With Russia shutting down the NordStream gas pipeline for maintenance, Peter Zeihan wonders if the end of Germany’s vaunted economic engine is nigh.
Some takeaways:
NordStream has made Germany “horrendously” dependent on Russia for energy.
Russia is blackmailing Germany to stop supporting Ukraine.
“Four things that the Germans rely upon to be the economic powerhouse that they are:”
That cheap natural gas.
Their economic model it is based on access to large volumes of cheap Russian energy, both in terms of for electricity, and as industrial inputs to power the entire German manufacturing model. So that all by itself could kill the German system almost overnight. Well, not overnight, but within a year.
“The Germans rely on a large, robust, highly skilled workforce, but Germany has one of the fastest aging societies in the world…Germany will hit mass retirement this decade, and so the model was always in danger on demographic grounds.”
Third: “Access to central European labor all the way from Poland to Romania and even further east…but that’s going away too. Because just as the Germans are rapidly aging, the central Europeans are aging even more rapidly…the birth rate in all of these countries is actually lower than it is in Germany, so it’s every bit as terminal.”
Fourth, you need the global economic trading system that is now breaking down and America is backing away from.
His conclusion:
All of this put together suggests that the manufacturing model that has sustained Germany, that has provided the tax base, that has provided economic growth, that has made the population relatively happy with their situation, it’s gone. And it’s going to vanish within the next year. And a Europe that does not have a German motor at its heart is a Europe that all of a sudden needs to find a very very different way to function.
As with a lot of Zeihan’s observations, he has a lot of fundamentals right but his conclusions seem overstated. Germany has the resources to abandon their green delusions and restart coal and nuclear plants, assuming they have the political will. And the degree to which globalization is breaking down is the significant subtraction of China and Russia from it. There’s still a lot of U.S./EU trade to be had, even if it does get a bit more expensive. And Germany, so high up on the value-added foodchain, is well-position to survive.
The labor shortage is a trickier problem to solve, and probably was one of the main reasons Angela Merkel was so intent on raking in Islamic “refugees.” But maybe real refugees from the Russo-Ukrainian War might provide an opportunity. It would be pretty ironic if Ukrainians were to find their lebensraum in the bosom of Germany…
This is a catch-all post of various instances of Democrats acting badly I meant to include in the last few LinkSwarms and just didn’t manage to squeeze in.
On Wednesday, Reuters revealed that more than 5 million barrels of oil from the nation’s Strategic Petroleum Reserves were sent overseas as part of President Joe Biden’s latest release initiated in March.
Some of that oil went to India, some to the Netherlands, and some was sent to China where the president’s son has engaged in years of potentially criminal business activity embroiling the Biden White House in scandal since the 2020 campaign.
On Thursday, the Washington Free Beacon published new details about the Chinese oil shipments from the U.S. emergency reserves that Biden promised were tapped to “ease the pain that families are feeling” in the United States from high energy prices.
“The Biden administration sold roughly one million barrels from the Strategic Petroleum Reserve to a Chinese state-controlled gas giant that continues to purchase Russian oil, a move the Energy Department said would ‘support American consumers’ and combat ‘Putin’s price hike,’” the Beacon’s Collin Anderson reported. “Biden’s Energy Department in April announced the sale of 950,000 Strategic Petroleum Reserve barrels to Unipec, the trading arm of the China Petrochemical Corporation. That company, which is commonly known as Sinopec, is wholly owned by the Chinese government.”
Sinopec is also tied to Hunter Biden, whose private equity firm, BHR Partners, bought a $1.7 billion stake in the company seven years ago.
Hunter Biden’s lawyer told the New York Times in November that the president’s son, “no longer holds any interest, directly or indirectly, in either BHR or Skaneateles.”
According to the Washington Examiner, however, Hunter Biden remained listed as a part-owner of the firm as late as March.
“Business records from China’s National Credit Information Publicity System accessed Tuesday continue to identify Skaneateles as a 10% owner in BHR, and Washington, D.C., business records continue to list Biden as the only beneficial owner of Skaneateles,” the paper reported. “The White House has routinely deflected questions about Biden’s business dealings to his attorneys, who have remained largely mum.”
