“Soaring U.S. debt poses risks to global economy, IMF warns…
“The required fiscal adjustment will mean “difficult political decisions over the course of multiple years,” the fund said, warning that an unchecked rise in debt could eventually sap U.S. growth and snowball into global financial distress.”
https://www.washingtonpost.com/business/2024/06/27/imf-warning-united-states-debt/
“Trump-Biden debate likely amplified Americans’ dismay about the election…
“Joe Biden and Donald Trump both walked into the presidential debate on Thursday hoping to sway the so-called “double haters”… In the end, those voters probably walked away from the debate with a more visceral understanding of why they hate their options.”
https://www.theguardian.com/us-news/article/2024/jun/28/biden-trump-debate-performance-analysis
“Japanese yen weakens to fresh 38-year lows; top currency diplomat replaced…
“The last time the currency was at this level was in December 1986… The yen has been steadily deprecating since the Bank of Japan ended its negative interest rate policy and scrapped its yield curve control policy in March.”
https://www.cnbc.com/2024/06/28/yen-hits-161-against-us-dollar.html
“Defaults on leveraged loans soar as BoE warns on private equity’s ‘challenges’ [UK]…
“The BoE is concerned that risks in private equity — which now supports companies employing 10 per cent of workers in the UK’s private sector, or about 2mn people — could spill over to the rest of the economy.”
https://www.ft.com/content/680abec2-26a7-4895-a248-0d7c17b9072f
“North Sea tax regime as complex as a ‘war zone’, warns oil group
“Serica ‘actively’ looking overseas ahead of potential increase in UK government’s windfall levy on producers… David Latin noted that neither Labour nor the Conservatives had committed in their manifestos to cutting windfall taxes to recognise a decline in prices.”
https://www.ft.com/content/cde81dce-706f-451d-88a5-9edcf0c48480
“Swedish Court gives green light to controversial mining plans in Kallak.
“Earlier this week, the Swedish Supreme Administrative Court approved the government’s decision to permit the mining plans in Jokkmokk. Local communities, Sámi People and environmental organisations have been protesting for years.”
“Public consultation begins on Norwegian seabed mining…
“The area constitutes 386 blocks and approximately 38% of the area, which was opened in April. The deadline of the public consultation is 26 September 2024. The government plans to award licences in the first half of 2025.”
https://www.iom3.org/resource/public-consultation-on-norwegian-seabed-mining.html
“Top-rated European commercial mortgage bonds set for first losses since credit crisis.
“Investors in several European commercial mortgage bonds that were originally sold with top credit ratings look set to suffer losses, say analysts, the first time since the global financial crisis that the safest tier of this debt has been hit.”
https://www.ft.com/content/50f3a047-f607-467f-ad1a-117e8a310aed
“French far-right leader Jordan Bardella vows ‘cultural battle’ and demands EU rebate.
“Jordan Bardella, the far-right candidate to be France’s prime minister, has pledged to fight a “cultural battle” against Islamism and secure an EU budget rebate even as he promised “a lot of pragmatism” on the economy if his party wins snap elections.”
https://www.ft.com/content/b54d149e-3329-4fbd-97a9-7d5aebb6fbad
“Swastikas and jackboots: an emboldened far right visits Buchenwald…
“Holocaust deniers and conspiracy theorists are stepping up attacks on a potent symbol of remembrance… The AfD is particularly strong in Thuringia, the eastern state where Buchenwald is located. Polls suggest it is on course to win regional elections there in September…”
https://www.ft.com/content/0c2a60fe-9944-4629-ad47-6fe55551370f
“A Den of Spies: Vienna Emerges as Hub for Russian Espionage…
“In the past two years, the number of Russian state employees in Austria swelled to over 500 from 300 to 400, over a half of whom are diplomats and administrators, according to intelligence officials. Up to a half of them operate as spies, Austrian intelligence officials estimate.”
https://www.wsj.com/world/a-den-of-spies-vienna-emerges-as-hub-for-russian-espionage-9dda8b4d
“Russia mulling downgrading ties with West, Kremlin says…
“A downgrading of relations – or even breaking them off – would illustrate the gravity of the confrontation between Russia and the West over Ukraine… Even during the 1962 Cuban Missile Crisis, when the Cold War is thought to have come closest to nuclear war, Russia did not sever relations with the United States…”
“Profits of Russian coal companies plunge 5-fold in Q1 2024… due to falling prices on the global market and a substantial increase in costs.
“…factors that continue to have a negative impact on coal miners’ financial results include limited transportation capacity of railroad infrastructure, export duties, rising railway tariffs, and western sanctions.”
https://thecoalhub.com/profits-of-russian-coal-companies-plunge-5-fold-in-q1-2024.html
“China’s investments in coal mining reach new high.
