Headlines, Headlines, Headlines – 27 March 2009

15 Responses to Headlines, Headlines, Headlines – 27 March 2009

1. Manoj | March 28, 2009 at 7:01 pm |

   I like Mr Keiser but when ti comes to Obama he has been pure hypocrite.The way he reports Obama and the way he covers up or rather avoids talking .As if it has nothing to do with Mr Obama .Is just pure ridiculous and hypocritical

2. StephenLV | March 28, 2009 at 6:34 pm |

   The more important barometer (We luv you max), is when and if the US Corporate media begins to "question" Obama. I think it is pretty obvious the US Media is selling Obama and the new cooperative US leadership (they have to it is US financial survival at this point). Barry will get all the glow they can muster. The World loves Obama and that is/was the plan. I doubt anybody running things will try to stop that beyond the rightwing yackleheads like Limbaugh et al. Second terms are usually when the US roasts their leaders.

3. maxkeiserdotcom | March 28, 2009 at 12:34 pm |

   that is pretty impressive! good job

4. Bill Stewart | March 27, 2009 at 5:05 pm |

   I finally found it in Wikipeida!

   http://en.wikipedia.org/wiki/Error_account

   Error account
   An unassessed article from Wikipedia, the free encyclopedia
   Jump to: navigation, search

   ===============
   Please help improve this article or section by expanding it. Further information might be found on the talk page. (March 2009)
   ===============
   This article includes a list of references or external links, but its sources remain unclear because it lacks inline citations. Please improve this article by introducing more precise citations where appropriate. (March 2009)
   ===============

   An error account a type of account used for storing compensation for errors in trading, a transaction that is not posted in a timely manner because of inconsistencies, such as an incorrect account or routing numbers to the wrong name on the account, producing a claim that needs to be resolved as soon as possible so payments can be made.

   See also

   * Generally Accepted Accounting Principles
   * International Financial Reporting Standards
   * International Accounting Standards Board
   * Center for Audit Quality
   * Transaction processing

   References

   * http://jobfunctions.bnet.com/abstract.aspx?docid=147896
   * http://dictionary.bnet.com/definition/error+account.html

5. geopol | March 27, 2009 at 4:23 pm |

   By Christopher Johnson

   The global financial crisis and collapse in the oil market have stalled vital investment in oil exploration and production and are likely soon to lead to a sharp spike in prices, an energy consultant and financier says.

   Matt Simmons, founder of Houston-based investment bank Simmons & Co, argues the underlying rate of decline of the world’s aging oilfields is as much as 20 percent a year and only high levels of investment can reduce that to single digits.

   With credit tight and oil prices almost $100 a barrel below their highs last year, oil companies are unable to sustain previous levels of spending and the result is falling production, he said in an interview on Thursday.

   “We are three, six, maybe nine months away from a price shock. We are not talking about three to five years away — it will be much sooner,” Simmons told Reuters in London.

   “These prices now are dangerously low. The lower prices fall, the less oil will be produced and the greater the chance of an oil spike,” he said.

   Oil prices hit record highs of almost $150 per barrel last July but have tumbled since then as the global economic downturn has cut energy consumption by consumers and companies alike.

   Prices have rallied from lows below $35 a barrel in December to above $50 but remain well below what many oil companies and producing countries say they need to invest in new production.

   Simmons is a proponent of the “peak oil” theory, and has argued for years that world oil output is in irreversible decline because oil industry infrastructure is getting too old.

   He says the cost of rebuilding the oil industry is colossal — “closer to $100 trillion than $50 trillion” over decades: “The industry’s asset base is beyond it’s original design life.”

   TWILIGHT IN THE DESERT

   Simmons’ 2005 best-seller “Twilight in the Desert, The Coming Saudi Oil Shock and the World Economy,” argued oil output from the Middle East’s biggest supplier was reaching an apex and would soon decline, ending forever the era of cheap oil.

