The Conservative Papers

March 10, 2010

Gore: Organized Campaign Behind Climate Skeptics

Filed under: Financial, Freedoms — Tags: , , , , , , , , — kalel @ 11:51 pm

Former Vice President Al Gore says critics of his global warming warnings are part of a “massive, organized campaign.”

Appearing on the Norwegian talk show “Skavlan” to promote his newest book “Our Choice,” Gore said:

“There has been a very large, organized campaign to try to convince people that it [global warming] is not real, to try to convince people that they shouldn’t worry about it.

“In my country, the oil and coal companies spent $500 million last year just on television advertising just on these questions. There are now five anti-climate lobbyists on Capitol Hill in Washington for every member of the House and Senate. So it’s been a very massive, organized campaign.”

Gore was asked if it’s “quite different to be Al Gore today” compared to three years ago, before people started to lose interest in the climate issue and before heavy criticism of his global warming warnings.

“It doesn’t feel different,” said Gore. “It feels like the same struggle. There is still a massive movement worldwide to respond to the climate crisis. It would be an enormous relief if the recent criticism of the science actually meant that there wasn’t a crisis. Unfortunately there is. We’re still putting 90 million tons of global warming pollution every day into the atmosphere, as if it’s an open sewer.”

Also during the interview:

  • Gore rejected any allegation that he’s a “carbon billionaire.” “I wish that were true – it’s not,” he said, adding that he’s been fortunate in the business world since losing the race for president in 2000.
  • Gore denied that receiving too much praise for his efforts was a problem, or made him more vulnerable. “I don’t feel it is, because there’s been plenty of blame as well as praise,” he said.
  • Gore said he still has a long ways to go in his effort to educate the world about climate change. “I have thus far failed, and our world has thus fair failed to respond adequately to this crisis,” he said.

From Newsmax.com

February 8, 2010

World’s tallest tower closed a month after opening

Filed under: Financial — Tags: , , , , , — kalel @ 5:13 pm
By ADAM SCHRECK, AP Business Writer

DUBAI, United Arab Emirates – The world’s tallest skyscraper has unexpectedly closed to the public a month after its lavish opening, disappointing tourists headed for the observation deck and casting doubt over plans to welcome its first permanent occupants in the coming weeks.

Electrical problems are at least partly to blame for the closure of the Burj Khalifa’s viewing platform — the only part of the half-mile high tower open yet. But a lack of information from the spire’s owner left it unclear whether the rest of the largely empty building — including dozens of elevators meant to whisk visitors to the tower’s more than 160 floors — was affected by the shutdown.

The indefinite closure, which began Sunday, comes as Dubai struggles to revive its international image as a cutting-edge Arab metropolis amid nagging questions about its financial health.

The Persian Gulf city-state had hoped the 2,717-foot (828-meter) Burj Khalifa would be a major tourist draw. Dubai has promoted itself by wowing visitors with over-the-top attractions such as the Burj, which juts like a silvery needle out of the desert and can be seen from miles around.

In recent weeks, thousands of tourists have lined up for the chance to buy tickets for viewing times often days in advance that cost more than $27 apiece. Now many of those would-be visitors, such as Wayne Boyes, a tourist from near Manchester, England, must get back in line for refunds.

“It’s just very disappointing,” said Boyes, 40, who showed up at the Burj’s entrance Monday with a ticket for an afternoon time slot only to be told the viewing platform was closed. “The tower was one of my main reasons for coming here,” he said.

The precise cause of the $1.5 billion Dubai skyscraper’s temporary shutdown remained unclear.

In a brief statement responding to questions, building owner Emaar Properties blamed the closure on “unexpected high traffic,” but then suggested that electrical problems were also at fault.

“Technical issues with the power supply are being worked on by the main and subcontractors and the public will be informed upon completion,” the company said, adding that it is “committed to the highest quality standards at Burj Khalifa.”

Despite repeated requests, a spokeswoman for Emaar was unable to provide further details or rule out the possibility of foul play. Greg Sang, Emaar’s director of projects and the man charged with coordinating the tower’s construction, could not be reached. Construction workers at the base of the tower said they were unaware of any problems.

Power was reaching some parts of the building. Strobe lights warning aircraft flashed and a handful of floors were illuminated after nightfall.

Emaar did not say when the observation deck would reopen. Ticket sales agents were accepting bookings starting on Valentine’s Day this Sunday, though one reached by The Associated Press could not confirm the building would reopen then.

Tourists affected by the closure are being offered the chance to rebook or receive refunds.

The shutdown comes at a sensitive time for Dubai. The city-state is facing a slump in tourism — which accounts for nearly a fifth of the local economy — while fending off negative publicity caused by more than $80 billion in debt it is struggling to repay.

