Daily Archives: March 19, 2013

GoM: BP Orders Subsea Systems for Mad Dog Field from FMC Technologies

FMC Technologies, Inc. announced today that it has signed a contract with BP for the manufacture and supply of subsea equipment to support the Mad Dog Phase 2 field development.

The Mad Dog Phase 2 field development is located near Green Canyon Block 825 of the Gulf of Mexico, 150 miles (240 kilometers) south of New Orleans in about 5,100 feet (1,550 meters) of water. Under the initial contract, FMC Technologies will supply subsea trees, manifolds, and jumper equipment.

“Mad Dog Phase 2 is the first project awarded under our global agreement with BP to provide technologies and services for their worldwide subsea development projects,” said Tore Halvorsen , FMC Technologies’ Senior Vice President, Subsea Technologies. “We have a long history of supporting BP’s global offshore technology requirements, and today’s announcement expands our support of their Gulf of Mexico projects.”

The debt bomb just got bigger

The amount of debt worldwide is more than all of the bank accounts in the world, and the current financial situation in Cyprus is the inevitable next phase: Confiscation.

All pretense is now gone that central or global bankers can ‘securitize’ growth by packaging and repackaging debt; by hypothicating and rehypothicating debt; by regulating and rergulating debt. Since the bond market rally began in the early 1980s (yes, it’s that old) each crisis has been met by central and global bankers – the IMF, EU and ECB, to name a few – and their Wall St. and City of London brethren with an increase in debt, and an extension of the debt’s maturity.

The result has been – as of 2007 – the biggest mountain of on-balance sheet and off-balance sheet debt in history: A staggering $220 trillion in debt in America’s $14-trillion economy alone (when you include all public, private and contingent liabilities of unfunded entitlement programs). Deals in the global debt derivatives market now stand in excess of $1 quadrillion, riding above a global GDP of approximately $60 trillion.

But starting in 2007, and then becoming spectacularly apparent in 2008 with the Lehman collapse, the ability of the world’s taxpayers to pay either the interest or principal on this debt has hit a brick wall. And for several years now, governments around the world have tried the same old tricks of ‘extend and pretend.’ Repackage and extend the maturity, and pray that tax receipts start picking up enough to pay some of the debt off. It didn’t work. The debt bomb just got bigger. Now in Cyprus we see the inevitable next phase: Confiscation.

To pay off the debts that were incurred to finance the biggest wealth grab in history, we see in Cyprus, as well as central and global banking institutions around the world, a trend to just reach in and grab people’s money from their ‘insured’ bank accounts. We should have figured out this was coming when JP Morgan (read: Jamie Dimon) reached in and illegally stepped ahead of customers at MF Global and grabbed over $1 billion, with the help of his crony pal Jon Corzine.

Have we learned our lesson yet? They have more debts to pay than there is money in all the bank accounts in the world. This means that chances are, you – whoever you are, and whatever country you live in – will have a sizable percent of your savings stolen by banksters.

Since the crisis hit (and for several years leading up to it) we’ve been recommending on ‘Keiser Report’ to put as much money as you can in gold and silver. Our advice then and now is: The only money you should keep in a bank is money you’re willing to lose.

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