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America’s Impending Master Class Dictatorship

America’s Impending Master Class Dictatorship

cryptogon.com
January 23, 2010

Holy shit, this one will scorch your eyeballs!

Forget my excerpts. Click through and read the whole thing. Highly recommended.

Via: Kitco:

Thanks to the endless barrage of feel-good propaganda that daily assaults the American mind, best epitomized a few months ago by the “green shoots,” everything’s-coming-up-roses propaganda touted by Federal Reserve Chairman Bernanke, the citizens have no idea how disastrous the country’s fiscal, monetary and economic problems truly are. Nor do they perceive the rapidly increasing risk of a totalitarian nightmare descending upon the American Republic.

One stark and sobering way to frame the crisis is this: if the United States government were to nationalize (in other words, steal) every penny of private wealth accumulated by America’s citizens since the nation’s founding 235 years ago, the government would remain totally bankrupt.

According to the Federal Reserve’s most recent report on wealth, America’s private net worth was $53.4 trillion as of September, 2009. But at the same time, America’s debt and unfunded liabilities totaled at least $120,000,000,000,000.00 ($120 trillion), or 225% of the citizens’ net worth. Even if the government expropriated every dollar of private wealth in the nation, it would still have a deficit of $66,600,000,000,000.00 ($66.6 trillion), equal to $214,286.00 for every man, woman and child in America and roughly 500% of GDP. If the government does not directly seize the nation’s private wealth, then it will require $389,610 from each and every citizen to balance the country’s books. State, county and municipal debts and deficits are additional, already elephantine in many states (e.g., California, Illinois, New Jersey and New York) and growing at an alarming rate nationwide. In addition to the federal government, dozens of states are already bankrupt and sinking deeper into the morass every day.

It is estimated that the top 1% of Americans control roughly 40% of the nation’s wealth. In other words, 3 million people own $21,400,000,000,000.00 ($21.4 trillion) in net private assets, while the other 305 million own the remaining $32,000,000,000,000.00 ($32 trillion). 77,000,000 (77 million) Americans (the lowest 25%) have mean net assets of minus $2,300 ($-2,300.00) per person; they live from paycheck to paycheck, or on public assistance. The lower 50% of Americans own mean net assets of $27,800 each, about enough to purchase a modest car. Obviously, it would be impossible to retire on such an amount without significant government or other assistance. Meanwhile, the richest 10% of Americans possess mean net assets of $3,976,000.00 each, or 143 times those of the bottom 50%; the top 2% control assets worth more than 1,500 times those in the bottom 50%. When you combine these facts with Wall Street’s typical multi-million dollar annual bonuses, you get an idea of wealth inequality in America. Historically, such extreme inequality has been a well-documented breeding ground for totalitarianism.

If the government decides to expropriate (steal) or commandeer (e.g., force into Treasuries) America’s private wealth in order to buy survival time, such a measure will be designed to destroy the common citizens, not the elite. Insiders will be given advance warning about any such plan, and will be able to transfer their money offshore or into financial vehicles immune from harm. Assuming that the elite moves its money to safety, there would then be $120,000,000,000,000.00 ($120 trillion) in American debt and liabilities supported by only $32,000,000,000,000.00 ($32 trillion) in private net worth, for a deficit of $88,000,000,000,000.00 ($88 trillion). In that case, each American would owe $285,714.29 to balance the country’s books. (Remember to multiply this amount by every person in your household, including any infant children.)

If the common people suspect that something diabolical was in the works, a portion of the $32 trillion in non-elite wealth could be evacuated as well prior to a government expropriation and/or currency devaluation, resulting in less money for the government to steal. What these statistics mean is that it is absolutely impossible for the government to fund its debt and deficits, even if it steals all of the nation’s private wealth. Therefore, the government’s only solutions are either formal bankruptcy (outright debt repudiation and the dismantling of bankrupt government programs) or unprecedented American monetary inflation and debt monetization. If the government chooses to inflate its way out of this fiscal catastrophe, the United States dollar will essentially become worthless. You can be absolutely certain that a PhD. in economics, such as Dr. Bernanke, is well aware of these realities, despite what he might say in speeches. For that matter, so are Chinese schoolchildren, who, when patronized by Treasury Secretary Geithner about America’s “strong dollar,” laughed in his face. One day, perhaps America’s school children will receive a real education so that they, too, will know when to laugh at absurd propaganda.

