With the arrival of Peak Oil, the curtain has closed on Act 1 of the drama Petroleum Man. What will happen in Act 2? Chekhov said, "If there's a gun on the wall at the beginning of the play, by the end it must go off." In the world's nuclear arsenal are many guns on the wall. If life copies art, will there be an Act 3 in which the players, having learned their lesson the hard way, live sustainably? To explore these and other questions... FTW's Act 2 Blog. Read, comment, take heart! Orkin
Wednesday, June 19, 2024
From Jenna Orkin
Killed by a scam: A father took his life after losing his savings to international criminal gangs. He’s not the only one
Japan Bank to Overhaul Investments as Wrong-Way Rate Bets Trigger Bond Losses
11 steps to keep Meta from stealing your data to train AI
The petrodollar agreement, formalized after the 1973 oil crisis, stipulated that Saudi Arabia would price its oil exports exclusively in U.S. dollars and invest its surplus oil revenues in U.S. Treasury bonds. In return, the U.S. provided military support and protection to the kingdom. This arrangement was a win-win situation for both; the U.S. gained a stable source of oil and a captive market for its debt, while Saudi Arabia secured its economic and overall security.
The ‘deal’ was secret. The Saudis did not want the rest of the Arab world to know how closely they were working with Israel’s ally, the US. And even today, the ‘fact checkers’ say the deal was ‘fake news,’ that nothing formal ever existed which mandated the Saudis would sell oil only in dollar.
Formal or informal, the actual terms of the relationship have been away from the public for more than 40 years. But the sweetheart deal was part of the reason the US attacked Iraq rather than Saudi Arabia, following 9/11. The perps were almost all Saudis, not Iraqis. But Saudi Arabia was a major holder of US debt with a special status. That deal expired on June 9th, according to reports.
Ellen Brown: Why Does the Government Borrow When It Can Print?
The American Election that Set the Stage for Trump
Engineering instruction has the benefit of teaching science, math, engineering, reading and writing in one fell swoop, writes Christine M. Cunningham, senior vice president of STEM learning at the Museum of Science, Boston. She and colleagues at the museum have created kindergarten through 12th grade engineering lessons that could be incorporated into school curricula.
Public Intellectual Noam Chomsky Suffered ‘Massive Stroke’ and Is Recovering in Brazil
Slowing demand growth and surging supply put global oil markets on course for major surplus this decade
What is a heat dome and how is it contributing to the heatwave in the US
Approximately 80% of country’s population is experiencing temperatures at or above 90F for long periods of time
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