“It’s possible that China’s business registry hasn’t yet been updated to reflect a potential transfer or sale of Skaneateles’s 10% stake in BHR to another party,” the Examiner added.
Meanwhile, Biden’s Energy Department has refused compliance with requests under the Freedom of Information Act probing the administration’s improper use of the nation’s strategic oil reserves maintained for emergencies. Last week, the Functional Government Initiative, a nonprofit government watchdog, filed a lawsuit to compel records concerning administration officials’ decision to tap the oil reserves in the absence of a sudden disruption in supply such as a hurricane or cyberattack.
I would say it’s quite revealing how quickly Democrats resorted to racist slurs against Justice Clarence Thomas following the overturning of Roe vs. Wade, but not really. They’ve long shown they are racist against any minority that refuses to toe the leftist line.
Twitter has been a cesspool of liberals calling Justice Thomas endless racist slurs … and of course, Twitter does nothing. Samuel Jackson called him ‘Uncle Clarence,’ and several people reported him and said they were told by Twitter it was not against the rules to call him that slur.
Why has Clarence Thomas become the target of so much flak following the Supreme Court’s overturning of Roe v Wade? It’s because he’s black. It’s because, as someone with black skin, he is not meant to hold conservative views on issues like abortion. In the eyes of the furious woke agitators who are haranguing Thomas even more than they are the other Roe-sceptical justices, he has not only made a bad legal decision – he has also betrayed his race. His sin is twofold: he has undermined the right to abortion and he has failed in his racial duty to nod unquestioningly along to every ‘progressive’ idea. He’s a racial transgressor, a bad black man, and therefore he must be reprimanded even more severely than the white folk on the Supreme Court. Ladies and gentlemen, behold the scourge of woke racism.
We have just witnessed one of the clearest examples yet of identity politics crossing the line into flagrant, undeniable racism. No sooner had it been announced that the Supreme Court was ditching Roe v Wade than so-called progressives were gunning for Thomas. They’ve never liked Thomas, who has been serving on the Supreme Court since 1991. Sure, he might be just the second African American to sit on the court, but for the identitarian elites he’s the wrong kind of African American, so his historic achievement doesn’t count. He’s Catholic – ‘decidedly and unapologetically Catholic’, as he says – and he’s not down with abortion or same-sex marriage. ‘Wait, I thought all blacks were BLM-supporting, pro-trans, sassy progressives like the ones I know from Twitter?’, you can almost hear the upper-middle-class left say. Thomas doesn’t compute for them. To paraphrase Biden, ‘He ain’t black!’.
And so it was inevitable he would get it in the neck following the fall of Roe. Vile racial hatred has been hurled his way since the ruling. Angry woke Twitter has even used the N-word. Thomas is ‘just another dumb field nigger’, said one tweeter. Another called him a ‘nigger slave’ to his white ‘nutcase’ wife. He’s a ‘coon-ass motherfucker’, apparently. And of course he’s an Uncle Tom. Or ‘Uncle Clarence’, as Samuel L Jackson called him. As a result, ‘Uncle Clarence’ trended online for hours. Welcome to the twisted moral universe of Silicon Valley, where you can be banned for life for saying ‘he’ about someone with a penis but you can happily surf a wave of retweets for using racial slurs about high-ranking black men.
For some reason that I really can’t fathom, the progressive left is escalating its hounding of conservative Supreme Court Justices. If they’re trying to turn off normal Americans, they’re doing a great job. If they’re trying to intimidate or coerce SCOTUS, they are failing miserably. But radicals gotta radical.
Justice Brett Kavanaugh already was the target of an attempted assassination. But the hounding and targeting of him continue.
Politico reports that Justice Kavanaugh was escorted by his security team out the back door of a DC restaurant because leftists were “protesting” outside.
On Wednesday night, D.C. protesters targeting the conservative Supreme Court justices who signed onto the Dobbs decision overturning the constitutional right to abortion got a tip that Justice BRETT KAVANAUGH was dining at Morton’s downtown D.C. location. Protesters soon showed up out front, called the manager to tell him to kick Kavanaugh out and later tweeted that the justice was forced to exit through the rear of the restaurant.