These deficits and debts are now so gargantuan that they have become surreal abstractions impossible even for sophisticated financiers to begin to comprehend. The common citizen has absolutely no idea what these numbers mean, or imply for his or her future. The people have been deluded into thinking that America’s arrogant, egomaniacal, always-wrong-but-never-in-doubt fiscal witch doctors and charlatans, including Greenspan, Rubin, Summers, Geithner and Ponce de Bernanke, have discovered a Monetary Fountain of Youth that endlessly spits up free money from the center of earth, in a geyser of good will toward the United States. Unfortunately, this delusion is false: there is no Monetary Fountain of Youth, and contrary to the apparent beliefs of the self-deified man-gods in Washington, D.C., the debt and deficits are real, completely out of control, and 100% guaranteed to create catastrophic consequences for the nation and its people.

When government “representatives” deliberately sell into slavery the citizens of a so-called free Republic, they have committed treason against those people. This is exactly what has happened in the United States: the citizens have been sold into debt slavery that they and their descendants can never escape, because the debts piled onto their backs can never, ever be paid. Despite expensive and sophisticated brainwashing campaigns emanating from Washington, claiming that America can “grow” out of its deficits and debt, it is arithmetically impossible for the country to do so. The government’s statements that it can dig the nation out of its fiscal hole by digging an even deeper chasm have become parodies and perversions of even totally discredited and morally disgusting Keynesianism.

The people no longer have elected representatives; they have elected traitors.

The enslavement of the American people has been orchestrated by a pernicious Master Class that has taken the United States by the throat. This Master Class is now choking the nation to death as it accelerates its master plan to plunder the people’s dwindling remaining assets. The Master Class comprises politicians, the Wall Street money elite, the Federal Reserve, high-end government (including military) officials, government lobbyists and their paymasters, military suppliers and media oligarchs. The interests and mindset of the Master Class are so totally divorced from those of the average American citizen that it is utterly tone deaf and blind to the justifiable rage sweeping the nation. Its guiding ethics of greed, plunder, power, control and violence are so alien to mainstream American culture and thought that the Master Class might as well be an enemy invader from Mars. But the Master Class here, it is real and it is laying waste to America. To the members of the Master Class, the people are not fellow-citizens; they are instruments of labor, servitude and profit. At first, the Master Class viewed the citizens as serfs; now that they have raped and destroyed the national economy, while in the process amassing unprecedented wealth and power for themselves, they see the people as nothing more than slaves.

 

Know Your Enemy-The Oligarchs

http://www.youtube.com/watch?v=zR9JQAl519Y

 



U.S. Halfway to Depression Level

U.S. Halfway to Depression Level
ShadowStats.com founder John Williams explains the risk of hyperinflation. Worst-case scenario? Rioting in the streets and devolution to a bartering system.

Fairfield Weekly
December 31, 2009

Do you believe everything the government tells you? Economist and statistician John Williams sure doesn’t. Williams, who has consulted for individuals and Fortune 500 companies, now uncovers the truth behind the U.S. government’s economic numbers on his Web site at ShadowStats.com. Williams says, over the last several decades, the feds have been infusing their data with optimistic biases to make the economy seem far rosier than it really is. His site reruns the numbers using the original methodology. What he found was not good.

Maymin: So we are technically bankrupt?

Williams: Yes, and when countries are in that state, what they usually do is rev up the printing presses and print the money they need to meet their obligations. And that creates inflation, hyperinflation, and makes the currency worthless.

Obama says America will go bankrupt if Congress doesn’t pass the health care bill.

Well, it’s going to go bankrupt if they do pass the health care bill, too, but at least he’s thinking about it. He talks about it publicly, which is one thing prior administrations refused to do. Give him credit for that. But what he’s setting up with this health care system will just accelerate the process.

