tisdag 10 november 2009

IEA claims it has been deliberately underplaying a looming shortage for fear of triggering panic buying.

Nu börjar det bli klart för allt fler hur politiker och särintressen försöker att sopa under mattan det faktum att allt nu tyder på att världens oilje produktion nått sin topp och nu står inför vad som kan vara en snabbt acelererande utförsbacke. Återigen ett exempel på hur lite antagandet om den rationella och fria väl fungerande marknaden fungerar idag. På samma sätt som det nu är bevisat att Goldman Sachs shortade den amerikanska fastighetsmarknaden kommer det snart komma fram hur de agerat för att påverka även världsmarknads priset på olja på ett som främjar deras maximala kortsiktiga vinsthemtagning. Förutsättningen för att klara av detta är att ha tillgång och access i sådana lägen till det högsta executiva politiska etablisimanget. Och det är väl vid det här laget ingen som betvivlar att så är fallet..?

The world is much closer to running out of oil than official estimates admit, according to a whistleblower at the International Energy Agency who claims it has been deliberately underplaying a looming shortage for fear of triggering panic buying.

The senior official claims the US has played an influential role in encouraging the watchdog to underplay the rate of decline from existing oil fields while overplaying the chances of finding new reserves.

A second senior IEA source, who has now left but was also unwilling to give his name, said a key rule at the organisation was that it was "imperative not to anger the Americans" but the fact was that there was not as much oil in the world as had been admitted. "We have (already) entered the 'peak oil' zone. I think that the situation is really bad," he added.
http://www.guardian.co.uk/environment/2009/nov/09/peak-oil-international-energy-agency

The Peak of the Oil Age
- analyzing the world oil production Reference Scenario in World Energy Outlook 2008
In our analysis, we have introduced the depletion rate of remaining recoverable resources (). This parameter has been studied in separate publications (Höök et al., 2009a; Jakobsson et al., 2009, Höök, 2009) and reasonable limits for can be defined for real production. In WEO 2008, the IEA has not considered the -factor, and for the fractions where this is important the IEA has obtained what appear to be unrealistic production scenarios. In analyses where -numbers are unimportant, the IEA forecasts in WEO 2008 generally agree with our evaluation. In general, any analysis that assumes higher -rates than anything seen before in history must explain what factors and conditions will be responsible for accomplishing such deviations from historical patterns. Based on studies of the world's giant oil fields (the backbone of global oil production) it can be concluded that new fractions are largely unable to compensate for the decline in existing production.

It is unlikely that future world crude oil production will ever return to the levels seen in 2008.

Increasing trends for average decline rates (Höök et al., 2009b) complicate and worsen the situation further. The collapse of the oil price since mid-2008, and the delays in investment this has induced, will make this situation even more challenging, especially considering that the actual economic impact is hard to quantify at the present time. Therefore, our outlook for new field developments and yet to find fractions are optimistic, since lack of investment will generally dampen future developments severely.

The world appears most likely to have passed the peak of global oil production and to have entered the descent phase. If this is the case, then the world has reached the „Peak of the Oil Age’.
http://www.tsl.uu.se/uhdsg/Publications/PeakOilAge.pdf

How Goldman secretly bet on the U.S. housing crash
WASHINGTON — In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting.
http://www.mcclatchydc.com/227/story/77791.html

Sedan är ju frågan bara vilken gud som Mr Blankfein åsyftar? Själv anser jag det är höjden av bedrägligt kriminellt och omoraliskt beteende att med god vinst sälja en produkt till en kund när man samtidigt tar stora egna positioner på att just denna produkt skall gå ned kraftigt i vinst. Att sälja något man vet snart är värdelöst och innehåller risk som bara du känner till. Om jag säljer medicin och påstår att detta är bra för dig när jag i själva verket VET att detta kommer att dödar dig och innehåller arsenik så åker du i fängelse tom får du dödsstraff i vissa länder. På finansmarkaden gör du detta mha skattebatalarnas pengar och du får dessutom en bonus.

Klart är att jag och Mr Blankfein inte tror på samma gud..?

I'm doing 'God's work'. Meet Mr Goldman Sachs
http://www.timesonline.co.uk/tol/news/world/us_and_americas/article6907681.ece

Added to first and second quarter set-asides of $4.6 billion and $6.6 billion, the firm had put aside $16 billion so far this year for employee bonuses. Nearly 50 percent of the firm’s revenue was going toward compensation. And there was still one more quarter to go!

Still, the premise of the firm — then and now — is that those who contribute to its success should reap the rewards. So let’s add it up: the $12.9 billion in A.I.G. help, the $10 billion in TARP, the F.D.I.C. guarantee program, the easy money trading distressed securities into the TALF program. I can’t say for sure how much of the $16 billion the firm has set aside for bonuses can be attributed to government assistance of one form or another. But it’s got to be a fairly substantial amount — at least $2 billion or $3 billion.

Which leads to one last question for Mr. Blankfein. Where’s our bonus?
http://www.nytimes.com/2009/10/24/business/24nocera.html?pagewanted=1&_r=1

"We Want Our $$$ Back" Blankfein! - Bloomberg
http://www.youtube.com/watch?v=TvtNbXVsRlA&feature=related

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