Ervin Hladnik-Milharcic, 55, a Slovenian writer planning to visit the city for the first time this month, said he hoped the Burj would reopen soon.

“It was the one thing I really wanted to see,” he said. “The tower was projected as a metaphor for Dubai. So the metaphor should work. There are no excuses.”

Dubai opened the skyscraper on Jan. 4 in a blaze of fireworks televised around the world. The building had been known as the Burj Dubai during more than half a decade of construction, but the name was suddenly changed on opening night to honor the ruler of neighboring Abu Dhabi.

Dubai and Abu Dhabi are two of seven small sheikdoms that comprise the United Arab Emirates. Abu Dhabi hosts the federation’s capital and holds most of the country’s vast oil reserves. It has provided Dubai with $20 billion in emergency cash to help cover its debts.

Questions were raised about the building’s readiness in the months leading up to the January opening.

The opening date had originally been expected in September, but was then pushed back until sometime before the end of 2009. The eventual opening date just after New Year’s was meant to coincide with the anniversary of the Dubai ruler’s ascent to power.

There were signs even that target was ambitious. The final metal and glass panels cladding the building’s exterior were installed only in late September. Early visitors to the observation deck had to peer through floor-to-ceiling windows caked with dust — a sign that cleaning crews had not yet had a chance to scrub them clean.

Work is still ongoing on many of the building’s other floors, including those that will house the first hotel designed by Giorgio Armani that is due to open in March. The building’s base remains largely a construction zone, with entrance restricted to the viewing platform lobby in an adjacent shopping mall.

The first of some 12,000 residential tenants and office workers are supposed to move in to the building this month.

The Burj Khalifa boasts more than 160 stories. The exact number is not known.

The observation deck, which is mostly enclosed but includes an outdoor terrace bordered by guard rails, is located about two-thirds of the way up on the 124th floor. Adult tickets bought in advance cost 100 dirhams, or about $27. Visitors wanting to enter immediately can jump to the front of the line by paying 400 dirhams — about $110 apiece.

___

On the Net: http://www.burjdubai.com

January 10, 2010

U.S.A. Has More Oil than Middle East

Filed under: Financial — Tags: , , — alpineski @ 1:31 pm

6 months ago, I was watching a news program on oil and one of the Forbes Bros. was the guest. The host said to Forbes, “I am going to ask you a direct question and I would like a direct answer; how much oil does the U.S. have in the ground?” Forbes did not miss a beat, he said, “more than all the Middle East put together.”

The U. S. Geological Service issued a report in April 2008 that only scientists and oil men knew was coming, but man was it big. It was a revised report (hadn’t been updated since 1995) on how much oil was in this area of the western 2/3 of North Dakota, western South Dakota, and extreme eastern Montana …… check THIS out:

The Bakken is the largest domestic oil discovery since Alaska ’s Prudhoe Bay , and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable… at $107 a barrel, we’re looking at a resource base worth more than $5..3 trillion..

“When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea..” says Terry Johnson, the Montana Legislature’s financial analyst..

“This sizable find is now the highest-producing onshore oil field found in the past 56 years,” reports The Pittsburgh Post Gazette. It’s a formation known as the Williston Basin , but is more commonly referred to as the ‘Bakken.’ It stretches from Northern Montana, through North Dakota and into Canada . For years, U. S. oil exploration has been considered a dead end. Even the ‘Big Oil’ companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken’s massive reserves….. and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!

That’s enough crude to fully fuel the American economy for 2041 years straight. And if THAT didn’t throw you on the floor, then this next one should – because it’s from 2006!

U. S. Oil Discovery- Largest Reserve in the World

Stansberry Report Online – 4/20/2006
Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world. It is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. In three and a half years of high oil prices none has been extracted. With this motherload of oil why are we still fighting over off-shore drilling?

They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on earth.. Here are the official estimates:

- 8-times as much oil as Saudi Arabia
- 18-times as much oil as Iraq
- 21-times as much oil as Kuwait
- 22-times as much oil as Iran
- 500-times as much oil as Yemen
- and it’s all right here in the Western United States .

HOW can this BE? HOW can we NOT BE extracting this? Because the environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy…..WHY?

James Bartis, lead researcher with the study says we’ve got more oil in this very compact area than the entire Middle East -more than 2 TRILLION barrels untapped. That’s more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.

Don’t think ‘OPEC’ will drop its price – even with this find? Think again! It’s all about the competitive marketplace, – it has to. Think OPEC just might be funding the environmentalists?