In a rare move, Supreme Court Marshal Gail Curley has sent letters to Maryland Gov. Larry Hogan, Montgomery County Executive Marc Elrich, and Virginia Gov. Glenn Youngkin demanding that authorities put an end to picketing and “threatening activity” outside the homes of SCOTUS justices.
The letter seeks to use state laws to achieve what the Justice Department has clearly rejected under federal law. If the letter prompts arrests, we could see a major free speech challenge in the courts. The timing of the letter, however, is particularly interesting and may reflect a recognition of the limits of the federal law.
Snip.
Under a federal law, 18 U.S.C. 1507, any individual who “pickets or parades” with the “intent of interfering with, obstructing, or impeding the administration of justice, or with the intent of influencing any judge, juror, witness, or court officer” near a U.S. court or “near a building or residence occupied or used by such judge, juror, witness, or court officer” will be fined or “imprisoned not more than one year, or both.”
The Hunter Biden shenanigans, though illegal, immoral and infuriating, is just more of the foreign graft rakeoff that Joe Biden and other high ranking Democrats have been pulling off for years. But the radical unhinged attacks on the Supreme Court after Dobbs v. Jackson Women’s Health Organization overturned the Democratic Party’s most Holy of Holies shows that the new pitch of derangement Democrats showed after Donald Trump’s unexpected election was not a temporary aberration.
These days, the Democratic Party seems less a political party than a criminal graft conspiracy married to a crazed social justice cult enraged by any setbacks to its grandiose plans or any questioning of their delusional status as anointed saviors of designated victims.
As reality crashes through their swaddling cocooned delusions and limitless self-regard, expect the derangement to get worse.
Friday’s LinkSwarm mentioned the plight of New York City bodega clerk, who was viciously attacked by the convicted-felon boyfriend of a patron whose credit card had been refused. Defending himself from the attack, Alba stabbed his attacker to death, and was charged with murder.
GoFundMe has deleted the legal defense fund page for the hard-working Manhattan bodega worker holed up at Rikers Island on a whopping $250,000 bond after he fatally stabbed a violent ex-con he was trying to fend off.
Jose Alba, 51, is currently languishing behind bars at the notorious jail despite surveillance video capturing the alleged victim, Austin Simon, 35, storming behind the counter of the bodega to attack him Friday night.
Alba’s family insist he was acting in self-defense when he grabbed a knife to fight off Simon inside the Hamilton Heights Grocery.
Relatives immediately launched a GoFundMe page to help raise funds to cover Alba’s sky-high bail and legal fees after he was hit with a second-degree murder charge — but the page was mysteriously removed Wednesday night.
“Our terms of service prohibit fundraising for the legal defense of a violent crime. At this time, the fundraiser has been removed and all donors have been refunded,” GoFundMe said in a statement Thursday.
The page had already raised $20,000 for Alba when it was suddenly removed, the Daily Mail reported.
Under GoFundMe’s terms of services, the platform can’t be used for the legal defense of “alleged crime associated with hate, violence, harassment, bullying, discrimination, terrorism.”
Controversial Manhattan District Attorney Alvin Bragg has faced backlash over Alba’s case after his office brought the charges — and then pushed for $500,000 bail for the father-of-three at his arraignment Saturday.
This is just the latest example of a Soros-backed Democrat DA filing charges against law-abiding citizens daring to defend themselves from violent attacks by felons. (See also: Kyle Rittenhouse.)
Former New York City resident Louis Rossmann has a nice video rant on the subject.
“If you are a criminal, Alvin Bragg has your back!”
You have felonies that have been, in many cases, decreased to petty misdemeanors. So if you commit a felony, it’ll get decreased to a petty misdemeanor. However if you are one of the people that allow society to function, one of the people that puts in work every day, a law-abiding citizen that simply wants to go home without getting killed by somebody half his age, who has a criminal record, who is beating you up, we throw the book at you this is sickening and tiring and it has to stop!