Where are we right now?

In terms of the GDP, we are about halfway to depression level. If you look at retail sales, industrial production, we are already well into depressionary. If you look at things such as the housing industry, the new orders for durable goods we are in Great Depression territory. If we have hyperinflation, which I see coming not too far down the road, that would be so disruptive to our system that it would result in the cessation of many levels of normal economic commerce, and that would throw us into a great depression, and one worse than was seen in the 1930s.

What kind of hyperinflation are we talking about?

I am talking something like you saw with the Weimar Republic of the 1930s. There the currency became worthless enough that people used it actually as toilet paper or wallpaper. You could go to a fine restaurant and have an expensive dinner and order an expensive bottle of wine. The next morning that empty bottle of wine is worth more as scrap glass than it had been the night before filled with expensive wine.

We just saw an extreme example in Zimbabwe. … Probably the most extreme hyperinflation that anyone has ever seen. At the same time, you still had a functioning, albeit troubled, Zimbabwe economy. How could that be? They had a workable backup system of a black market in U.S. dollars. We don’t have a backup system of anything. Our system, with its heavy dependence on electronic currency, in a hyperinflation would not do well. It would probably cease to function very quickly. You could have disruptions in supply chains to food stores. The economy would devolve into something like a barter system until they came up with a replacement global currency.

Read Full Article Here

 



U.S. Debt Hits $12 Trillion, Will Double By 2019

U.S. Debt Hits $12 Trillion, Will Double By 2019

Outside the Beltway
November 18, 2009

Barack Obama has been president for just under 10 months but he’s added two trillion to the national debt and will double it by the end of the decade. CBS’ Mark Knoller:

    This latest milestone in the ever-rising journey of the National Debt comes less than eight months after it hit $11 trillion for the first time. The latest high-point is not unexpected, considering the federal deficit for the just-ended 2009 fiscal year hit an all-time high at $1.42-trillion – more than triple the previous year’s record high.

    Much of the increase in the deficit and debt is attributed to government spending outpacing revenue – both exacerbated by the recession and the government response to it – including hundreds of billions in bailouts and stimulus spending and tax cuts along with decreased tax revenues due to rising unemployment.

    […]

    The National Debt has increased about $1.6 trillion on Mr. Obama’s watch, though less than $4.9 trillion run up during the presidency of George W. Bush.

    But the White House budget review issued in August projects that by the end of the current fiscal year on Sept 30th, the National Debt could top $14 trillion. It gets worse. The same document projects that by the end of the decade, the National Debt will hit $24.5 trillion — exceeding the Gross Domestic Product projected for 2019 of $22.8 trillion.

According to the Treasury Department, the debt stood at $5.727 trillion on January 19, 2001, Bill Clinton’s last day in office, and $10.627 trillion when Bush left office eight years later. That’s $612.5 billion (or $0.6125 trillion) a year, during which we fought two major wars, had the 9/11 attacks, and at least two major bailouts to deal with a global financial crisis.

We’re thus far averaging $1.92 trillion a year under Obama, or a factor of 3.146 more. And the government is projecting that we’ll continue spending at this crisis rate for the next decade, more than doubling the current record level?

That ain’t good.

Presumably, we’d have had another major bailout had Bush stayed in office for a third term (were that Constitutionally or politically possible) or had John McCain been elected. So spending and thus the debt would have escalated substantially regardless. But we likely wouldn’t be talking about adding a massive health care payment on top of the pile.

 

Obama: We must spend our way out of recession (and into deeper debt)

http://www.youtube.com/watch?v=0JNHj2sP-Y0

Senate sends $1.1 trillion spending bill to Obama ADDING TO THE DEBT

No End in Sight to Govt. Spending Spree: $12.1T Debt Ceiling Set to Be Raised

 



Copenhagen Treaty Creates Global Government Tax

Copenhagen Treaty Creates Global Government Tax

Paul Joseph Watson
Prison Planet.com
December 9, 2009

Lord Christopher Monckton warns that the secretive draft version of the Copenhagen climate change treaty represents a global government power grab on an “unimaginable scale,” and mandates the creation of 700 new bureaucracies as well as a colossal raft of new taxes including 2 percent levies on both GDP and every international financial transaction.

