmax

The map lays out OPEC’s nightmare in graphic form.

An infestation of dots, thousands of them, represent oil wells in the Permian basin of West Texas and a slice of New Mexico. In less than a decade, U.S. companies have drilled 114,000. Many of them would turn a profit even with crude prices as low as $30 a barrel.

OPEC’s bad dream only deepens next year, when Permian producers expect to iron out distribution snags that will add three pipelines and as much as 2 million barrels of oil a day.

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