Norway plans big expansion of Arctic oil exploration

[ajl]

Interesting that given the choice between supporting the fossil fuels industry or becoming a third world nation, Norwegians are smart enough to make the correct choice. Unfortunately for them it will prove to be too little, too late because we have just entered a global economic depression that will not be ending any time soon. Anyways, Norwegians can come to their senses apparently, but are canuckistani that smart? I fear not. Too many in this country have not a clue were our prosperity comes from. They think it comes from the gubmint.

[farmaholic]

Covid-19 was likely just a catalyst for what was going to happen sooner or later anyway.

I can't imagine how this is going to end.....

Is this the beginning of the big reset?

[furrowtickler]

Covid-19 was likely just a catalyst for what was going to happen sooner or later anyway.

I can't imagine how this is going to end.....

Is this the beginning of the big reset?

Unfortunately you are bang on

[farming101]

Covid-19 was likely just a catalyst for what was going to happen sooner or later anyway.

I can't imagine how this is going to end.....

Is this the beginning of the big reset?

Bout time. Should have started three years ago

For clarity, my comment was with regard to the financial system problems, nothing more

[parsley]

It People like Chuck and for that matter our Prime Minister need to wake the phuck up and pull their head out of their butts and realize that oil still has an important roll to play in our energy mix for the foreseeable future!

Need to gather chuckles and skippies, tie them on a stoneboat and run them back and forth with a peppy boat on a dugout till they glug and moan, “Uncle” Saves waterboarding in a facility. Cost cutting. Who’s got a peppy boat for the first run at the National Oil
Woke? Could have thousands of woking events on farms all summer. One suggestion from a Viking. Every once in awhile the old urge to put on my helmet rises in my warrior heritage. Alive and well it is. Pars.

[parsley]

You are exactly right. Unstable and falling interest rates put every farmer in a profit margin vise. Falling rates push down ag commodity prices while at the same time triggering a relentless rise in farmland values. Eventually, those who cannot service their debts will exit the business.

Methinks interest rates are going to rise. Canada will find it difficult to find a money lender. People will get hungry. Which reminds me, nice Saskatoons getting fat. Pars.

[burnt]

Need to gather chuckles and skippies, tie them on a stoneboat and run them back and forth with a peppy boat on a dugout till they glug and moan, “Uncle” Saves waterboarding in a facility. Cost cutting. Who’s got a peppy boat for the first run at the National Oil
Woke? Could have thousands of woking events on farms all summer. One suggestion from a Viking. Every once in awhile the old urge to put on my helmet rises in my warrior heritage. Alive and well it is. Pars.

Skål!

[burnt]

Covid-19 was likely just a catalyst for what was going to happen sooner or later anyway.

I can't imagine how this is going to end.....

Is this the beginning of the big reset?

"...the big reset?"

If one could call the Bolshevik Revolution a big reset, then...

The possibilities and potentials of this engineered upheaval are mind-numbing.

In 1917, the kulaks - larger farmland and property holders -were routed off their sizable holdings and banished to Siberia, labour camps or simply murdered. 10 -20 million of them, the mainstay farmers of Eastern Europe.

The peasants, who were the impoverished, plot-sized landowner, leftovers from fairly recently ended feudal system days, joined forces with the Bolshevik rabble-rousers to become an disproportionately large factor in the overthrow of the economic system of the day.

They thought they were goping to be better off by destroying the existing socio-economic order.

The term "kulak", I read, had a literal translation of "tight-fisted". So the beggared masses were bitterly fed up with the financial disparity between themselves and those for whom they labored. For a pittance.

A steady diet of bitterness makes thin gruel for peaceful negotiation.

The October revolution ended up with far worse social and economic conditions for even more of the population than under the Czarist days.

The peasants, the proletariat, were fooled by their deceptive Marxist leadership. Quelle surprise.

What cannot be ignored in this time is the fact that if these trends into lawlessness continue, we, as the modern day equivalent of the Kulaks, have by far the most at risk.

What insurance is available to protect against that?

[chuckChuck]

It's the right wing counter revolutionaries at work on agriville! It's a war out there. LOL

Anyone who doesn't fully agree with them is the enemy!

And Parsley is advocating torture and violence against people she doesn't agree with? That's getting desperate and a sign she is losing the battle or maybe her marbles?

Since Steve Harper signed us on to the G7 agreement to stop using oil as an energy source by 2100, are you going to torture him too? LMAO

It's sillyville at full bloom!

[macdon02]

An even more important point, however, is whether the BoC could even tear up its stockpile of GoC bonds in the first place. The way double entry accounting works, every asset on the BoC’s balance sheet needs a corresponding liability. So the BoC can’t simply “vaporize” GoC bond assets*off its balance sheet. Doing so would require it to also tear up a corresponding amount of liabilities. But we know that BoC liabilities are assets of the private sector.*So the BoC could tear up cash in circulation or delete bank reserves from the accounts of commercial banks if it*wanted to destroy its own liabilities, but doing so would destroy private sector wealth, which is the last thing the BoC wants to do.

The point is that the BoC really has no need to “forgive” debt of the federal government, and even if they did, they couldn’t really just tear up bonds in*a figurative sense.*The government already gets interest-free money from the Bank of Canada, making QE and monetary financing already somewhat of a “debt jubilee” for the Government. The most direct method to implement this de facto debt jubilee would be for the BoC to simply buy government debt on the primary market. The alternative is for the GoC to instead issue debt to the private sector in the primary market, with the BoC then buying this debt on the secondary market and*thus*“forgiving” the loan. And there you have it – a modern day government “debt jubilee”.


https://crusoeeconomics.com/2020/04/11/a-government-debt-jubilee/

My best educated guess is interest rates will stick where they are. The currency will be where the wild gyrations occur as we have seen with the real and yuan, peso etc. The dream of a debt jubilee can only occur if the entire world agrees to it, otherwise we are likely looking at a hot war. Am interest rate spike would run counter to the current trend in Japan and EU that's been in existence long enough im cautious of a change but not expecting one. The system needs a relief valve and it comes back to currency. At present the central banks "got this" on rates. They can't control capital flow in and out. This leaves them as the only buyer of govt debt. There won't be a crash here it's simply a no trade. Having said that, credit availability could simply dry up no matter what the rate forcing BOC and other CB's being the only lender for private entities. As Mrs. Booth has pointed out, every CB's inflation indicator model is broken and they are flying blind. Money creation and inflation starts with the commercial banks lending moreso then CB policy. Hope this helps, I'm expecting a serious deflation event ahead. Think -$40 crude spreading to every commodity sector like a virus.