“They will always simp for the criminal.”
He’s right about everything, but the name “George Soros” never appears anywhere in his rant. Pretty much every-time you see this sort of coddling of criminals and throwing the book at the law-abiding, a George Soros-backed DA is the one making the prosecution decisions.
Soros-backed DAs seem intent on destroying the social fabric of America, and of prosecuting the law-abiding Americans as though the right to self-defense didn’t exist. It goes hand-in-hand with the Democratic Party’s obsession with disarming law-abiding Americans.
On May 12, Biden’s Interior Department blocked a proposal to open up more than one million acres of land in Alaska for oil and gas drilling. Two days later, Biden’s Environmental Protection Agency blocked plans to expand an oil refinery in the US Virgin Islands.
Biden and his defenders said he had to block the expansion of the Virgin Islands refinery, given how polluting it was.
But had Biden’s EPA allowed the Virgin Island refinery to expand, the owners would have poured nearly $3 billion into retrofitting the plant so it produced gasoline and other products more cleanly, while significantly increasing production at the same time.
In truth, there are many things Biden could have done, and still should do, to lower energy prices. He could invoke the National Defense Act to accelerate the rate of oil and gas permits. He could set a floor of $80/barrel for re-filling the Strategic Petroleum Reserve (SPR), which would be a powerful incentive for the industry, because it would prevent prices from falling to unprofitable levels. Biden could announce trade agreements with American allies to supply them with liquified natural gas, which would incentivize more natural gas production and lower prices.
If Biden got America on a wartime footing, as he should be given Russia’s aggression in Europe, we would see the lowering of oil, gas and petroleum prices in less than one year.
Why won’t Biden do it? Because he has declared war on fossil fuels. “I guarantee you, we’re going to end fossil fuel,” Biden promised a student climate activist in 2019. “I am not going to cooperate with them,” he said, referring to the oil and gas industry.
Joe Biden has proven once again that he has no interest in reducing the record-high costs of gasoline, which have gone up throughout his time in office.
Biden not only wants to block all new oil drilling in the Atlantic and Pacific Oceans, but he’s also taking steps to shut down exploration of oil and gas on federal lands.
“A plan released Friday shows the White House proposed no more than 10 potential lease sales in the Gulf of Mexico, an option for one potential lease sale in the northern portion of the Cook Inlet of Alaska, and no lease sales for the Atlantic or Pacific planning areas over the 2023-2028 period,” reports Breitbart. This plan is not finalized, however, but any potential areas of exploration or sale not mentioned in the proposal will reportedly be off-limits from 2023-2028.
Former Japanese Prime Minister Shinzo Abe assassinated by a man with a homemade shotgun while giving a speech.
Abe’s Japan was a reliable ally to the United States. But we should not let the shocking assassination blind us to the fact that Abe’s much-praised (by western MSM outlets, anyway) runaway deficit spending “Abenomics” efforts to lift Japan out of its long-running recession were a colossal failure, jacking up Japan’s national debt to the highest debt-per-GDP ratio in the world while failing to measurably increase actual economic activity.
Here’s a little leadership secret that’s actually not a secret at all to competent commissioned and non-commissioned officers. There are no bad cohorts of soldiers, sailors, airmen, Marines, Coast Guardsmen and whatever the hell Space Force people are called. There are only bad leaders, and we have the worst military leadership in American history, starting right at the top with a commander-in-chief who is less like Ike than Beavis.
In fact – and this rips me up to say because I would not trade my about 27 years in the Army for anything – the reluctance to enlist of the traditional, normal Americans who are most likely to serve and who are the most desirable for service, is entirely rational. You do have an obligation to serve your country in some way, the military being the highest and best way for those who are able. But you do not have an obligation to do so if your life is going to be squandered by a leadership whose strategies are a disaster, whose priorities are not the defense of this country but some sort of bizarre pan-global progressive ideology, and who will use you as a guinea pig in freakish and morally bankrupt social experiments, all while failing to fulfill even the most basic obligations of the leaders to the led. Our military today is failing to meet its recruiting goals because it has failed to earn the trust of normal Americans who would otherwise be inclined to raise their hands.
