Richard Heinberg, Perfectly Said
Michael Kane's blog


MCR responds:


Well said, Mike.

Another way to put it is that mother nature may be opposing market manipulations and making them very, very risky. I have no answers but I wonder about what connections Lehman may have as well. If rigged market plays get too far out of the money, the entire derivatives bubble may be at risk and that's around $300 trillion -- with a "t". The key is liquidity.

Bush has just suspended certain (many?) EPA regs for gasoline manufacture and distribution in the wake of Ike. There is quiet desperation everywhere for energy.

Another clue is the sudden emergence of shale gas as a boom commoditywhile the EPA and state/local agencies remain virtually silent on toxic waste and water consumption. There are chemicals used infracking that remain unidentified to the public because they are"trade secrets". Local water tables are being depleted at an alarming yet fully undisclosed rate. In the meantime stories are starting to emerge that show how destructive shale gas production is.

All thing considered, Ike's real damage has yet to be fully seen and I don't know if band aids will hold things together. The scrawl on CNN is talking about the U.S. importing refined gasoline on an emergencybasis. From where? From whom?

MCR

JO then sent: Fearing Bankruptcy, Derivative Traders Hold Emergency Session

MCR responded: "This about sums it up, on the 'understated' side. Another way of saying all this is that this is more than even the Plungd ProtectionTeam can handle."