Category Archives: Banksters

Quote of the day: American shale oil Ebola


It’s been a while since we’ve featured a dose of eloquent gloom from James Howard Kunstler’s wonderfully named blog Clusterfuck Nation, so here it is:

Did a few loose strands of Ebola seep into the organs and tissues of global finance last week? The US equity markets sure enough puked, the Nikkei bled out through its eyeballs, all the collagen melted out of Greek bonds, and treasuries bloated up grotesquely on a putrid stream of terrified “liquidity” that led two Federal Reserve proctologists to maunder about the possibility of a QE-4 laxative, out of which, in due time, will surely gush explosive bloody fluxes of deeper financial sickness.

The oil price fell on its face so hard it crashed through the floorboards. One particular idiot at NPR wrote that this means peak oil was a hoax (Predictions Of ‘Peak Oil’ Production Prove Slippery). I guess she didn’t notice that the junk financing associated with shale oil capex is also dissolving like the poor late Thomas Eric Duncan’s circulatory system. That is, expect a whole lot less drilling in the Bakken and the Eagle Ford in the months ahead, and a substantial fall in production. Unless the US government finds a back door to shovel money at shale (a possibility considering the crucial myth of “Saudi America” to Wall Street psychology), the investment will not be there for the relentless drilling and re-drilling. As other savants on the web have pointed out, it’s not so much that the world is awash in surplus oil as the world is a’glut in people too broke to buy oil. And anyway, the shale oil companies have never made a buck at any price on anything but the real estate shenanigans entailed in their racket, buying and selling leases and so forth, just more paper games. In short, there is plenty of reason to believe that the shale endeavor may founder altogether at $80-a-barrel.

EnviroWatch: Ills, toxins, climate, & GMOs


And nukes. . .

First up, this from BBC News:

Kenya Catholic Church tetanus vaccine fears ‘unfounded’

Kenya’s government has dismissed allegations made by the country’s Catholic Church that a tetanus vaccine can cause sterility in women. “It’s a safe certified vaccine,” Health Minister James Macharia told the BBC.

Catholic priests have been telling their congregations to boycott a campaign that begins on Monday to vaccinate women against tetanus.

Tetanus is regarded as a big threat to babies in Kenya, with a new-born child dying every day of the infection. According to Kenya’s health ministry, about 550 babies died of tetanus in Kenya last year.

Our pills, drugging the fish, via the Guardian:

Drugs flushed into the environment could be cause of wildlife decline

  • New studies show antidepressants causing starlings to feed less and contraceptive drugs reducing fish populations in lakes

Potent pharmaceuticals flushed into the environment via human and animal sewage could be a hidden cause of the global wildlife crisis, according to new research. The scientists warn that worldwide use of the drugs, which are designed to be biologically active at low concentrations, is rising rapidly but that too little is currently known about their effect on the natural world.

Studies of the effect of pharmaceutical contamination on wildlife are rare but new work published on Monday reveals that an anti-depressant reduces feeding in starlings and that a contraceptive drug slashes fish populations in lakes.

“With thousands of pharmaceuticals in use globally, they have the potential to have potent effects on wildlife and ecosystems,” said Kathryn Arnold, at the University of York, who edited a special issue of the journal Philosophical Transactions of the Royal Society B. “Given the many benefits of pharmaceuticals, there is a need for science to deliver better estimates of the environmental risks they pose.”

From the Independent, an aquatic conquest dreaded:

Alien species in UK could cause an ‘environmental catastrophe’ for British rivers

Five of Europe’s deadliest freshwater species are now in UK waters wreaking havoc on the environment, a Cambridge University study has warned. At least 10 more are expected in the next half-decade.

Invasive species impact on the biodiversity of Britain by eating native species as well as affecting human health and the economy. Many originate from the Black, Asov and Caspian seas around Turkey and Ukraine. Scientists worry that some may already be in Britain, but as yet undiscovered.

