Daily Archives: July 9, 2012

Coup de Tat — American Style?

A Commentary by J. D. Longstreet

There is a feeling of deep unease in America today. That is especially so among those of us who keep and eye and an ear on the secretive power hungry Obama Administration.

Things are happening within the Obama Administration that should cause American’s to sit up and take notice. Many have. But not enough, not nearly enough.

Over the weekend the conservative side of the blogosphere was abuzz with concern over Obama’s most recent Executive Orders.

Alan Caruba’s “Executive Tyranny” hit the Internet as a bomblet then exploded into a full-sized bombshell explosion as it raced through the binary code scorching its way onto news sites, blog sites and into in-boxes. If you haven’t read it we recommend you do so right away. You will find it at:
Warning Signs

Then, early Sunday morning, the Drudge Report posted a notice of yet another Obama Executive Order which in effect gives the President the power to take control of all modes of communications within America. If you haven’t read the report on the newest Executive Order, may we suggest you read the text at the government’s website here:
The White House

This is all very troubling, coming as it does just weeks before the most important election in the history of America.

It has the hallmark of a massive power grab by Obama and his cadre of socialist/Marxist apparatchiks within the American government. It looks, for all the world, like a quiet take-over of the government of the United States — a quiet coup de tat –American style.

These moves by Obama are MASSIVE in size and scope and will affect every single American in ways a formerly free American citizen cannot grasp.

In his article, Mr. Caruba says: “Obama is putting in force everything a tyranny requires to replace the Republic.”

The power of the Presidential Executive Order, in our opinion, is being abused by President Obama. The executive orders we noted above give the President the power to literally take-over the country (including all modes of communications) and rule it as a one man government … dare we say it … as a dictator. With the stroke of the Presidential pen the American Republic could be wiped out and in its place a new Socialist/Marxist dictatorship with Obama as the American “strongman” at the top.

Before you dismiss this as just another conspiracy theory, do a bit of research.

Don’t count on the mainstream media to inform you about any of this. They are known to be “in the tank” for Obama and news that will shine anything but flattering light on their Supreme Leader will not make it into the pages of their publications nor into any of the blocks of their TV news shows. So, dear reader, you are on your own.

These are perilous times for America. A country is at its most vulnerable when it finds itself in economic conditions such as America is enduring today. People become desperate and they do desperate things. Note how history records the ease with which Hitler came to power in Germany during a period of desperate economic times in that country.

There are always men of great ambition willing to use a crisis to their advantage. Remember: “Never let a crisis go to waste?” There are always men who believe they are the smartest and strongest among us and, somehow, (in their warped minds) they believe it is their fate in life to step in and take over and set things aright. Often those people are insane.

They are dangerous people. Such leaders have cost millions of lives, destroyed countries and continents, right up to their last breath. And it is still happening today.

Americans have gone to war on more than one occasion to stop such men and liberate their enslaved people. Never did Americans think it could happen to a country so blessed as America.

But it can — and it may be happening right before our eyes.

The American form of democracy, the American constitutional representative republic, was created for an honorable people. The Founders knew it could not survive otherwise. Unfortunately, honor is not one of the virtues in vogue in America these days, In fact, it is not even understood among most of America’s citizens in the twenty-first century. It is a code of conduct forgotten in a world driven by instant gratification, greed, and narcissism.

The men who founded this nation and drew-up the founding documents were honorable man and it never occurred to them that Americans would ever elect men without honor to high offices in the land. But, as we now know, they were wrong.

As a result, Americans are facing a threat to their freedom, their liberty, and their country.

At the risk of sounding trite: WAKE-UP, AMERICA! Reclaim your destiny as a free people. Reclaim your birthright of liberty. Reclaim your country.

If we can manage to wrest control of our government from the grasp of the social progressives now suffocating freedom and liberty in America, we stand a chance at restoring American freedom. If we fail, I see no future for a free America.