Snip.
That social justice nonsense is another reason we can’t recruit. Would you want to waive your civil rights and sleep in the dirt to be part of an institution that hates you? Would you feel like joining an organization whose leadership is very, very focused on mythical “white privilege” and those scary “insurrectionists?” Remember, if you are conservative, you are an official extremist threat. If you are a believer, you run afoul of the official morality of CRT. If you think men can’t become women because they feel like it, you are a horrible bigot and you will be ordered to lie and use the pronoun du jour or else.
This is your city on Woke: “Over 400,000 High-Priority Incidents In Chicago In 2021 Had ‘No Police Available To Send.'”
Speaking of Democratic Party-ruled city approaches to crime, look at the New York City case against Jose Alba, who “was sitting in his store working and was no harm to anyone. Then the perpetrator came behind the counter and attacked him.” Alba defended himself by killing his attacker with a knife. Naturally, Soros-backed DA Alvin Bragg charged Alba with murder.
The Social Justice Warrior love affair with pedophiles continues: “Top New Biden Staffer Defended Underage, Gay Prostitution Website Raided By Feds.”
“The owner of a Washington sex shop, who also serves as the director of the local school board, is hosting a pair of sex education workshops for children as young as 9 years old. Jenn Mason, the owner of the Wink Wink Boutique in Bellingham, Washington, and the director of the Bellingham School Board, is hosting a sex-ed workshop titled ‘Uncringe Academy: Sex Education Without (most) of the Awkward’ for children ages 9-18.” If the story seems familiar, it’s because she tried to do the same thing in May. According to their website, she’s still a Bellingham School Board Director.
“The ailing #WokeSuperheroes and teenagers-talking-in-hallways network The CW has been sold for zero dollars.” Plus $100 million in debt assumption. Bonus: Critical Drinker reviews Batwoman.
Boris Johnson is to resign as UK prime minister after he was hit by an unprecedented wave of resignations from his government.
Months of unremitting political turbulence spiked on Tuesday when his health secretary and chancellor quit within 10 minutes of each other over the PM’s handling of sexual misconduct allegations against a senior MP.
This triggered a trickle of resignations and letters of no confidence from junior ministers and MPs that on Wednesday became a flood. That evening, a group of senior ministers went to Downing Street to try to persuade the PM to resign.
Mr Johnson initially remained defiant and on Wednesday evening said he had no intention of resigning given his “colossal mandate” from voters at the 2019 election. Cabinet ally Jacob Rees-Mogg dismissed the campaign against him as a “squall”.
But by Thursday morning more than 50 members of the government had quit, including Education Secretary Michelle Donelan who had only been appointed on Tuesday night. and Mr Johnson was forced to bow to the inevitable.
On the one hand, the things Johnson is resigning for (sex scandals by underlings and breaking Flu Manchu restrictions) would never have brought down a major Democratic political figure on this side of the pond. On the other hand, beyond Brexit, one searches high and low in vain for a single conservative policy initiative that Johnson has pushed through. For all his press as a “Trump-like” figure, Johnson has none of Trump’s notable accomplishments in economics or foreign policy. Johnson seems no more successful a leader than the woman he replaced at Number 10 Downing Street, Theresa May.
In the end, all Boris Johnson seemed to believe in was Boris Johnson. It wasn’t nearly enough.
The U.S. Army on Tuesday selected General Dynamics Land Systems to build a light tank meant to improve mobility, protection and direct-fire capabilities for Infantry Brigade Combat Teams.
The production deal is a key step forward for Army Futures Command, which has promised faster and more successful modernization programs through a competitive prototyping approach.
GDLS will deliver 26 vehicles initially, but the contract allows the Army to buy 70 more over the course of low-rate initial production for a total of $1.14 billion, according to the Army.
At least eight of the 12 prototypes used during competitive evaluation will be retrofitted to be fielded to the force, service officials in charge of the competition said.
The first production vehicles are expected to be delivered in just under 19 months. The first unit will receive a battalion’s worth of MPF systems — 42 vehicles — by the fourth quarter of fiscal 2025. The Army plans to enter full-rate production in calendar year 2025, according to GDLS.