Fears have now been raised by the discovery of the quagga mussel in a reservoir near Heathrow. The molluscs, originally from Ukraine, were identified as the single greatest potential threat to the UK’s wildlife of any alien species in 2013. They have now arrived.

The Ecologist covers other kinds of invasive species:

Big Biotech’s African seed takeover

Monsanto, DuPont, Syngenta, Limagrain are among the companies to buy into Africa’s indigenous seed companies. It’s all part of the corporate takeover of the continent’s agriculture at the expense of the small farmers who feed most of Africa’s people.

French seed giant Groupe Limagrain, the largest seed and plant breeding company in the European Union, has invested up to US$60 million for a 28% stake in SeedCo, one of Africa’s largest home-grown seed companies.

In another transaction, SeedCo has agreed to sell 49% of its shares in Africa’s only cottonseed company, Quton, to Mahyco of India – which is 26% owned by Monsanto.

Mahyco specialises in hybrid cotton varieties, and has a 50:50 joint venture with Monsanto to license its genetically modified (GM) Bt cotton throughout India. By contrast Quton produces unpatented , non-GMO ‘open-pollinated varieties’ (OPVs) of cottonseed.

From the Ghana Broadcasting Corporation, organized resistance mounts as a nation’s legislators prepare to pass corporate-backed pro-GMO legislation:

Do not pass the “Plants Breeders Bill”

From the Jakarta Globe, lax ecocidal punishment lamented:

Riau Police Lament ‘Light’ Sentences for Those Burning Forests

As thick haze continues to cover large parts of Sumatra, police in Riau say that those responsible for the problem are getting away with sentences so lenient that there is hardly any deterrent effect.

“It has come to our attention that the sentences are around three months in prison on average, which is very light, and the toughest sentence is only five months,” Brig. Gen. Dolly Bambang Hermawan, the chief of Riau Police, was quoted as saying by state-run Antara news agency on Monday.

Dolly said that the courts are ignoring the fact that the raging forest and bush fires are a major problem. “Many people get sick, flights are disturbed,” he said.

The courts are not only lenient in cases of private individuals caught setting fire to swathes of land, but also to companies, Dolly said, citing the example of Adei Plantation and Industry.

A Bankster’s carbon bubble alert, via the Guardian:

Mark Carney: most fossil fuel reserves can’t be burned

  • Bank of England governor lends his support to ‘carbon bubble’ theory that coal, gas and oil assets are at risk, reports BusinessGreen

The governor of the Bank of England has reiterated his warning that fossil fuel companies cannot burn all of their reserves if the world is to avoid catastrophic climate change, and called for investors to consider the long-term impacts of their decisions.

According to reports, Carney told a World Bank seminar on integrated reporting on Friday that the “vast majority of reserves are unburnable” if global temperature rises are to be limited to below 2C.

Carney is the latest high profile figure to lend his weight to the “carbon bubble” theory, which warns that fossil fuel assets, such as coal, oil and gas, could be significantly devalued if a global deal to tackle climate change is reached.

Pentagonal perceptions of climate change, via the Verge:

Even the Pentagon agrees: climate change is a ‘threat multiplier’

  • Climate change makes pretty much everything worse — including terrorist groups

A new report from the Pentagon says that climate change poses a threat to national security — multiplying risks from terrorism, infectious disease, and food and water shortages. The bottom line? There may be a greater need for military response to disasters, as the changing weather creates new catastrophes.

The Pentagon isn’t the only one that’s concerned. Earlier this month, the British Medical Journal called on the World Health Organization to declare a public health emergency, based on a projected 250,000 additional deaths from 2030 and 2050. Today’s report from the Pentagon suggests ways for the military to respond to rising sea levels, as well as extreme weather such as violent storms or droughts. There are no specific budget recommendations in it, however.

Climate change may cause large-scale migrations of people away from areas affected by drought or heavy weather. That could give rise to more terrorist threats, Marcus King, an expert on climate change at George Washington University, told The New York Times. He suggested that climate change may have played a role in the rise of the Islamic State.