December 18, 2009

Remember $4.00 per Gallon Gasoline? Just Wait.

Filed under: Financial — Tags: , — alpineski @ 7:53 pm

oil-crude-hurricaneDespite Kyoto, despite Copenhagen, despite the New Green Economy and despite the Democratic Party, world oil demand is expected to increase by 0.8 to 1.5 million barrels a day in 2010, depending on the source of your forecast. That kind of increased demand could lead to a substantial increase in oil prices; when demand exceeds production capability by just a little bit, the price reaction is usually pretty strong.

What has the Obama Administration done to prepare for such an eventuality?

Nothing. Well, nothing positive.

* In February, Interior Secretary Salazar extended the comment period on the 2010-2015 five-year offshore leasing plan by six months and has not taken any additional action.

* Likewise, the Administration has failed to make progress on Lease Sale 220 offshore Virginia that was planned for 2011. It’s estimated that the Sale 220 area could contain 1.14 trillion cubic feet of natural gas and 130 million barrels of oil.

* Sec. Salazar canceled oil and natural gas leases on 77 parcels of federal lands in Utah, then announced that 60 of them would be removed from development–eight permanently and 52 indefinitely.

* The administration’s fiscal 2010 budget contains at least $80 billion in tax increases on the U.S. oil and natural gas industry. These increases will depress investment in new domestic oil and natural gas projects, weakening the nation’s energy security and doing nothing to defray the impact of higher world oil energy prices on America.

Even as the climate change community is starting to realize that clean, abundant, domestic natural gas is part of the solution, the Administration promulgates policies that delay and discourage domestic production. It’s time to encourage domestic oil and natural gas production to benefit all Americans by raising supply levels, creating well-paying jobs, and improving the nation’s energy security.

October 13, 2009

Dollar facing ‘power-shift’: analysts

Filed under: Financial — Tags: , , , , , — alpineski @ 3:55 pm

The dollar’s position as the world’s leading reserve currency faces increased pressure as the financial crisis allows emerging economies greater influence on the world stage, analysts said.

A report last week in The Independent claiming that China, Russia and Gulf States are among nations prepared to ditch the dollar for oil trades has heightened the uncertainty surrounding the US currency’s future.

The dollar slumped against rivals last week in the wake of the British daily’s controversial report.

“The US dollar is being hurt by the continued talk of a shift away from a dollar-centric world,” said Kit Juckes, an analyst at currency traders ECU Group.

“Three conclusions stand out very clearly. Firstly, the shift in economic power away from the G7 economies is continuing. “Secondly, there is a growing acceptance amongst those winners that one consequence of this power shift will be to strengthen their currencies.

“And finally, as long as the US economy is not strong enough for any rise in interest rates to be conceivable for a long time, the dollar’s underlying downtrend will remain in place,” added Juckes.

The Independent, under the front-page headline “The Demise of the Dollar”, reported last Tuesday that Gulf states, together with China, Russia, Japan and France, were considering replacing the dollar as the currency for oil deals.

“In the most profound financial change in recent Middle East history, Gulf Arabs are planning — along with China, Russia, Japan and France — to end dollar dealings for oil,” wrote The Independent’s Middle East correspondent Robert Fisk.

They would switch “to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar,” added Fisk, citing Gulf Arab and Chinese banking sources.

The report was denied by a host of countries, including Kuwait, Qatar and Russia, while France dismissed it as “pure speculation.”

Even so, the United Nations itself last week called for a new global reserve currency to end dollar supremacy, which had allowed the United States the “privilege” of building up a huge trade deficit.

UN undersecretary-general for economic and social affairs, Sha Zukang, said “important progress in managing imbalances can be made by reducing the (dollar) reserve currency country’s ‘privilege’ to run external deficits in order to provide international liquidity.”

Zukang was speaking at the annual meetings of the International Monetary Fund and World Bank, whose President Robert Zoellick recently warned that the United States should not “take for granted” the dollar’s role as preeminent global reserve currency.

Meanwhile at a G20 summit in Pittsburgh last month, world leaders unveiled a new vision for economic governance, with bold plans to fix global imbalances and give more clout to emerging giants such as China and India.

Following the summit, US Treasury Secretary Timothy Geithner repeated Washington’s commitment to a strong dollar.

But last week the finance chief was left to watch as traders used The Independent’s report as an opportunity to push lower the troubled US unit.

The report “has helped concentrate the minds of traders and investors alike, and has given them another excuse to take the dollar lower,” GFT Global Markets analyst David Morrison told AFP.

“Despite what the Fed and other central bankers say, a weaker dollar is desirable because it is necessary to rebalance the global economy.