It uses 105mm main gun (the same caliber used in the first iteration of the M1 Abrams) and weighs 35 tons.
The German company said the Panther KF51 (KF is short for Kettenfahrzeug, or tracked vehicle; the number indicates it falls into the 50-ton plus class) “is destined to be a game changer on the battlefields of the future.” It sets “new standards” in “lethality, protection, reconnaissance, networking and mobility,” the company boasted in a statement.
Jan-Phillipp Weisswange, Rheinmetall’s assistant head of public relations, told Breaking Defense that the vehicle was designed on the company’s own funds and not in response to a client’s request. Weisswange said the tank was not designed as a candidate for the Franco-German Main Ground Combat System (MGCS) project, launched in 2012 to replace the Leopard 2 and Leclerc main battle tanks, but rather for an export market.
Still, those two systems could provide a sense of where Rheinmetall could target potential sales. Users of the Leopard 2 are Austria, Canada, Chile, Denmark, Finland, Greece, Hungary, Indonesia, Netherlands, Norway, Poland, Portugal, Qatar, Singapore, Spain, Sweden, Switzerland, Turkey, while the Leclerc is used by Jordan and the UAE.
The Panther’s chassis uses components of the Leopard 2 hull, but the turret is entirely new. According to the company, the 59-ton vehicle has a maximum operating range of about 500 kms (310 miles).
The main armament is the Rheinmetall 130mm cannon, designed for the MGCS project’s Future Gun System (FGS). The FGS is automatically loaded from two revolver-type magazines which each hold 10 rounds of insensitive munition-compliant ammunition. According to the company, the FGS “enables a 50% longer kill range to be achieved [than 120mm] with an unrivalled rate of fire due to the autoloader performance.” It can fire kinetic energy rounds as well as programable airburst ammunition and practice rounds.
There’s also a integrated drone launcher option. Here’s a short video on the tank, showing the location of the autoloader in the rear turret bustle:
Speaking of Germany, they’re evidently blocked Spain’s sale of used Leopard 2 tanks to Ukraine. (I have a skeleton post full of videos (some from this guy) about Germany announcing that it was thinking of sending heavy weapons to Ukraine, then dragging its feet with bureaucratic paperwork to actually do anything. It’s a strange, frustrating topic someone with more experience than myself in the arcane practice of Germany bureaucracy should research…)
The Economist published a thumbsucker on the future of the tank. It covers some familiar ground, including covering Russian failures during the opening phases of the Russo-Ukrainian War. Also includes a scrolling web-graphic thingee covering parts of modern tanks.
Halifax Bank in the UK decided to do some virtue signaling, unveiling ads celebrating their pronouns. When customers objected, the bank tweeted “If you don’t like it, close your account.”
Halifax’s pronouns badge PR disaster has sparked an exodus of customers and their savings today as its bosses were branded ‘old fashioned bullies’.
Britons are closing their accounts en masse after the bank’s social media team told them to leave if they don’t like their new badges to help avoid ‘accidental misgendering’ of staff.
One account holder told MailOnline that he and his family has already pulled out investments and savings worth £450,000 while many more said they are closing ISAs after they accused the bank of ‘alienating’ them with ‘pathetic virtue signalling’.
Another reader cancelled his Halifax credit cards online today and told customer services: ‘Pronouns matter when used properly, I will not be told by a bank what I can and can’t’. Other critic said: ‘I care because they paid someone to come up with this rubbish but they keep closing branches’.
Branding expert Martin Townsend said Halifax’s policy is a ‘Ratner moment’ and an ‘astonishing’ mistake that will be considered one of the biggest PR blunders in recent history.
He told LBC: ‘It’s a Ratner moment I would say.
For those unfamiliar with the saying, Gerald Ratner was a jewelry store chain owner who joked that his products were crap. “Within a few days of the speech, Ratners Group shares dropped by £500 million (US$1.8B today); by the end of 1991, its stock was down 80%.”