On to Fukushimapocalypse Now! with the Mainichi:

Contracts for interim radioactive waste storage sites in Fukushima due to expire

Property leases for many interim radioactive waste storage facilities in Fukushima Prefecture are set to expire staring this month, a Mainichi Shimbun survey of local municipalities has found.

A total of 46 out of 47 municipalities in the prefecture subject to Fukushima nuclear disaster decontamination work responded to the Mainichi survey request, sent out in August this year. According to the results, as of the end of July, there were 859 temporary storage sites in 40 of the municipalities, holding some 3,194,688 cubic meters of radioactive soil and other contaminated waste from the disaster cleanup.

A government plan drawn up in October 2011 stated these sites would be closed in roughly three years. Accordingly, the central and local governments leased properties for many of the facilities for a three-year term. The leases for lands hosting 105 facilities storing 178,192 cubic meters of waste will reach their third year by the end of January 2015 — shrinking storage capacity even as the volume of waste increases as decontamination work continues.

Similar problems elsewhere, via the Japan Times:

As nuclear waste piles up, South Korea faces storage crisis

The world’s fifth-largest user of nuclear power has around 70 percent, or nearly 9,000 tons, of its used fuel stacked in temporary storage pools originally intended to hold it for five or six years, with some sites due to fill by the end of 2016.

It plans to cram those sites with more fuel than they were originally intended to hold while it looks for a permanent solution, suggesting little has been learned from the Fukushima disaster in Japan.

In the Fukushima crisis that started in 2011, the storage of large amounts of spent nuclear fuel in elevated pools posed a threat of massive radioactive release on top of meltdowns at three reactors. Spent fuel rods heated up after a quake knocked out water-cooling pumps, underlining the dangers of holding troves of radioactive material in relatively exposed cooling ponds.

And our final item, a British nuclear challenge via the Guardian:

Ecotricity considers legal challenge over EU go-ahead for Hinkley Point C

  • Energy supplier joins growing number of firms and organisations seeking to block planned subsidy scheme for new nuclear plan

Independent energy supplier Ecotricity is among companies and organisations considering a legal challenge against the European commission decision to give approval to Hinkley Point C nuclear plant.

Austria has already promised to fight the decision in the courts but Dale Vince, the founder of Ecotricity, said he might stand as an “interested party” in the European court of justice to block the planned subsidy scheme for the £24bn project in Somerset.

“This is a mad decision by Brussels and a patriotic issue for us. The financial support agreed for Hinkley would be an enormous burden for the country and there is the costs of decommissioning on top of that. Where is the money going to come from?” said Vince, whose company builds windfarms as well as supplying gas and electricity.

Subprime roadway disconnection umbrage


Ah, the wonders of the American bankster, the creature who can give you money for next to nothing, then repossess your car while you’re driving it down the road.

From RT America:

Auto lenders latest collection method turning deadly

Program notes:

Subprime auto loan lenders are increasingly turning to a potentially deadly practice to make sure they receive payments on time. By installing electronic ignition cutoffs in the cars of borrowers, lenders are able to remotely disable vehicles, sometimes while their owners are driving down the highway or rushing a sick child to the hospital, as recently happened to an unfortunate mother.

RT’s Lindsay France takes a look at the troubling trend.

Moyers & Company: Too Big to Jail?


Bill Moyers talks to former federal banking regulator and University of Missouri-Kansas City law and economics prof William K. Black [previously] about the Obama administration’s abysmal record in [not] prosecuting the arrogant banksters who brought the global economy to brink to ruin.

From Moyers & Company:

Too Big to Jail?

Program notes:

Attorney General Eric Holder’s resignation last week reminds us of an infuriating fact: No banking executives have been criminally prosecuted for their role in causing the biggest financial disaster since the Great Depression.

“I blame Holder. I blame Timothy Geithner,” veteran bank regulator William K. Black tells Bill this week. “But they are fulfilling administration policies. The problem definitely comes from the top. And remember, Obama wouldn’t have been president but for the financial contribution of bankers.”