Speaking with The Alex Jones Show, Monckton, who is in Copenhagen attending the UN climate summit, said that when he attempted to obtain a copy of the current draft of the negotiating text agreement, he was initially rebuffed before he threatened an international diplomatic incident unless the document was forthcoming.

“I insisted and it took about 10 minutes and they consulted each other with three or four of them arguing over it – none of them would produce the document….I said I know this treaty exists because this is what the conference is all about,” said Monckton.

Only after Monckton threatened repercussions was he handed the the current draft of the treaty, and the details it contained are perhaps a clue as to why the UN officials were so keen to keep it under wraps.

“Once again they are desperately trying to conceal from everybody here the magnitude of what they’re attempting to do – they really are attempting to set up a world government,” said Monckton, adding that the word “government” was no longer used but the process of further centralization of power into global hands was clearly spelled out in the treaty.

Monckton said that the new world government outlined in the treaty would be handed powers to, “Tax the American economy to the extent of 2 percent GDP, to impose a further tax of 2 percent on every financial transaction….and to close down effectively the economies of the west, transfer your jobs to third world countries – all of that is still in the treaty draft.”

As the leaked document out of Copenhagen reported on by the London Guardian revealed yesterday, this massive new system of global taxation will be paid not to the UN, but directly into the coffers of the World Bank.

“The draft hands effective control of climate change finance to the World Bank; would abandon the Kyoto protocol – the only legally binding treaty that the world has on emissions reductions; and would make any money to help poor countries adapt to climate change dependent on them taking a range of actions,” reported the Guardian.

Monckton illustrated the size of the new taxes being proposed by noting they amounted to at least half of the entire US defense budget.

“This is how they are going to fund this vast new government they’re setting up,” said Monckton, adding that he counted around 700 new bureaucracies that would be created as a result of the treaty, which would be bankrolled by taxpayers even outside of the raft of new taxes the treaty would create.

Monckton outlined how the new taxes would be enforced, stating, “They’re going to auction allowances to emit greenhouse gases and if you don’t buy an allowance to emit greenhouse gases, you won’t be allowed to emit them,” adding that the text contained a provision for a “uniform global levy of $2 dollars per ton of CO2 for all fossil fuel emissions,” as well as an additional tax on every commercial plane journey, except ones that go in or out of poorer countries.

There would also be a “global levy on international monetary transactions – that means every transfer of money across borders will be taxed,” said Monckton, adding that this would be on top of the GDP tax.

 

Lord Monckton: Obama may sign a “Copenhagen Agreement” instead of Treaty

LifeSiteNews
December 9, 2009

In a brief video released on the Internet, Lord Christopher Monkton is seen giving a speech today in Copenhagen warning that President Obama will try to use his Executive Authority to sign an agreement, rather than a treaty, to commit the United States to undertake measures against climate change that will seriously damage the freedoms and prosperity of America.

Monkton states, “President Obama is going to come here (Copenhagen) and sign the Copenhagen Agreement.” He says it’s no longer being called a treaty specifically because US Senators “know they can’t get a treaty through the US Senate.” Monkton continues explaining, “so, President Obama is going to sign this agreement by his executive authority and he will then put it through both houses of Congress by a vote of simple majority.”

Monkton states that this executive agreement will stand “with almost the same force as a treaty” under the US Constitution. The one large difference, Monkton however notes, is that an Executive Agreement can be repealed by a following president, but a treaty cannot be repealed. Therefore, The British Lord and science adviser to former British Prime Minister Margaret Thatcher noted, “one power that President Obama does not have is to commit the United States unilaterally to measures of a scale and horror envisaged in this treaty or agreement…”

The recent “climategate” revelations provided the basis for especially condemning closing comments from the internationally famous climate sceptic and campaigner against climate hysteria.