It’s astonishing that they do something to make themselves look right on and virtue signalling – and they end up looking like the most old fashioned bullies, telling them: “If you don’t like it you’re welcome to leave”. It’s extraordinary. Who treats their customers like that? I’ve never heard of a company inviting their customers to go. How is that inclusive?’.
Natwest, Nationwide and HSBC all have optional pronoun policies for badges. HSBC entered the debate and shared the Halifax post, tweeting its 101,000 followers: ‘We stand with and support any bank or organisation that joins us in taking this positive step forward for equality and inclusion. It’s vital that everyone can be themselves in the workplace’.
The row began this week when Halifax, which was propped up by the taxpayer to the tune of £30billion as part of a 2008 bailout, tweeted its 118,000 followers on Tuesday revealing that it would allow staff to display their pronouns on their name badges, in a post that read ‘pronouns matter’.
It showed a photo of a female staff member’s name badge, which featured ‘she/her/hers’ in brackets under the name Gemma.
One customer replied: ‘There’s no ambiguity about the name “Gemma”. It’s a female person’s name. In other words, it’s pathetic virtue signalling and is seen as such by almost everyone who has responded to the initial tweet. Why are you trying to alienate people?’ Within 20 minutes a member of the Halifax social media team, calling himself Andy M, replied: ‘If you disagree with our values, you’re welcome to close your account’.
Andy M’s response has outraged customers, and seen hundreds claiming they will boycott the bank with many saying they have closed their accounts. Others have cut up their credit cards or getting rid of insurance policies and said the threat was the final straw after it cut 27 branches alone in 2022.
One told MailOnline: ‘My entire family have now transferred their accounts to Nationwide, cards etc. Loss to Halifax is in excess of 450K in investment accounts and savings’.
The Permian Basin, straddling Texas and New Mexico, is the world’s biggest oil field and accounts for over 40% of the nation’s petroleum production.
It is now in the regulatory crosshairs of the Biden administration’s Environmental Protection Agency . . . not because of carbon dioxide, but due to ozone.
The Environmental Protection Agency is weighing labeling parts of the Permian Basin as violating federal air quality standards for ozone — a designation that would force state regulators to develop plans for cracking down on that smog-forming pollution. The move, outlined in a regulatory notice, could spur new permitting requirements and scrutiny of drilling operations.
Ozone levels in the basin have surpassed a federal standard “for the last several years — really since the fracking boom took off in the Permian,” said Jeremy Nichols, climate and energy program director for WildEarth Guardians.
The conservation group formally petitioned EPA for the so-called non-attainment designation in March 2021 and, roughly six months later, warned the agency it intended to sue to force action. The designation “basically says you’ve got to clean up this mess or the consequences are going to get even more severe as far as restricting your ability to permit more pollution and more development,” he said.
So expect an industry that’s already taken it on the chin thanks to Flu Manchu lockdowns and Biden Administration policy to be further slammed during an energy crunch.
Oil prices sit consistently above $110 per barrel. Average gasoline prices in Texas have eclipsed $4.50. And natural gas prices in May were three times higher than in 2019.
Fossil fuel producers do not see a break in these high costs any time soon, according to a survey done by the Federal Reserve Bank of Dallas.
Uncertainty about their industry is as prolific as was their fossil fuel production before the pandemic.
Nearly half of respondents blamed labor shortages, inflation, and supply chain bottlenecks as the primary causes for oil and gas production concerns — each of which is an indirect consequence of government policy.
Responding to the coronavirus pandemic — a factor outside of their control — federal, state, and local governments shut down business operations across the nation: grounding air travel, closing everyday businesses, or putting strict constraints on ingress and egress of persons.
This sent a ripple effect throughout the global supply chain, creating a self-fulfilling disruption for both demand and supply. Fewer people traveling meant less demand for fuel. Less demand for fuel at first drove down the cost of oil to historic lows, but then led to less fuel production when the market adjusted. As travel demand recovered, the production side struggled, and continues to struggle, to catch up — playing into the high prices currently seen.