“Investments in coal mining in China grew by 6% in 2023, reaching a multi-year high of $100 billion, according to data from the International Energy Agency. China’s share in the global structure of capital expenditures for the development of the coal industry was 62% in 2023, up from 49% in 2017.”
https://globalenergyprize.org/en/2024/06/21/chinas-investments-in-coal-mining-reach-new-high/
“The herders caught up in India and China’s icy conflict…
“”The physical separation of the two militaries has greatly reduced the risk of clashes,” the International Crisis Group (ICG) wrote in a report last year. But the herders say they are the losers, caught in a conflict not of their making.”
https://www.japantimes.co.jp/news/2024/06/27/asia-pacific/india-china-conflict-herders/
“North Korea says it conducted successful test of multiwarhead missile…
“North Korea claims to have successfully tested a multiwarhead missile, a sophisticated weapon that would provide it with the means to overwhelm missile defences in the continental United States…”
“World’s largest maritime drills begin in an increasingly tense Asia Pacific.
” In an era of increased tension and growing competition between China and the United States and its allies, the US Pacific Fleet is hosting Rim of the Pacific (RIMPAC), “the world’s largest international maritime exercise” in Hawaii.”
“New Caledonia riots set to cause ~$1bn insured losses…
“Insured losses from the ongoing New Caledonia riots has been pegged at around $1bn by the Comité des Entreprises d’Assurances de Nouvelle-Calé.”
https://www.theinsurer.com/news/new-caledonia-riots-set-to-cause-1bn-insured-losses/
“Bolivia’s president sees off attempted coup after urging citizens to take to streets.
“Bolivia’s President Luis Arce appears to have seen off an attempt to topple his leftwing government after a dramatic afternoon in which heavily armed troops, seemingly commanded by a top army general, stormed the government palace…”
https://www.theguardian.com/world/article/2024/jun/26/luis-arce-bolivia-coup
“The International Criminal Court (ICC) has convicted the former head of the Islamic police in Mali’s historic city of Timbuktu for war crimes and crimes against humanity.
“Prosecutors say al-Hassan ag Abdoul Aziz ag Mohamed ag Mahmoud led a “reign of terror” in Timbuktu…”
https://www.bbc.co.uk/news/articles/c2ee4208mlzo
“At least 20 soldiers, one civilian killed in western Niger…
“Niger is one of several West African countries battling multiple armed rebellions that have spread outwards from Mali over the past 12 years, killing thousands and uprooting millions of people.”
https://www.aljazeera.com/news/2024/6/26/at-least-20-soldiers-one-civilian-killed-in-western-niger
“Congo’s children: Recruited, raped and killed in conflict…
“Ted Chaiban said it is especially worrying that the conflict is intensifying at the same time the large U.N. peacekeeping mission is beginning to leave the country, at the government’s request. “There is a very real risk that the humanitarian crisis in the DRC could soon become a catastrophe,” he said.”
https://www.voanews.com/a/congo-s-children-recruited-raped-and-killed-in-conflict/7675260.html
“Famine risk rises across Sudan as conflict crisis deepens…
“Sudan is battling the worst levels of food insecurity on record, with a risk of famine in 14 areas across the war-ravaged nation if the conflict between military factions escalates further…”
“Behind the Deadly Unrest in Kenya, a Staggering and Painful National Debt.
“Kenya, the fastest growing economy in Africa, is on the brink of a fiscal calamity. Across Africa, nations are spending more on interest than on health or education.”
https://www.nytimes.com/2024/06/26/business/kenya-tax-protests-debt.html
“Houthis claim to have developed long-range hypersonic missile…
“Adding to the growing panic for seafarers transiting the Middle East, the Houthis have claimed this week to have launched a homemade long-range hypersonic missile called the Hadim-2. This solid-fuel missile was reportedly used to target a Liberian-flagged ship…”
https://splash247.com/houthis-claim-to-have-developed-long-range-hypersonic-missile/
“Meltdown Looms for the West Bank’s Financial Lifelines.
“Israel’s threatened termination of a banking waiver would paralyse financial activity in the West Bank, causing an economic meltdown and risking the Palestinian Authority’s collapse – with dire consequences for West Bank Palestinians – and maybe for Israel, too.”
“US intel indicates war between Israel and Hezbollah inching closer…
“A war between Israel and Hezbollah could ignite a conflict that forces the U.S. to help defend Jerusalem and pushes the Biden administration to engage more deeply in a region it has for years tried to leave. It also risks another humanitarian disaster…”
https://www.politico.com/news/2024/06/27/us-intelligence-israel-hezbollah-war-00165338
“Globalisation is fracturing. That’s a big problem for net zero, experts say…
“The World Economic Forum is in the middle of its future-focused Annual Meeting of the New Champions. The central theme is how to prevent globalisation falling apart.”
“Lithium: A Clean Energy Solution with a Dirty Secret…
“The communities where lithium is extracted are already suffering from dire health and ecological issues stemming from the extraction of the metal, but the lithium industry is just getting started.”
https://oilprice.com/Energy/Energy-General/Lithium-A-Clean-Energy-Solution-with-a-Dirty-Secret.html
“BP has scaled back its green energy plans – don’t be surprised if it happens again…
” The stock market, as everybody knows by now, is rewarding the US titans with higher share ratings because they have an easier financial story to tell: energy transition globally is happening at a slower pace than imagined a few years ago, and their expertise lies in oil and gas, where immediate demand is still high.”
