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The Mother of All Hoaxes

By Alan Caruba

There was a brief flurry of stories in the media at the beginning of what has become a historic summer of hot weather across the U.S. that global warming was to blame. They faded swiftly because the public has concluded that global warming is the mother of all hoaxes, because we are in the midst of a failing economy and the political campaigns that will decide if the nation literally lives or dies.

This has not stopped the Public Broadcast System’s News Hour from airing a new series “on how climate change in the Pacific Northwest is affecting the region’s Native American Indian tribes—flooding their reservations and threatening the region’s salmon fisheries.” Climate change is shorthand for global warming.

While the nation’s media continues to propagate the hoax, what hope is there for the TRUTH?

Significantly “the NewsHour’s year-long Coping with Climate Change series is funded by a grant from the Rockefeller Foundation.” The nation’s leading foundations have been funding the global warming hoax for decades and continue to do so.

So one more article about the deception and duplicity of global warming may seem superfluous and it would be if the U.S. Air Force wasn’t spending $59 per gallon of “green biofuel” and the U.S. Navy wasn’t doing the same for its Great Green Fleet. The justification for this is the utterly false assertion that “alternatives” are needed in the event we can’t produce or import petroleum.

The U.S. is floating on an ocean of oil, but for now it can only be extracted from lands owned privately because the Obama administration has done everything in its power to restrict access to it on federally owned lands and, of course, the billions of barrels locked up off-shore.

In exactly the same way that the Obama administration has presided over the loss of billions in subsidies and loan guarantees for the solar panel companies or the ridiculous costs of wind power industry compared to a single coal-burning plant, at the heart of it all has been the claim the global warming is caused by “greenhouse gas” emissions, carbon dioxide, that imperil the Earth.

Recently, my friend Joseph L. Bast, the president of The Heartland Institute, wrote an article, “IPCC Admits Its Past Reports Were Junk”, posted on AmericanThinker.com.

It struck me that very few people even know that IPCC is the acronym for the United Nations Intergovernmental Panel on Climate Change. Few people know that the entire global warming hoax was generated by the IPCC, let alone know what it is.

Most people associate global warming with Al Gore who has been among its most prominent advocates, warning that “the Earth has a fever” and that we were doomed if we didn’t stop generating carbon dioxide. Gore and his collaborators wanted to sell “carbon credits” in exchanges around the world and for a while he greatly enriched himself.

In Australia, the government has imposed a tax on carbon dioxide which it likely to destroy its manufacturing base along with the extraction of coal and other minerals.

Here in the U.S. the Environmental Protection Agency continues to assert that carbon dioxide must be regulated as a “pollutant” under the Clean Air Act and, if successful, will likewise destroy what is left of our manufacturing base and all other industries that generate or use energy to function.

And the man in the street remains completely clueless about the impending ruin of the nation based on the reports of the IPCC which the Inter-Academy Council (IAC), a group created by the world’s science academies to provide advice to international bodies, has long since concluded were utterly false and baseless.

On June 27, the IPCC issued a statement saying it had completed the process of implementation of the recommendations that an August 2010 IAC analysis had made after examining who was contributing to their reports, who was reviewing their content (the same people!), and the astonishing, utterly false, claim of “a consensus” that global warming was happening.

As Bast points out, “It means that all of the ‘endorsements’ of the climate consensus made by the world’s national academies of science—which invariably refer to the reports of the IPCC as their scientific basis—were based on false or unreliable data and therefore should be disregarded or revised.”

“It means that the EPA’s ‘endangerment finding’—with its claim that carbon dioxide is a pollutant and threat to human health—was wrong and should be overturned.”

It is a terrible thing to live in a nation governed by falsehoods, spending the public wealth on useless technologies, living under the tyranny of government departments and agencies pursuing those lies for their own agendas and political masters.

Unless the harm perpetrated in the name of global warming is reversed, we shall all remain the victims of the United Nations IPCC, the EPA, and all other entities seeking to control every aspect of our lives.

The poles are not melting, the glaciers are growing, the oceans rise mere millimeters over centuries, and right now planet Earth is cooling.

© Alan Caruba, 2012

Visiongain: Spending on Subsea Production Systems to Reach USD 8.89 Bln in 2012

The world has finite hydrocarbon resources and conventional oil reserves are particularly in short supply. Furthermore, conventional oil resources from the Middle East are very much under threat of disruption as embargoes on Iranian oil exports come into full effect at the end of June 2012.

However, new reservoirs of oil are increasingly being discovered in deep waters and ultra deep waters across the world. These new discoveries are providing a respite to declining production from conventional sources of oil and gas, and reducing risks in upstream oil production from the Middle East. Visiongain calculated that capital expenditure in the subsea production & processing systems infrastructure will total $8.89bn in 2012.

Exploration and production companies are investing heavily in offshore development projects. Most offshore projects in water depths beyond 200-300 metres benefit from subsea production and processing systems to lift hydrocarbons to the surface. As a greater share of oil and gas is supplied from deeper water depths, investment in subsea production and processing systems will inevitably grow larger over the next ten years.

Subsea systems not only enable operating companies to optimize production from offshore fields, they also increase the total amount of recoverable hydrocarbons over the life of the well. For example, with pressure boosting systems, total oil recovery rates are significantly increased. Some deepwater oil and gas reservoirs would not have been fully exploited without the aid of subsea systems.