   Saudi Arabian oil company Aramco and many other analysts strongly disagreed with that thesis, saying Simmons exaggerated the rate of decline of older oilfields.

   Cambridge Energy Research Associates last year put the rate of decline of the world’s oilfields at just 4-5 percent a year.

   But Simmons’ concerns over the impact of the credit crisis and the dramatic fall in oil prices are shared by many other, more conservative bodies, including the International Energy Agency (IEA), which advises 28 industrialized nations.

   IEA Deputy Executive Director Richard Jones warned the oil market this week that so far as much as 2 million barrels per day (bpd) of new upstream capacity due to come on stream had been deferred for now due to lack of funds and low oil prices.

   The IEA is also worried recent cuts in oil production by the Organization of the Petroleum Exporting Countries in an attempt to bolster prices have left oil inventories dangerously low, leaving little room for maneuver when oil demand recovers.

   Simmons says many OPEC oil producers will find it difficult to bring output back to previous levels once prices recover.

   “When you have an old oilfield whose flow is being maintained by extremely high levels of investment and you reduce production, you rarely if ever get back to where it was.”

   Because of this and natural declines in output, oil use may not need to rise much before production fails to meet demand.

   “Unless oil demand falls by 10 or 15 percent per annum, which it is not going to do, then we don’t need to wait for oil demand to come back before we have a supply crunch,” he said.

   “Within a few months, we are going to realize our visible inventories are really tight — squeaky tight — and what would really be inconvenient is to see a recovery in the economy.”

   He sees oil prices eventually exceeding last year’s high:

   “Sooner or later we will burst through that like a hot knife through butter.”

6. geopol | March 27, 2009 at 3:54 pm |

   With a larger depth evidence to draw upon I would suggest that Obama’s first appointments have confirmed the grimmest
   suspicions about the new regime.

   The naming of the vicious thug Rahm Emanuel as the

   new Martin Bormann of the regime has caused much consternation, even among the

   netroots or nutroots crowd over at the Daily Kos. Rahm is a former member of the Israeli

   Defense Force whose ruling passion is that he is a warmonger. In 2006, when Rahm ran

   the Democratic congressional money machine, he made sure that only warmongers

   committed to the open-ended prosecution of the Afghan and Iraq wars could get any

   Democratic Party financing for their races. Many contests were lost as a result. A tragic

   case was that of grass-roots antiwar activist Christine Cegelis of Ohio, who was defeated

   in the Democratic primary by Tammy Duckworth, an Iraq war veteran who advocated

   endless hostilities there. Duckworth lost to the Republican by several points. If the

   $300,000 Rahm gave Duckworth had been shared with anti-war candidate Bob Bowen in

   Florida, a Democratic seat could easily have been added. Rahm is also a product of the

   filthy and corrupt Illinois bipartisan Combine, which I have described in my books.

   A co-chair of the transition team is Valerie Jarrett, who served as Barky’s travelling

   schoolmarm during the campaign. Jarrett also comes from the Daley wing of the Illinois

   combine. She has provided graft and related support for Michelle Obama’s foundation-

   funded operations. Jarrett is also an integral part of the Chicago housing graft

   community, a region also inhabited by Barky’s original godfather, the convicted felon

   and thief Tony Rezko. Jarrett is discussed in detail in my Obama biography. She is joined

   on the transition team by John Podesta, a Clinton-era retread who worked for Sen. Tom

   Daschle, the senator from Citibank, the biggest employer in South Dakota. Podesta also

   worked for Sen. Patrick Leahy of Vermont, a close personal friend of Weatherman

   terrorist bombers Bill Ayers and Bernardine Dohrn.

   Another Daschle-Citibank retread is transition co-chair Tom Rouse, who was the chief of

   staff for Daschle when he was the weakest Democratic majority leader in recent memory,

   surrendering to Bush on point after point. Chief strategist remains David Axelrod of the

   corrupt Illinois Combine, who was taught his mindbending skills in the infamous “1313”

   Rockefeller-funded think tank at the University of Chicago.