Monkton emphasized, “there is no longer any basis whatsoever for saying that any action is required over the climate. We have seen now in the climategate that a couple of dozen bad and extremely malevolent and unpleasant scientists – this clique, this cabal, this conspiracy, because that is what it is, have tried to bend, fiddle and fudge the data, year after year and they’ve now been caught and exposed by the activities of one gallant whistleblower at this very moment when we now know that the climate fraud is the fraud that we all expected it to be.”

Monckton concluded with a warning that the president, “either unaware or aware and uncaring wishes to sign” American “freedom and prosperity away.”

See Lord Monkton’s detailed, one hour, fascinating expose of climate change

Also see Lord Monkton interview on Michael Coren television program

UK’s richest man could make more than £1bn from carbon trading scheme

Abbott warns of $400bn tax bill under draft Copenhagen agreement

 



Hennecke Says U.S. Faces ’Hyperinflationary Depression’

Hennecke Says U.S. Faces ’Hyperinflationary Depression’

http://youtube.com/watch?v=dpDgrvYd36k

 



Fed Auctions $75 Billion to Big Banks

Fed Auctions $75 Billion to Big Banks

AP
July 1, 2008

The Federal Reserve has auctioned another $75 billion in loans to squeezed banks to help them overcome credit problems and announced it will provide a fresh batch of the loans this month.

The central bank on Tuesday released the results of its most recent auction — the 15th since the program began in December. It’s part of an ongoing effort to ease financial turmoil and credit stresses.

In the latest auction, commercial banks paid an interest rate of 2.340 percent for the 28-day loans. There were 77 bidders. The Fed received bids for $90.88 billion worth of the loans. The auction was conducted on Monday with the results made public on Tuesday.

The Fed also said it will conduct two auctions in July. Banks will have an opportunity to bid on a slice of $75 billion in short-term loans in each auction.

In mid-December the Fed announced it was creating an auction program that would give banks a new way to get short-term loans from the central bank and to help them over the credit hump. A global credit crunch has made banks reluctant to lend to each other, which has crimped lending to individuals and businesses.

Read Full Article Here

 

Europe May Push The Fed To Raise Rates

CNN
July 1, 2008

The fireworks may come a day early for the financial markets if the European Central Bank, as expected, raises interest rates on Thursday.

If the ECB, Europe’s counterpart to the Federal Reserve, hikes rates, that could put even further pressure on the anemic dollar and send commodity prices even higher.

The ECB will announce its decision on interest rates early the morning of July 3 and will hold a press conference shortly thereafter to discuss the decision.

Read Full Article Here

 

Global economy faces deep slowdown and deflation threat, BIS warns

Telegraph
July 1, 2008

The global economy may be heading for a far deeper crisis than is expected and a bout of deflation in the world’s biggest economies is now a possibility, according to one of the world’s most highly regarded economic institutions.

The Bank for International Settlements has warned that many in the City and elsewhere may have underestimated the scale of the coming economic downturn in one of its most sombre portraits yet of the international financial system.

The Swiss institution – known as the central bankers’ bank – issued the alert in its annual report, released today.

Read Full Article Here

 

Peter Schiff Demonized On Fox Business

http://www.youtube.com/watch?v=qeSbK_f-bs0

Recent News:

World Bank Chief: World Entering Danger Zone
http://news.xinhuanet.com/english/2008-07/03/content_8478565.htm

Ron Paul Calls For Hearings On Falling Dollar
http://www.fortbendno..t=push&instance=home_news_bullets&open=&

Thieves Stealing Manhole Covers
http://www.usatoday.com/printedition/news/20080630/a_manhole30.art.htm

Bank Giving Debit Cards To 11 Year Olds
http://www.telegraph.co.uk/mone..?xml=/money/2008/06/30/cnvisa130.xml

U.S. Stocks Tumble
http://www.bloomberg.com/a..d=aF4fDOUXmP2k&refer=worldwide

LA Times To Cut 250 Jobs
http://biz.yahoo.com/ap/080702/la_times_cuts.html?.v=1&printer=1

Forecast for U.S. workers: Gloom
http://www.iht.com/articles/2008/07/02/business/02jobs.php