“Maldives climate minister arrested for performing ‘black magic’ on President Muizzu…
“Cops said Fathimath Shamnaz has been remanded in custody for a week pending investigation… Her position is an important job in a nation on the frontlines of the climate crisis, with UN environment experts warning rising seas could make it virtually uninhabitable by the end of the century.”
You can read the previous “Economic” thread here. I’ll be back tomorrow with a “Climate” thread.
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Any of us here surprised by this????
Most Colorado oil and gas wells do not generate enough cash to ensure they will be cleaned up, study says….. Colorado Sun posted
Only a handful of basins in the state have wells profitable enough to cover the cost of remediation, leaving 27,000 wells at risk, a Carbon Track analysis finds.
Profitable oil and gas production in Colorado is increasingly concentrated in a few basins leaving the rest of the operations with few resources and posing risk to getting all 47,000 of the state’s active wells plugged and remediated, according to a report from Carbon Tracker.
At least 27,000 wells — more than half the state tally — don’t generate enough cash to pay for their eventual plugging and site remediation, the report by the nonprofit think tank focused on climate and finance.
….Carbon Tracker’s estimate based on per-well closure costs the state funds will cover less than 10% of the plugging price tag. An earlier study by the group identified so-called loopholes in the rules.
Industry representatives pushed back on those calculations. The regulations and plans approved by state regulators adopted “appropriately balance the need to safeguard taxpayers from paying for decommissioning obligations while promoting continued energy development,” Kait Schwartz, director of API-Colorado, a trade group, said in an email.
The ECMC declined to comment.
Does anyone here actual think any mess we leave behind will be “cleaned up” by the messy beast?
Oh, like the one regarding investments reach new highs for China’s coal sector..
We are great LIARS and Deceivers as Jay Hanson astutely said in one interview.
Had one on the so called carlon trading racket…another group of liars and deceivers,
But Justin by far gave us all plenty on our plate..thank you
“Does anyone here actually think any mess we leave behind will be “cleaned up” by the messy beast?”
Unfortunately, not. Here in the UK we saw 3.6 million hours of untreated sewage spilling into our rivers and seas in 2023 – double the amount in 2022 – as the affordability crisis undermines our ability to manage our own waste.
Orphaned wells, peppering the earth’s surface like suppurating sores, may number into the millions in the US, according to this WaPo article from last year:
““We really only know where a fraction of them are.””
https://www.washingtonpost.com/climate-solutions/2023/04/11/plugging-abandoned-oil-wells/
Don’t yeast wind up dying in a medium of their own waste after consuming all available resources? 😬
War. Riots. Corporate greed and malfeasance.
Pollute and repeat. Over and over. Oh, and don’t forget the circus sideshow called “green” energy. Shh, we don’t talk about the “dirty” little secrets. Just flash those big white teeth and put the word “renewable” in front of EVERYTHING.
Back in the peak-oil days the pejorative used to describe the masses of clueless, entitled people stumbling into the abyss was “sheeple”. Like billions of sheep running off of a cliff.
I personally cannot relate to other people AT ALL anymore. Not good for job interviews and flogging arts n’ crafts, but great for my new career in virtual reality!
Antics with semantics: I agree with you, they should put renewable in front of everything: it’ll illuminate the fact that “renewable” and “sustainable” are not synonyms. Gasoline is obviously renewable, you just crack another barrel of petroleum, as they’ve been doing for decades; it is not, however, sustainable.
The two are conflated purposelessly.
Similarly, how is something that is referred to as fossil fuel (ie, made from the remains of biological organisms) not a biofuel, whereas wood chips, comprised of the same material, are?
“I personally cannot relate to other people AT ALL anymore.” I am mostly there, too, Jerry.
Dealing with people is very challenging these days. The species, never all that sane to begin with, is under tremendous pressure now.
I wonder which bubble will pop first? There are so many to pick from I can’t make up my mind. Many will cry when the internet stops working let alone the power. I know so many Americans who cry when they can’t play on their phones. Hold on to your butt!
“Many will cry when the internet stops working let alone the power.”
I know I will, Heather. Not being able to follow the clusterfuck on-line will be torture. 😂
Buy several decks of playing cards and buy a book that has all the rules of all the card games that your grandparents and greatgrandparents played. War is a game that even Children can understand. By the time the cards are all war(n) out the great game will be over.
Excellent prepping advice. Plus board games. And old timey (printed) books.
Several things that AGW will send to the extinction pile; the sale of winter clothes, all winter sports & their related businesses. Cold might not be a great investment.
Prepping for extinction, I must be entertained up to my last breath on my death bed. Maybe I should have been occupied protecting the habitat than looking at a screen. Will there be anything more entertaining than watching all the tech disappear?
“There shall be weeping & gnashing of teeth.” when this species loses all it advantage.
Hope everyone caught the great comedy stand-up @ the Trump/Biden debate. Never thought that the loss of critical thinking could be so funny.
I thought I was nuts at this age but I couldn’t make the Nutty List, compared to Reps, Dems, Right, & Left. Idiot voters & their political offerings brought the world to it’s present situation.