   BANKERS ONLY: NO VOICE FOR LABOR, RETIREES, SMALL BUSINESS,

   WOMEN

   Obama’s transitional council of economic advisers is also notable. The dominant figures

   here are all Wall Street derivatives merchants and their quackademic apologists and

   politician clients. The key people here are plutocrat Warren Buffet, Obama moneybags

   and Hyatt heiress Penny Pritzker, Goldman Sachs-Citibank alum Robert Rubin, woman-

   hating thug and failed Harvard president Larry Summers, Google spook Eric Schmidt,

   and Roger Ferguson, the former vice president of the Federal Reserve board. The most

   obscene is Trilateral Commission bigwig Paul Adolf Volcker, the bringer of the 22%

   prime rate of 1981 and the destroyer of the US industrial base. What is truly notable

   about this list is that there is not one single labor leader. No Sweeney of the AFL-CIO, no

   Hoffa of the Teamsters, no UAW, not even the unsavory Andy Stern of the SIEU. Note

   the difference to the New Deal, when labor reps were indispensable. With Barky, only

   derivatives monsters need apply. Also notable by their absence are leaders of women’s

   groups, small business associations, the congressional black caucus, retirees groups like

   the AARP – there is not even a token face representing any of these groups, all of which

   have a vital interest in economic policy. Read the ill omens if you have eyes to see. The

   Obama regime is shaping up as of the bankers, by the bankers, for the bankers. This is not

   the FDR New Deal – this is the Mussolini fascist corporate state.

   WASHINGTON ECONOMIC CONFERENCE: THE DERIVATIVES BLOC VS. THE

   ANTI-DERIVATIVES BLOC

   We are also told that Barky has been on the phone to foreign leaders about matters of

   economic. Let us read the tea leaves: whom did Barky call? Here is the list: Australia, the

   British, Canada, France, Germany, Israel, Japan, Mexico, and South Korea.

   Notice now who is NOT on the list. Start with the great world powers who have been

   snubbed: Russia and China, both of whom are bigger holders of US Treasury bonds than

   most of those who are on the list. Saudi Arabia, who might have needed reassurance that

   Barky is not a commie, are also snubbed. Forget ideology, and behold the ineptitude.

   Most glaring of all is the lack of any phone call to a leading third world or developing

   sector country, other than Mexico, which is a branch of NAFTA. No calls were made to

   Brazil, Argentina, South Africa, Nigeria, Algeria, India or a long list of other leading

   states. Nobody in Africa, nobody in south Asia, and nobody in South America got a call.

   Not even those who will be coming to the pseudo-Bretton Woods conference set for

   Washington later this month. The best we can hope for regarding that conference is that it

   end in a stalemate, dividing the world between a US-UK dominated derivatives bloc and

   a Brazil-India-Russia-China-South Africa anti-derivatives bloc interested in real physical

   commodity production, not fictitious capital.

   Obama, in summation, is acting just like the abject puppet of the Wall Street derivatives

   merchants and warmongers which we have argued him to be.

7. Bill Stewart | March 27, 2009 at 3:14 pm |

   This link came up in a referred to link in the links posted above:

   http://rortybomb.wordpress.com/2009/03/25/modeling-an-fdic-robbery/

   You may want to add it to your lnk list (it feels weird saying this when not referring to the computer programming practice …)

   : )

8. brushes9 | March 27, 2009 at 2:02 pm |

   General Petraeus outlines efforts of U. S. Central Command to establish THE MATRIX in the middle east.
   http://fora.tv/2009/03/13/General_David_Petraeus_Update_on_the_Middle_East#chapter_06

   Highlights from Sec. #6 and #7:

   “The CENTCOM AOR consist of twenty coutries, from Egypt in the west, to Pakistan in the east, from Kazikstan in the north, to Yemen in the south…the area includes some 530 million people from, at least, 22 ethnic groups, speak 18 major languages and ascribe to, at least, 4 major religions.

