Category Archives: Business/Economics

Business/Economics, International, Opinion, U.S.

European leaders Lie, this is about controling Libya’s oil, begining of WW3

Recently the European Union’s ambassador to the U.S. said Europe’s infatuation with the crisis in Libya was not about the oil. Lier!

Some European countries, like Austria, Ireland and Italy, get most of their oil from Libya.  Oil companies from France, Italy and Spain are involved in oil field operations in Libya.

The flow of oil to Europe was greatly reduced thanks to the violence involving so called peaceful protesters in Libya.  After all, why would Gaddafi destroy his main source of income?

Gaddafi has long suspected that the militant, yet somehow, peacefull protesters were supplied by Europe (that has been proven to be correct, Libyan rebels and arms dealers admitted to it).  Feeling betrayed by Europe Gaddafi announced, on March 14, that he was making new oil deals with China, India and Russia (and possibly Germany). Notice that those are the countries that abstained from voting on UNSCR 1973.

Then, just three days later, on March 17, the UN passes UNSCR 1973.  Wow, that was fast!

China and India have evacuated thousand of workers from Libya.

The Europeans have been losing out to the Chinese for several years now. In 2007 Libya hired Chinese companies to build an oil pipeline.  In 2009 the Europeans scared off the Chinese from making a huge oil deal with Libya.  Then in 2010 Libya announced a deal that would see 6 million barrels per month going to China.  In February 2011, China began evacuating some 20,000-30,000 oil field workers after they were attacked by peaceful protesters!  A Chinese Foreign Ministry spokesman said that some Chinese companies “…had their local camp sites raided by gangsters….”

There is eveidence that many people in eastern Libya resented the Chinese oil workers, and actually viewed it as an invasion. Is it possible that European interests took advantage of the growing anti-asian sentiments?

It is clear by statements from Chinese oil workers that they were specifically targeted.  “Chinese companies in Libya are in a state of emergency, our projects are being raided and communications are down.” -online posting

When you look at the who’s who of those involved in Libyan oil production, and who wants Libya’s oil, it starts to look like this is a battle between East and West; Europe vs China.  Could this be the shot that starts World War 3?

Business/Economics, International, U.S.

Get ready for Oil prices to Jump, Economist say it could destroy Economy

Already, oil trading in Europe has seen oil prices jump $2.00 per barrel since Friday.

It is due to the attacks on Libya.

In a CNNMoney survey  16 out 23 leading economists say rising oil prices are the number one threat to any economic recovery.

Interestingly The Federal Reserve showed little concern over rising oil/fuel prices during its March 15 meeting.

Business/Economics, International, U.S.

Another example of being ripped off by Insurance Companies

The 9.0 quake that struck Japan could very easily cost more than $100 billion in damages. Don’t expect that insurance policy to cover it.

Insurance companies might cover as little as $12 billion of losses.

Eqecat, a catastrophe-modeling firm, estimated that the quake may trigger only $12 billion to $25 billion of insured losses.

And the government of the United States wants a health care system totally controlled by the insurance industry?

Business/Economics, Fukushima

General Motors continues to get hit by Japan disaster

As a result of the ongoing disaster in Japan, General Motors suspended all nonessential spending and global travel, a GM spokesman announced.

In addition, GM will suspend production in Spain, and cancel two shifts in Germany.

Even a small supplier of products that are fed to a bigger supplier that feeds the automaker’s assembly plants can delay or halt vehicle production.

Think of the “always a bigger fish” example, but in reverse.  If there are no little fish to eat, what can the bigger fish do?

Business/Economics, International

Yakuza beats out Japanese government on disaster response

Hours after the first shock waves hit, several of the largest crime groups in the Japanese mafia, opened their offices to those stranded in Tokyo, and shipped food, water, and blankets to the devastated areas.

The Inagawa-kai (the third largest organized crime group) sent twenty-five trucks filled with diapers, ramen, batteries, flashlights and drinks to the Tohoku region.

The Sumiyoshi-kai (the second-largest crime group) offered refuge to members of the foreign community, which is unheard of amongst the right-wing yakuza.

The Yamaguchi-gumi (largest crime group) opened its offices across the country to the public, and is very quietly sending truckloads of supplies.

Business/Economics, Fukushima

Honda stops sales to the United States

Honda is suspending May orders from U.S. Honda dealers.

Typically, dealers order cars six weeks in advance.  Honda hopes to resume partial production in Japan by Wednesday, but doesn’t know when production will return to full capacity due to the developing nuclear disaster.

This will affect the availability of the Fit, CR-Z, Civic Hybrid, Insight, Acura TSX, Acura RL and a small number of CR-Vs.

Business/Economics, Fukushima

Japanese Banks limiting access to cash

NHK has been reporting that banks around Japan are limiting ATM withdrawals.

Many Japanese are angry because they are having a hard time getting access to their money, in order to buy necessities.

Banks say their clients can still walk in, during limited hours, to make larger withdrawals.  The banks are blaming the disaster situation, including power outages, for the reason for limiting access to ATMs.

Just one more reason to keep your money under the mattress.

Business/Economics, Opinion, U.S.

Maybe the Crazy Rich are Right? Then we’re Screwed!

A Fidelity Investments survey shows that 4 out of 10 rich people, with an average wealth of $3.5 million, say it’s not enough.  Maybe they’re right.  Most of those surveyed are thinking about being able to retire.   They say $7.5 million in assets is required to retire comfortably.

Is this proof of how bad our economy is?

If the rich are saying you need at least $7.5 million to retire, then the rest of us are truly in trouble. In fact why bother continuing to play the rat race game?  Why bother with the keeping up with the Joneses game?  Why bother throwing a good portion of your income at a 401k retirement plan?  It’s clear that the overwhelming majority of U.S. citizens, even those pumping money into retirement schemes, are never going to hit the magic $7.5 million mark that 42% of rich people say is needed just to retire.

I’m not even Middle Class. My income has steadily been going down since January 2000.  Now, my before tax deductions income is less than $20,000 per year.  I know people worse off than that.

Is this proof of how bad our economy is?  If it is, the rest of us are f**ked!

 

 

 

Business/Economics, Opinion, U.S.

Proof that the Rich are Insane, they think they’re poor

Fidelity Investments surveys a thousand of some of its richest clients, to find out how they feel about their wealth.  The survey involves clients with an average of  $3.5 million in investment assets.

For 2010, 42% said they do not feel rich.  In 2009 it was 46% that did not feel rich.  That’s about 4 out of 10 rich people who think they are still poor.

How much would they need to feel rich?  According to the survey, $7.5 million.

Fidelity Investments also said 55% of the wealth in the United States is held by only 5% of the people.  This backs up what the IRS (Internal Revenue Service) said in one of their recently released surveys.

Sounds like some of the rich are suffering from some kind of personality, or obsessive compulsive, disorder.  Perhaps some kind of factitious disorder.  But what about the rest of us? After all we’re letting them run our economy, and in effect our lives.