U.S. Treasury’s Paulson: Downturn has ’further to go’
http://www.marketwatch.com/news/story/us-trea..7D&dist=msr_6

Starbucks to cut as many as 12,000 positions
http://news.yahoo.com/s/nm/20080701/bs_nm/starbucks_dc_1

Analyst sees ‘ghost town’ in Inland Empire
http://latimesblogs.latimes.com/laland/2008/07/analyst-sees-gh.html

Oil Prices Rise To Record Highs Above $144
http://www.breitbart.com/article.php?id=D91LTE8O0&show_article=1

Utah company puts operations on hold due to food and fuel prices
http://www.ksl.com/?nid=148&sid=3637972

CBS Story On $7 Gas
http://rawstory.com/rawreplay/?p=1365

Dow Has Worst 1st Half Since 1970
http://www.reuters.com/article/newsOne/idUSL1764662020080630?sp=true

Saudi king urges consumers to get used to high oil prices
http://www.breitbart.co..24505.gb3mxog6&show_article=1

Merrill says General Motors bankruptcy possible
Ron Paul On Financial Crisis: Something Big is Going On
Paulson: Banking Regulations Need Overhaul
IndyMac denies that it’s close to collapse
Dow Jones breaks Great Depression record for poor performance
Oil Rises to Record on Concern Iran Supplies May Be Disrupted
Euro Inflation Highest In 16 Years
IMF To Investigate The Federal Reserve

U.S. Economic Collapse News Archive

 



Energy expert: Gas could reach $15 per gallon

Experts Push “Peak Oil” Scam to Predict $15 a Gallon Gas Prices

Infowars
May 26, 2008

Editor’s Note: The following video is a prime example of hysterical “Peak Oil” scaremongering. In fact, there is no shortage of oil — the reserves are increasing, not decreasing. Consider the following examples: In 2006, Chevron announced a huge oil discovery in the the Lower Tertiary zone of the Gulf of Mexico, described as “one of the nation’s biggest oil discoveries in decades,” and Brazil discovered giant new offshore oil fields in 2005 (expected to produce 773 million barrels of oil by 2025). Add to this BP’s discovery of new oil fields near the Shetland Islands, recent discoveries in the Timor Sea, Yemen, Tunisia, Libya, offshore Trinidad, in Pakistan, Angola, in the Ordovician Red River Strata of southeastern Saskatchewan, and elsewhere. Earlier this month, the Kurds of northern Iraq announced a major oil find, estimated at about 2 billion barrels. In the last 20 years, known reserves have doubled. Currently there are somewhere in the neighborhood of 680 billion barrels of Middle East reserve oil alone.

Add to this an “intriguing theory now permeating oil company research staffs suggests that crude oil may actually be a natural inorganic product, not a stepchild of unfathomable time and organic degradation. The theory suggests there may be huge, yet-to-be-discovered reserves of oil at depths that dwarf current world estimates,” writes Chris Bennett (see Lindsey Williams interview below). “Deeply entrenched in our culture is the belief that at some point in the relatively near future we will see the last working pump on the last functioning oil well screech and rattle, and that will be that. The end of the Age of Oil. And unless we find another source of cheap energy, the world will rapidly become a much darker and dangerous place.” It is a meticulously nurtured myth.

Peak Oil takes a page from publicly available CFR and Club of Rome strategy manuals that say global government needs to control the world population through neo-feudalism by creating artificial scarcity that will result in massive social unrest, widespread famine, and endless war. $15 a gallon gas will most certainly help this agenda along.

http://www.youtube.com/watch?v=U7IJEEIBwrE

http://www.youtube.com/watch?v=80XMKbnHuEs

From David Edwards and Raw Story, May 24:

Robert Hirsch, senior advisor for Science Applications International Corporation, sat down with MSNBC’s Alex Witt to discuss the possibility of an upcoming oil crisis. Hirsch says that gas could reach $15/gallon within a few years because it is “essentially certain” the world has reached the maximum levels of oil production.