“As long as the decline is gentle and orderly, then they’re happy. But aggressive selling would spook the markets,” he added.

Commerzbank currency analyst Antje Praefcke agreed that the market’s reaction was significant because it showed that the dollar was on a downward trajectory.

“The questionable article in the Independent was of course disclaimed,” Praefcke said.

“It is nonetheless an interesting study of the pscychological factors which are currently putting pressure on the dollar. Even if conspiracy theories turn out to be nonsense, the dollar is subsequently able to retrace only some of its losses.”

October 6, 2009

The demise of the dollar

Filed under: Financial — Tags: , , , , , , , — alpineski @ 1:41 pm

In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.
Euro / Dollar

Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.

The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years.

The Americans, who are aware the meetings have taken place – although they have not discovered the details – are sure to fight this international cabal which will include hitherto loyal allies Japan and the Gulf Arabs. Against the background to these currency meetings, Sun Bigan, China’s former special envoy to the Middle East, has warned there is a risk of deepening divisions between China and the US over influence and oil in the Middle East. “Bilateral quarrels and clashes are unavoidable,” he told the Asia and Africa Review. “We cannot lower vigilance against hostility in the Middle East over energy interests and security.”

This sounds like a dangerous prediction of a future economic war between the US and China over Middle East oil – yet again turning the region’s conflicts into a battle for great power supremacy. China uses more oil incrementally than the US because its growth is less energy efficient. The transitional currency in the move away from dollars, according to Chinese banking sources, may well be gold. An indication of the huge amounts involved can be gained from the wealth of Abu Dhabi, Saudi Arabia, Kuwait and Qatar who together hold an estimated $2.1 trillion in dollar reserves.

The decline of American economic power linked to the current global recession was implicitly acknowledged by the World Bank president Robert Zoellick. “One of the legacies of this crisis may be a recognition of changed economic power relations,” he said in Istanbul ahead of meetings this week of the IMF and World Bank. But it is China’s extraordinary new financial power – along with past anger among oil-producing and oil-consuming nations at America’s power to interfere in the international financial system – which has prompted the latest discussions involving the Gulf states.

Brazil has shown interest in collaborating in non-dollar oil payments, along with India. Indeed, China appears to be the most enthusiastic of all the financial powers involved, not least because of its enormous trade with the Middle East.

China imports 60 per cent of its oil, much of it from the Middle East and Russia. The Chinese have oil production concessions in Iraq – blocked by the US until this year – and since 2008 have held an $8bn agreement with Iran to develop refining capacity and gas resources. China has oil deals in Sudan (where it has substituted for US interests) and has been negotiating for oil concessions with Libya, where all such contracts are joint ventures.

Furthermore, Chinese exports to the region now account for no fewer than 10 per cent of the imports of every country in the Middle East, including a huge range of products from cars to weapon systems, food, clothes, even dolls. In a clear sign of China’s growing financial muscle, the president of the European Central Bank, Jean-Claude Trichet, yesterday pleaded with Beijing to let the yuan appreciate against a sliding dollar and, by extension, loosen China’s reliance on US monetary policy, to help rebalance the world economy and ease upward pressure on the euro.

Ever since the Bretton Woods agreements – the accords after the Second World War which bequeathed the architecture for the modern international financial system – America’s trading partners have been left to cope with the impact of Washington’s control and, in more recent years, the hegemony of the dollar as the dominant global reserve currency.

The Chinese believe, for example, that the Americans persuaded Britain to stay out of the euro in order to prevent an earlier move away from the dollar. But Chinese banking sources say their discussions have gone too far to be blocked now. “The Russians will eventually bring in the rouble to the basket of currencies,” a prominent Hong Kong broker told The Independent. “The Brits are stuck in the middle and will come into the euro. They have no choice because they won’t be able to use the US dollar.”

Chinese financial sources believe President Barack Obama is too busy fixing the US economy to concentrate on the extraordinary implications of the transition from the dollar in nine years’ time. The current deadline for the currency transition is 2018.

The US discussed the trend briefly at the G20 summit in Pittsburgh; the Chinese Central Bank governor and other officials have been worrying aloud about the dollar for years. Their problem is that much of their national wealth is tied up in dollar assets.

“These plans will change the face of international financial transactions,” one Chinese banker said. “America and Britain must be very worried. You will know how worried by the thunder of denials this news will generate.”

Iran announced late last month that its foreign currency reserves would henceforth be held in euros rather than dollars. Bankers remember, of course, what happened to the last Middle East oil producer to sell its oil in euros rather than dollars. A few months after Saddam Hussein trumpeted his decision, the Americans and British invaded Iraq.

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