Much of the “free” is now gone from the “land of the free.” But how much “brave” is left in the “home of the brave?” I ask, because it is going to take courage to confront the power hungry leftists. Battle lines are drawn from City Hall to the White House. No matter where you are in America — you are on the front lines.

Will freedom loving Americans bolt in retreat or stand and fight? That is the determining question. What will we do? What will YOU do?

If we are lucky, we have until November to decide to reclaim our birthright. Even if we try and fail it will have been worth it. Freedom is always worth the price. ALWAYS.

J. D. Longstreet

USA: EQT Starts Pilot Program of Converting Drilling Rigs to LNG

EQT Corporation today announced the launch of a pilot program to begin converting drilling rigs to liquefied natural gas (LNG), displacing the diesel used to power equipment at the well site. This program marks the first LNG rig conversion in the Marcellus Shale and will provide a cleaner burning alternative fuel for the region’s drilling operations.

“We want to be a leader in reducing the environmental impacts related to drilling and we are proud to be the first operator in the Marcellus to launch such a program,” states Steve Schlotterbeck, President Exploration and Production for EQT. “Along with safety, protection of the environment is top-of-mind for our employees, contractors, and of course communities. We continually look for opportunities to improve our operations and displacing diesel, by introducing the use of alternatives such as LNG and field gas, is one way of doing so,” Schlotterbeck continued.

LNG is natural gas in its liquid form and from a physical property standpoint is as safe as, or safer than, using traditional fuels, such as propane or diesel. LNG, if exposed, evaporates quickly and leaves no residue on water or soil. Compared to diesel, natural gas emits between 20% and 30% less carbon dioxide and has a fraction of the emissions of nitrogen oxides, sulfur oxides, and particulates.

There are other LNG benefits, such as a reduction in fuel costs — with LNG being about 40% less expensive than diesel. The use of LNG also provides another means of reducing our dependence on foreign oil imports — with sourcing coming from various U.S. shale plays. The LNG being used for EQT’s pilot program is produced locally from Marcellus natural gas reserves.

EQT’s initial rig conversion is now operating in Northern West Virginia; and pending evaluation of the pilot program, the Company hopes to convert additional rigs in West Virginia and Pennsylvania.

Source

Euro zone fragmenting faster than EU can act

By Paul Taylor
PARIS | Mon Jul 9, 2012 2:05am EDT

(Reuters) – Signs are growing that Europe‘s economic and monetary union may be fragmenting faster than policymakers can repair it.

Euro zone leaders agreed in principle on June 29 to establish a joint banking supervisor for the 17-nation single currency area, based on the European Central Bank, although most of the crucial details remain to be worked out.

The proposal was a tentative first step towards a European banking union that could eventually feature a joint deposit guarantee and a bank resolution fund, to prevent bank runs or collapses sending shock waves around the continent.

The leaders agreed that the euro zone’s permanent bailout fund, the 500 billion euro ($620 billion) European Stability Mechanism, would be able to inject capital directly into banks on strict conditions once the joint supervisor is established.

But the rush to put first elements of such a system in place by next year may come too late.

Deposit flight from Spanish banks has been gaining pace and it is not clear a euro zone agreement to lend Madrid up to 100 billion euros in rescue funds will reverse the flows if investors fear Spain may face a full sovereign bailout.

Many banks are reorganizing, or being forced to reorganize, along national lines, accentuating a deepening north-south divide within the currency bloc.

An invisible financial wall, potentially as dangerous as the Iron Curtain that once divided eastern and western Europe, is slowly going up inside the euro area.

The interest rate gap between north European creditor countries such as Germany and the Netherlands, whose borrowing costs are at an all-time low, and southern debtor countries like Spain and Italy, where bond yields have risen to near pre-euro levels, threatens to entrench a lasting divergence.

