The oil boom created by “fracking” is about to go bust because of the low price per barrel of oil. At the current price, it costs too much to get the oil out of the ground. Frackers borrowed too much money to set up their businesses, and needed to sell oil at significantly higher prices to make a profit. According to zerohedge.com, the bankruptcies have just begun:
“There are too many ugly balance sheets,” warns one energy industry analyst, adding simply that “the group is not positioned for this downturn.” While the mainstream media continues to chant the happy-clappy side of lower oil prices, spewing various ‘statistics’ about how the down-side of low oil prices is ‘contained’ and the huge colossal massive tax cut means ‘everything is awesome’ for America, the data – and now actions – do not bear this out. Macro data has done nothing but disappoint and now, we have the first casualty of the shale oil leverage debacle as WSJ reports, on Sunday, a private company that drills in Texas, WBH Energy LP, and its partners, filed for bankruptcy protection, saying a lender refused to advance more money. There are many more to come…
Excerpt from jsminset.com:
Canadian Mint ready to test its own digital money project
John Greenwood | 19/09/13 6:00 AM ET
As the government body responsible for the production of loonies, toonies, nickels and sundry “limited-edition” collector coins, the Royal Canadian Mint is hardly the first thing that comes to mind when you think of cutting-edge technology. But that may be about to change.
Sometime before the end of this year, software engineers at the 105-year-old Crown corp. will begin pilot testing a novel form of digital currency that so far has received little attention but which has the potential to revolutionize how we do business . . .
Like many such technologies, the initiative has mostly been cloaked in secrecy . . .
Submitted by Tyler Durden on 08/08/2013 – 15:40
A massive 1,131 individuals renounced their US citizenship last quarter, according to data that has yet to be officially released (though we were able to procure an advanced copy). This is a huge jump. Compared to the same quarter last year in which 188 people renounced their US citizenship, this year’s number is over six times higher. Not to mention, it’s 66.5% higher than last quarter’s 679 renunciations. This brings the total number of renunciations so far this year to 1,810. While still embryonic, it’s difficult to ignore this trend– more and more people are starting to renounce their US citizenship.
China is rapidly approaching ZERO growth. This is not less growth, but
ZERO growth as in full-scale economic collapse from the days of 12% GDP growth
Chinese growth numbers are manufactured by the Chinese government and have no basis in truth. Over 99% of “analysts” are missing this, but it is a fact.
If that happens, could it mean a resurgence of manufacturing in the USA as Chinese enterprises collapse or quality of manufactured goods plummet due to system collapse?
MADE IN AMERICA could help bring back the national pride we lost when we sent all our jobs overseas. The environment in the US is ripe for resurgence of American manufacturing. Globally, the US is competitive again. Our falling dollar makes our goods and services cheap to international customers.
Wages are low. Energy costs are low. The cost of money is low. In business school they teach that you only need two out of three of those factors for financial viability. Right now America has all three working for it. It’s time to bring manufacturing home.