By the early 1970s the world had few commercial oil and gas facilities producing from deepwater reservoirs because challenges such as high temperature and high pressure were too restrictive. Over the years, however, more advanced multiphase pumps, subsea oil/gas/water/sand separation units and wellhead systems have evolved to overcome the difficulties, enabling companies to produce hydrocarbons from the most challenging environments.

Subsea production and processing systems are advancing further to enable companies to produce from very sensitive and harsh environments such as the Arctic and high temperature, high pressure (HTHP) reservoirs. Subsea systems will not be affected by surface ice formations unlike floating platforms and can provide more controlled production from HTHP wells. Therefore, subsea systems minimize environmental risks associated with production from the Arctic region and in deepwater offshore areas.

The Subsea Production & Processing Systems Market 2012-2022 report provides valuable insight into the future developments of this growing market and will benefit those already in the subsea production & processing market as well as those looking to enter this market.

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MODU Market Spending to Reach USD 48.1bn in 2012

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A large amount of undeveloped offshore oil and gas fields as well as new offshore discoveries will help drive the Mobile Offshore Drilling Units (MODU) market, especially in deepwater.

With strong oil prices persisting, major energy companies are increasingly reinvesting their earnings in exploration and development of offshore oil and gas basins. Visiongain calculates capital expenditure in the MODU market will total $48.1bn in 2012.

According to the International Energy Agency, global oil demand will rise from 88 million barrels today to around 99 million barrels in 25 years time. Over this period the cost of extracting oil will be higher and production from offshore resources will not be as expensive as it was relative to development of onshore hydrocarbons.

Although new technological improvements mean fewer people will be needed on offshore oil and gas drilling rigs, the construction industry behind MODUs and assembly of related technologies is providing employment for thousands of people. For example, the Brazilian marine construction industry has emerged on a vast scale to enable its offshore industry to provide MODUs and technologies for Petrobras to meet its vast oil production targets from its offshore resources.

Most super-major oil and gas companies as well as independent oil and gas companies have each secured a share in the hydrocarbon-rich offshore regions across the globe and demand for MODUs is strong. Meanwhile, health and safety standards and technology have both improved across the industry, leading to a backlog of orders for new-build MODU.

The Mobile Offshore Drilling Units (MODU) Market 2012-2022 report includes 144 tables, charts and graphs that analyse quantify and forecast the MODU market in detail from 2012-2022 at the global level, four submarkets and for 7 regional markets. The analysis and forecasting ahs been reinforced by extensive consultation with industry experts. Two full transcripts of exclusive interviews are included from Friede & Goldman and Maxeler Technologies. The report also profiles 55 leading companies involved in the MODU market.

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This Central American Nation Is Spending Roughly 50% Of Its Entire Economy On Infrastructure

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by Simon Black, Sovereign Man

March 8, 2012

Panama City, Panama

I had dinner the other night with a bank executive in charge of government finance who told me that the aggregate spend of all the infrastructure projects in Panama totals more than $13 billion. This is roughly 50% of the entire Panamanian economy.

The equivalent in the United States would be the government announcing a ‘Rebuild America’ infrastructure spending initiative in the range of $8 TRILLION! No doubt, it’s a lot of money for this small country.

Panama (and particularly Panama City) has been in a seemingly perpetual state of construction for nearly 10-years. The long boom in residential construction created an impressive skyline of condo towers along the new Cinta Costera. But residential demand peaked and petered several years ago.

In an effort to keep the party going, the government has essentially swapped a residential construction boom for an infrastructure boom.

There are so many projects here, you’d think you were in Chonqing, China. And it’s made life miserable for anyone who has to get into an automobile– Panama City’s already dismal traffic has now become utterly hopeless.

The real issue is that Panama’s debt has been steadily rising to finance several projects. In many cases, the debt increase has outpaced the country’s dizzying GDP growth. For example, Panama’s debt rose 10.3% in 2010, while GDP only increased 7.5%.

According to some of my local attorneys who work on the deals, many of these infrastructure projects are now being creatively financed: selling bonds of off-the-books quasi-government entities that own securitized future cash flows.

It’s all an elaborate process to keep the debt from hitting the government balance sheet and obfuscating Panama’s true fiscal status. Official debt is now hovering near 50% of GDP, but the actual figure is much higher.

It’s possible that some of these projects will prove to be good investments– it’s not the same as Chinese ghost cities down here, Panama has legitimate infrastructure needs and is building accordingly.

What remains to be seen, though, is what happens after the infrastructure projects are complete in, say, another 5-years. The hope is that the real economy will have grown enough to absorb the loss of infrastructure spending. This supposition is not out of the question… but it’s definitely not guaranteed.

For now, nobody seems to mind. People are working, they’re making money, the country is improving… and except for the obvious and ridiculously high inflation rate, life is good.

To be clear, Panama is definitely a good news story. It has had one of the most resilient economies in Latin America over the past few years, and perhaps more than anywhere else in Central America, Panama has a very clear (and growing) middle class.

When you go out at night, you see Panamanians out on the town spending their discretionary income… and I mean regular Panamanians, not just the Porsche-driving 20-year olds who inherited papi’s business.

A strong middle class with disposable income is important in any healthy economy, and its emergence marks the transition from ‘developing’ to ‘developed’ nation. Panama still has a -long- way to go, but it’s moving in the right direction.

When I think back to how this place used to be 10-years ago (and all the years in between that I spent here) versus today, the positive change is overwhelming. When I think about how places like the US and Europe used to be 10-years ago, the change is resoundingly negative.

It’s this trend, by far, that’s most important.

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