Since government credit ratings and bond yields effectively set a floor for the borrowing costs of banks and businesses in their jurisdiction, the best-managed Spanish or Italian banks or companies have to pay far more for loans, if they can get them, than their worst-managed German or Dutch peers.

POLITICAL BACKLASH

The longer that situation goes on, the less chance there is of a recovery in southern Europe and the bigger will grow the wealth gap between north and south.

With ever-higher unemployment and poverty levels in southern countries, a political backlash, already fierce in Greece and seething in Spain and Italy, seems inexorable.

European Central Bank President Mario Draghi acknowledged as he cut interest rates last week that the north-south disconnect was making it more difficult to run a single monetary policy.

Two huge injections of cheap three-year loans into the euro zone banking system this year, amounting to 1 trillion euros, bought only a few months’ respite.

“It is not clear that there are measures that can be effective in a highly fragmented area,” Draghi told journalists.

Conservative German economists led by Hans-Werner Sinn, head of the Ifo institute, are warning of dire consequences for Germany from ballooning claims via the ECB’s system for settling payments among national central banks, known as TARGET2.

If a southern country were to default or leave the euro, they contend, Germany would be left with an astronomical bill, far beyond its theoretical limit of 211 billion euros liability for euro zone bailout funds.

As long as European monetary union is permanent and irreversible, such cross-border claims and capital flows within the currency area should not matter any more than money moving between Texas and California does.

But even the faintest prospect of a Day of Reckoning changes that calculus radically.

In that case, money would flood into German assets considered “safe” and out of securities and deposits in countries seen as at risk of leaving the monetary union. Some pessimists reckon we are already witnessing the early signs of such a process.

OVERWHELMING?

Any event that makes a euro exit by Greece – the most heavily indebted member state, which is off track on its second bailout program and in the fifth year of a recession – look more likely seems bound to accelerate those flows, despite repeated statements by EU leaders that Greece is a unique case.

“If it does occur, a crisis will propagate itself through the TARGET payments system of the European System of Central Banks,” U.S. economist Peter Garber, now a global strategist with Deutsche Bank, wrote in a prophetic 1999 research paper.

Either member governments would always be willing to let their national central banks give unlimited credit to each other, in which case a collapse would be impossible, or they might be unwilling to provide boundless credit, “and this will set the parameters for the dynamics of collapse”, Garber warned.

“The problem is that at the time of a sovereign debt crisis, large portions of a national balance sheet may suddenly flee to the ECB’s books, possibly overwhelming the capacity of a bailout fund to absorb the entire hit,” he wrote in 2010, after the start of the Greek crisis, in a report for Deutsche Bank.

European officials tend to roll their eyes at such theories, insisting the euro is forever, so the issue does not arise.

In practice, national regulators in some EU countries are moving quietly to try to reduce their home banks’ exposure to such an eventuality. The ECB itself last week set a limit on the amount of state-backed bank bonds that banks could use as collateral in its lending operations.

In one high-profile case, Germany’s financial regulator Bafin ordered HypoVereinsbank (HVB), the German subsidiary of UniCredit (CRDI.MI), to curb transfers to its parent bank in Italy last year, people familiar with the case said.

Such restrictions are legal, since bank supervision is at national level, but they run counter to the principle of the free movement of capital in the European Union’s single market and to an integrated currency union.

Whether a single euro zone banking supervisor would be able to overrule those curbs is one of the many uncertainties left by the summit deal. In any case, common supervision without joint deposit insurance may be insufficient to reverse capital flight.

German Chancellor Angela Merkel, keen to shield her grumpy taxpayers, has so far rejected any sharing of liability for guaranteeing bank deposits or winding up failed banks.

Veteran EU watchers say political determination to make the single currency irreversible will drive euro zone leaders to give birth to a full banking union, and the decision to create a joint supervisor effectively got them pregnant.

But for now, Europe’s financial disintegration seems to be moving faster than the forces of financial integration.

(Editing by David Holmes)

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