In other words, virtually all money is actually created as debt. For example, in a hearing held on September 30, 1941 in the House Committee on Banking and Currency, the Chairman of the Federal Reserve (Mariner S. Eccles) said:
That is what our money system is. If there were no debts in our money system, there wouldn’t be any money.
And Robert H. Hemphill, Credit Manager of the Federal Reserve Bank of Atlanta, said:
If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial…
Nice hype by Matt Drudge, whose three linked quotes are all from the BBC’s one brief paragraph of text, but the accompanying video (full transcription below) is more substantial, with scientists talking about the likelihood of an extended Maunder Minimum type period low solar activity and the cold temperatures that coincided with the Maunder Minimum during the 1600’s.
Professor Richard Harrison from the Rutherford Appleton Laboratory is clear about the correlation [at 1:57]:
The Maunder Minimum of course was a period of almost no sunspots at all for decades and we saw a really dramatic period where there were very cold winters in the northern hemisphere. It was a period where you had a kind of mini ice-age. You had a period where the Thames froze in winters and so on. It was an interesting time.
BBC science correspondent Rebecca Morelle doesn’t shy away…
GE Comment: It is high time that this asinine program be demolished. Like AGW and the carbon scare, the greens and sheeple were duped by corporate ag into believing that pouring topsoil, RoundUp and tractor fuels into the gas tanks on their Honda Accords would ‘save’ the planet. Facts are, indeed, stubborn things.
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Source: politicalclimate
Ethanol producers are panicking amid speculation that the ethanol mandate could be drastically reduced or scrapped entirely this year as the biofuel loses its allure and bipartisan allies and former friends team up against it.
December saw California Democrat Dianne Feinstein—a renewable fuel champion–coordinate efforts with Oklahoma Republican Tom Coburn to come up with a Senate bill to get rid of ethanol from the Renewable Fuel Standard (RFS), citing fears that corn-based fuel production mandates will harm livestock producers.
In November, Washington proposed cutting the biofuels mandate for 2014 by 16% to 15.21 billion gallons. This would be the first cut in biofuels requirements, which were ideally set to grow each year with incremental increases in renewable fuel targets laid out in a 2007 law.
For renewable fuel targets, this represents a major setback because not only is 15.21 billion gallons for 2014 much less than the originally intended 18.15 billion gallons, it is also less than this year’s mandate of 16.55 billion gallons.
Two years ago the Environmental Protection Agency (EPA) approved the E15 blend, which contains 15% ethanol and 85% gasoline, for vehicles manufactured in 2001 or later. There has been little progress towards widespread use of E15 though, and today’s blend is commonly E10. Continue reading →
GE Note: I have it from a very, very close & reliable source that this accident was mentioned on local Ocean County / Lacey Township NJ OEM and police dispatch radio frequencies, but that it was kept very quiet… Ocean County OEM, Sheriff and local municipalities were deliberately NOT putting it over the radios, but were instead instructing each other to call on cells phones and land lines.
credit: Chicago Tribune
… On October 29, 2012, Oyster Creek declared a Notice of Unusual Event followed by an Alert due to high water levels in the intake structure. Elevated intake structure water levels are of concern as excessive levels can flood certain plant components and render normal cooling systems inoperable. No safety systems were adversely affected by the high intake level. The site also experienced a loss of offsite power. Both emergency diesel generators started as designed and supplied power to the emergency electrical busses. Shutdown cooling and spent fuel pool cooling were temporarily lost but subsequently restored, after the busses were reenergized. At 9:59 a.m. EDT on October 30, the licensee restored one line of off-site power via a start-up transformer. Oyster Creek terminated the Alert at 3:52 a.m. EDT on October 31 when water level dropped below 4.5 ft and off-site power was fully restored…via NRC
Starting with some piecing insights into the state of the economy, “peak oil”, energy costs, social trends and money, Mr.Hagens concludes with some thought provoking observational predictions for where we are headed. Worth the 49 minutes. GE.
…These programs might be the greatest—and most expensive—example of crony capitalism in American history. Tens of billions of dollars went to firms controlled or owned by fundraisers, bundlers, and political allies, many of whom—surprise!—are now raising money for Obama again. via Report: 80% of DOE Green Energy Loans Went to Obama Backers.
The Grey Enigma 