   The area is rich in oil, but poor in fresh water. In 18 of the countries in the Area of Operation, young people within the ages of 15 and 29 constitute over 40% of the population and economic opportunities for many of them are insufficient…in that area, extremist have managed to wrestle control of Pakistan’s Swat district from the control of that government…pirates are holding 6 ships for ransom off the Horn of Africa…Yemen faces a simmering separatist movement and the establishment, in its tribal areas, of the Headquarters for Al-Qaeda in the Arabian Peninsula, and Iran continues to train, equip and fund the elements that cause enormous problems in Iraq, Lebanon and Gaza. Iran also pursues nuclear ambitions that may include the ability to produce nuclear weapons. CENTCOM is, of course, overseeing operations in Iraq and Afganistan, as well as a theater-wide operation against Al-Qaeda and its extremist allies.

   In fact, this recognition is leading to the creation of an evermore robust regional, security architecture, an architecture that can best be understood as a network or, even, a network of networks. The overall regional security network is comprised of a number of layered, interconnected networks, centered on an area of cooperation between countries. These sub-networks include a missile defense network, a shared aerospace early-warning network, an information and intelligence-sharing network, training network and equipping network, a leader-engagement network and an operational network.”

   Welcome to The Matrix!

9. Chris | March 27, 2009 at 1:29 pm |

   Cadillac Desert:

   You can now pay someone $500 to steal your Cadillac or SUV and torch it in the desert near Las Vegas.

   http://online.wsj.com/article/SB123793742263531857.html

10. Brian Moore | March 27, 2009 at 12:39 pm |

    The Ex-IMF Chief, Simon Johnson’s article is a brilliant must read, why it’s like Max without the hyperbole, smoke and chopped heads. It’s the Yin versus the Yang of our future Nirvana.

11. T | March 27, 2009 at 10:06 am |

    Da Silva’s comments in were racist. But also in a sense true. Name one powerful person in the States or in Europe who’s invovled in this global meltdown who’s a person of color. Answer: there are none.

    Which leads to all kinds of things. People of color are way smarter than to ever trust these dumb ass white guys.

12. T | March 27, 2009 at 10:01 am |

    Just read the link about mistresses. And I can see that the corporate MSM will have a field day milking this for all the ratings they can get.

    Now if they’re really smart, they’d get all the CEO’s with mistresses to appear with them on camera. Talk about reality TV!

13. Manoj | March 27, 2009 at 9:51 am |

    I think it would be better if he calls it obama geithner plan the way he refered to the TARP as paulson bush plan

14. Manoj | March 27, 2009 at 9:49 am |

    yeah this is where i have a complaint when it comes to Bush and hank paulson’s plan Mr Keiser makes sure who censures Bush (and i join him for that) but when it comes to current plans somehow keiser forgets talk about Mr Obama (who was recommended by keiser as he apparently shared similar philosophies and also were in the same time zone of civil rights movements) Which now sounds like nonsense as Mr Obama is no less horrible than Bush Infact at least the bush paulson plan was aimed at capitalising banks in this case they are buying toxic assets even from hedge fund managers whose bankruptcy will not have any affect whatsoever on american people. Max used to spend hours abusing Bush chenny team but somehow now When Mr Obama who cancelled executive orders of bush which he did not like (for example on stem cell) now forgets to cancel the scheduled 36,00 troops to afghanistan and then adds 18,000 troops to afghanistan and he forgets to even talk about riots going on in manila asking american troops to get out .While in teh bush administration he was reporting eevry single anti american movement.In my opinion he should come out and make his current stance on obama clear if it still remains the same or not .Or has the fascination worn off .AT least looking at the way he is reportinjg the news it does not seem so

15. DBM | March 27, 2009 at 7:21 am |

    Yeah-Contrasting links!!