Another consequence of the shutdowns, unemployment skyrocketed both as a result of the closures themselves and the loss of business profits the lockdowns exacerbated. The oil and gas industry is still struggling to return to pre-pandemic levels of employment — employing 30,000 fewer workers than at the end of 2019.
In July, the Permian Basin will produce roughly 60% of the oil barrels per day from of the seven most prolific U.S. basins, according to the Energy Information Administration (EIA); 5.316 million BPD out of a total of 8.901 million.
In June, the Permian Basin is expected to generate 5.232 million BPD; the second most prolific area is expected to produce 1.152 million BPD.
Climate activists also want EPA to tighten ozone standards to indirectly regulate CO2 from fossil fuels. Joe Goffman, a champion of this idea, is leading EPA’s Office of Air and Radiation on an acting basis, and he’s in charge of ozone rules.
Mr. Goffman midwifed the Obama Clean Power Plan that had sought to conscript states into a force-fed green energy grid transition until the courts killed it. A 2014 article from E&E News described Mr. Goffman as the “U.S. EPA’s law whisperer. His specialty is teaching an old law to do new tricks.” How many more tricks does he have up his sleeve to keep gas prices high?
Just how high does the Biden Administration want to raise the price of gas?
Russia on Sunday defaulted on its foreign debt for the first time since 1918 after the grace period on its $100 million payment expired, according to reports.
The $100 million interest payment deadline due to be met by the Kremlin had initially been set to May 27 but a 30-day grace period was triggered after investors failed to receive coupon payments due on both dollar and euro-denominated bonds.
Russia said that it had sent the money to Euroclear Bank SA, a bank that would then distribute the payment to investors.
But that payments allegedly got stuck there amid increased sanctions from the West on Moscow, according to Bloomberg, meaning creditors did not receive it.
Euroclear told the BBC that it adheres to all sanctions.
The last time Russia defaulted on its foreign debt was in 1918 when the new communist leader Vladimir Lenin refused to pay the outstanding debts of the Russian Empire during the Bolshevik Revolution.
Peter Zeihan explains what this means for the international financial order:
Is there any sign of Russia’s economy cratering from the sanctions? Not yet:
NATO formally invited Sweden and Finland to join the alliance Wednesday at a summit in Madrid, Spain, in the midst of security concerns due to the Russia-Ukraine war.
The announcement comes after Turkish president Recep Tayyip Erdogan lifted his veto after a weeks-long stalemate over the negotiations. The decision will now rely on final ratification from all 30 member states.
“The accession of Finland and Sweden will make them safer, NATO stronger, and the Euro-Atlantic area more secure. The security of Finland and Sweden is of direct importance to the Alliance, including during the accession process,” NATO said in a statement.
NATO Secretary General Jens Stoltenberg called the decision “historic,” and thanked the leaders for their agreement.
Turkey signed a memorandum with Finland and Sweden on Tuesday confirming Erdogan would support the nomination of the two Nordic countries into the alliance.
Remember that tangling with the Finns has not been a source of happiness for Russia. The Soviet Union may have gained some territory in the Winter War and the Continuation War, but the Finns tore them a new asshole in the process. For the entirety of post-World War II, the Soviet Union and Russia have relied on a neutral Finland (“Finlandization”) to secure their northernmost flank. With Finland joining NATO, they no longer have that luxury.
The Finns have a fair amount of German equipment (including Leopard 2 tanks) and American aircraft (including having F-35s on order). I imagine integrating their forces into the NATO command structure should be quite feasible.
Speaking of countries that Russia has not had much joy tangling with, Sweden has invaded Russia more than once.
Though Swedish armed forces are relatively small, they have, if anything, even more German tech, and their native-built Stridsvagn 122 tank is based on the Leopard 2. Their Archer mobile artillery system is arguably the best in the world.
Oh, and both Sweden and Finland have several nuclear power plants each. Both could develop nuclear weapons in fairly short order if they had to. And any Russian moves against the Baltic states would probably be enough to push them into doing it, Nonproliferation Treaty be damned.
Getting Finland and Sweden to join up with NATO is has a high probability of being a historical blunder that outweighs any Ukrainian territorial gains Russia might end up with.