And the rub? While large banks have been penalized for their role in the housing meltdown, the costs of those fines will be largely borne by shareholders and taxpayers as the banks write off the fines as the cost of doing business. And by and large these top executives got to keep their massive bonuses and compensation, despite the fallout.

But the story gets even more infuriating, the more Black lays bare the culture of corruption that led to the meltdown.

“The Clinton, Bush and Obama administrations all could have prevented [the financial meltdown],” Black tells Moyers. And what’s worse, Black — who exposed the so-called Keating Five — believes the next crisis is coming: “We have created the incentive structures that [are] going to produce a much larger disaster.”

Tome Toles: A kinder, gentler law enforcement


From the editorial cartoonist of the Washington Post:

BLOG Toles

Profiteering banksters and European separatism


From the Real News Network, a Mike McGuire interview Benedictine nun and theologist Sister Teresa Forcades, a physician with a doctorate in public health who is a prominent activist in the movement to detach Catalonia from Spain.

The focus is on the role banksters and the austerian neoliberal Eurocrats who have enabled their rampage of looting in Southern Europe.

From The Real News Network:

Spanish Independence Movements and the Recolonization of Southern Europe

From the transcript:

MCGUIRE: And it’s not just in Catalonia. It’s all over Spain. The context where this exchange of money is happening is also one of devastatingly high unemployment, especially among youth, correct?

FORCADES: Right. I can give you the numbers. It’s–like, general unemployment rate is greater than 25 percent–that’s one-fourth, one of every four people. But among young people it’s 50 percent, so one out of every two. And this is also in the context, as I said, of a situation that makes this social precariousness, right, go worse because of the political decisions that are being made. Yes, that’s right.

And also I wanted to add something, which is, when we speak of this crisis, right, we have to remember that in Spain the total debt at the beginning of the crisis, 2007, was–public debt was only 19 percent. That’s less than the U.S. debt, much less than that, and, actually, one of the lowest in the whole Europe. So this idea that Spain had not done the things right and that’s why the state itself had such a big debt, that’s not true. It had a 19 percent debt. The 81 percent was private debt, and that is, of course, not only banks–also private families, small businesses.. But that’s a very minor part of the private debt. So the greatest, more than 90 percent of the private debt, which is 81 percent of the total debt, that was big institutions, big corporations, and particularly banking institutions.

So the decision was made: like in the States, also here the banks were rescued, at a greater cost, or really great cost. So in Spain, the same thing, right? We cannot let these big institutions fall, because everybody would fall after them. So now we’re going to do this operation of giving money to them. We don’t have the money; we have to lend the money from the European bank. And then [in comes (?)] this mechanism that I explained. So that is what has happened, and many people, as I said, think this should be reversed.

And so we, in our movement, but also many other movements, are calling for something similar to what has happened in Ecuador with President Correa, which is they also were under the debt that actually precluded the evolution or the growth of the country, because such a great percentage of their total gain were needed to pay the interests of the debt, right? That’s a perverse mechanism. Actually, I think in truth we can call that a slavery mechanism. And that is what we now have agreed to, right, as a country.

Two takes on that Scottish referendum


Sure, you’ve probably seen it before, but here it is again. . .

From Last Week Tonight with John Oliver:

Scottish Independence

Program notes:

Scotland is about to vote on whether to secede from the UK.

There are solid arguments on both sides.

But none of that makes bagpipes good to listen to…or does it?

International capitalism won’t like a yes vote, observes Noam Chomsky in this wide-ranging conversation.

He notes that what’s happening in Scotland is the result of forces at play elsewhere in Europe, too, including, Wales, that other part of big island with a long and turbulent relationship with London.

The vote raises larger issues as well, including the whole question of the necessity of the nation-state.

With that by way of an intro, from Stuart Platt:

Noam Chomsky on Scottish Independence

Program notes:

Noam Chomsky on Scottish Independence : Statehood and Power.

Recorded at MIT, Boston by Stuart Platt.

Questions by Gordon Asher, Leigh French and Stuart Platt