“The problem is that there’s not that much oil left in the ground,” Hirsch says. “What we’ve done is been very fortunate to have oil production increase as our economies have developed over the past decades. And now we’re reaching a point where we’re about to get, or we may be, at the maximum world oil production. After that, oil production will then decline and prices, of course, will continue to do what they’ve been doing recently. So what we’ve got today may be the ‘good old days.’”

Hirsch addressed the timeframe in which the US could see $15/gallon gas: “It could happen within a matter of months. It could happen within a matter of a few years. But it’s essentially certain that we are at the maximum of world oil production. And after that, we’ll go into decline, and when there’s much less oil available, then, of course, the price of oil is going to increase dramatically.”

Fuels, heating oil, and consumer products that rely on petroleum will all be impacted by the decline in world oil production. Hirsch estimates the world GDP declining at the same rate as oil production.

Watch The Video Here

 

Oil Expert: By Summer, Oil To Hit $200 Per Barrel
This is reality, energy is in the hands of profiteers and has lost touch with the real expenses. There is no logic here, says Davor Stern.

Javno
May 23, 2008

Oil prices have once again crashed through the ceiling with a record price of 135 dollars per barrel because of the concerning fall in American reserves of crude oil with 5.32 million barrels. The fact is that this is only a continuation of the crisis; food is getting more and more expensive, petrol and diesel are rising in price every other week in Croatia (as well as in many countries around the world), and there is no end in sight to the price hikes.

This is reality, energy is in the hands of profiteers and has lost touch with the real expenses. There is no logic here – Davor Stern told us in a telephone conversation. Davor is the former director of Croatia’s largest oil company INA, as well as an oil expert.

Record earnings by oil companies

He added that oil companies earn a lot. Igor Dekanic from the faculty of mining, geology and oil, said that European oil companies are breaking the borders of profitability.

– The largest companies like IBP, Shell, Exxon, the French Total and the Italian Enia have the largest profits in history. That is a general trend with privatized companies in the world – says professor Dekanic.

Stern stresses that the market itself has some sort of logic, however, the current situation is in a state of psychosis.

– By summer we can expect oil prices of 200 dollars per barrel, and that is not the opinion of the trade, but my own prediction. It is impossible to give any projections of the prices, but one thing is certain, the sky is the limit – says Stern.

Read Full Article Here

Recent News:

OPEC Producers say $200 oil is possible
http://www.guardian.co.uk/busi..y/23/oil.commodities1

Gold Hits Over $930, Oil $135, Euro $1.57
http://www.reuters.com/article..er=2&virtualBrandChannel=10005
OPEC: Oil market is going ’crazy’
http://www.presstv.ir/detail.aspx?id=56937&sectionid=3510213

Buffett blames banks for credit crisis
http://www.reuters.com/article/ousiv/idUSL2561340920080525

It’s Not An Oil Crisis It’s A Dollar Crisis
http://www.321gold.com/editorials/schiff/schiff052308.html

Alaska Drilling Would Only Save 75 Cents Per Barrel
http://www.mcclatchydc.com/251/story/38223.html

Buffett Sees Deep U.S. Recession
http://news.yahoo.com/s/nm/200805..oENIM35QA3Eqb.HQA

Food prices high for foreseeable future, says UN
http://www.guardian.co.uk/world/2008/may/23/unitednations.food

George Soros: rocketing oil price is a bubble
http://www.telegraph.co.uk/money/ma..2008/05/26/cnsoros126.xml

Global Warming Bill Could Spike Gas $1.50 to $5 a Gallon
http://www.businessandmedia…/20080515172437.aspx

Economist Challenges Government Data
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/05/25/BU6K10JTEF.DTL

Gas Prices Could Top $5 A Gallon In Bad Economy
http://cbs2chicago.com/consumer/gas.prices.oil.2.719683.html

Gas Could Go To $10
http://www2.nysun.com/article/75363

Euro, Franc, Krona to Benefit From Oil Price, Barclays Says
Economy Slows To A Crawl
Government Green Lights Gulf Dollar Abandonment
Federal Reserve May Want Inflation
Fed Cuts Key Interest Rate By A Quarter Point

U.S. Economic Collapse News Archive