You see, it’s all about easing dependence on “foreign” (brown people) oil-

Canada pipeline firms sprint to end U.S. oil glut

By Anna Driver and Scott Haggett, Reuters

22 hrs ago

The companies are racing to unlock a glut of crude in the U.S. Midwest, which has built up over the year due to rising supplies from Canada and North Dakota. They aim to ship it to the Gulf Coast where it will fetch a hefty premium.

It may end a period of dramatic upheaval in the U.S. oil market that handed Midwest refiners an unexpected windfall of cheap feedstock, robbed northern producers of richer profits, revived an era of rail-oil freight, roiled airline efforts to hedge fuel costs and threatened to erode the U.S. futures contract’s preeminence as the world’s most-traded benchmark.

Lies.  It’s all about extracting more money from the pockets of the middle class.

A lot of people are conflating The Minneapolis Examiner with The National Examiner and claiming that it’s single sourced and a questionable one at that.

Bullshit.

More from Keith-

The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.

I am the anger, the just anger of the people, and that is why they listen to me and believe in me.

Why Tents Have Little to Do with Reason Behind Occupy Wall Street Eviction

By: Kevin Gosztola, Firedog Lake

Tuesday November 15, 2011 11:01 am

Bloomberg’s statement on the major police operation that resulted in hundreds of arrests, including the arrest of a reporter and city councilman, who was injured, shows once again the contempt and scorn the power elite have for democracy. He claimed, “The law that created [Liberty Square] required that it be open for the public to enjoy for passive recreation 24 hours a day. Ever since the occupation began, that law has not been complied with, as the park has been taken over by protestors, making it unavailable to anyone else.”

Essentially, Bloomberg is saying it had become nearly impossible for someone to go down to the park and be apathetic and ignore the critique of corporate greed and impunity for Wall Street criminals, which the occupation has been making since its first days. He is suggesting that if one cannot go down to the park for their lunch break and eat in peace, without having to hear about issues of unemployment, poverty or debt, then the city has to intervene on behalf of New Yorkers that want to be able to tune out.

This is similar to Oakland Mayor Jean Quan’s argument against Occupy Oakland camping. “Camping is a tactic,” she stated after the second raid of Occupy Oakland on November 14. “It is one that has divided Oakland, a city of the 99 percent. It’s time to work together on the issues of unemployment, foreclosures and education cuts. While the camping must end, the movement continues.”

The notion that camping should not be allowed because it presumably “divides” the 99 percent or that it should not be allowed because it does not allow for “passive recreation” all stems from the ideology of politicians like Bloomberg or Quan. They see themselves as democracy managers. As Sheldon Wolin writes in Democracy Incorporated: Managed Democracy and the Specter of Inverted Totalitarianism, they find that one of their main functions is “to foresee the unexpected, eliminate or cope effectively with the unforeseen (“risk management,” “crisis management”); to exploit or contain change insofar as it affects his or her enterprise; and to seize opportunities and aggressively use them to advance the power advantage of the firm – and of him- or herself.”

…

(I)t is all too clear why the encampment had to go today, Tuesday, November 15. It has less to do with the presence of tents and more to do with the growing power of Occupy Wall Street.

On November 17, occupiers had planned a massive day of action to mark their two-month anniversary. They planned to hold a massive demonstration at 7 am in front of the New York Stock Exchange. They were preparing a “block party the 1 percent” would “never forget.” They said they would “shut down Wall Street.” After that, they would get on subway trains to tell the “stories of disenfranchised Americans.” The occupiers planned to march across the Brooklyn Bridge and even hold a demonstration in Foley Square at 5 pm.

The massive day of action scared Bloomberg, the NYPD and city officials. It frightened the 1%, comrades of Bloomberg. They did not want to see what would happen on November 17 because they have already suffered from this movement. They have already seen it stop banks from slapping fees on debit cards and push hundreds of thousands of people to move their money from Big Banks into credit unions. They have been paying attention to how the people are building up organization to prevent banks from foreclosing on homes. And, those on Wall Street, more than anything, tremble at the movement’s momentum because it could produce investigations that would strip them of the immunity from prosecutions that they have enjoyed since contributing to the collapse of the economy in 2008.

Police have stormed Liberty Park tonight, as part of a co-ordinated series of round-ups across the country designed to crush the Occupy Wall Street Movement.

Well, it’s not going to work.

Time to hoist the colors.

In order to affect a timely halt to deterioriating conditions, and to ensure the common good, a state of emergency is declared for these territories by decree of Lord Cutler Beckett, duly appointed representative of His Majesty, the King. By decree, according to martial law, the following statutes are temporarily amended:

• Right to assembly, suspended.
• Right to habeas corpus, suspended.
• Right to legal counsel, suspended.
• Right to verdict by a jury of peers, suspended.

By decree, all persons found guilty of piracy, or aiding a person convicted of piracy, or associating with a person convicted of piracy, shall be sentenced to hang by the neck until dead.

You will listen to me! LISTEN! The other ships will still be looking to us, to the Black Pearl, to lead, and what will they see? Frightened bilgerats aboard a derelict ship? No, no they will see free men and freedom!

So what can we do?

Well, I’ve always been an advocate of revolution in the small things.  We can make this country ungovernable and by that I mean we can simply refuse to do the things that are expected.

Why not stop spending?  My big gift this holiday season is a week’s supply of Chinese underwear, but I could skip it.  My relatives and friends (who am I kidding, my relatives) might receive a poem or picture since while my domestic skills are servicable they are hardly artistic.  Maybe a pie.

You can hardly stop going to work if you expect to get paid, but the performance standards of your bosses are a poor example that you need not exceed out of some misguided sense of loyalty or ‘team spirit’.

Deny your eyeballs.  Persistent propaganda rots your teeth as well as your brain.

You might deride my prescriptions as insufficiently dramatic, but what we have consistently seen from the overweening egos of the elite is the desire to be worshiped.

Fuck that shit.

You are Hapsburg lipped inbred morons and that I refrain from calling for pitchforks and torches or spitting in your faces as you walk the streets is a mark of the moral superiority of the “common man” over you evil rapacious twits.

You’ll run out of bullets and destroy all your wealth before you’ll break the will of people to be treated freely and fairly.

There are a lot of reasons to hate on Nancy Pelosi, but corrupt profiteering isn’t one of them.

Being an un-democratic sell out to the Corporatist Third Way is.

Part 1

Part 2

Part 3

If you can’t tell the difference between left and right criticisms of the Democratic Party and our elected “Representatives”…

Why, you might just be a ‘bot.

lambert has posted an interesting email from Warren Mosler, one of the advocates of Modern Monetary Theory.

It must be impossibile for the Fed to create inflation

lambert, Corrente

Sun, 11/13/2011 – 3:33pm

Hardly an hour goes by without some pundit pushing the possibility of some kind of run away inflation, with Zimbabwe and Wiemar rolling off the tongues of ordinary Americans everywhere. And Congressman and candidates of all persuasions continuously lambaste the Fed for debasing the currency.

…

For all practical purposes the Fed has done it all. And yet unemployment remains at depression levels of over 9% (and over 16% the way it used to be calculated not long ago) and the only thing keeping what’s called ‘inflation’ over 1% is a foreign monopolist supporting the price of crude oil.

So if inflation is this ominously lurking around every corner that requires eternal vigilance to keep from suddenly rearing it’s ugly head, why have all the Fed’s horses and all the Fed’s men not be able to inflate again? And why would anyone still think they can? I mean, we’re talking about college graduates with advance degrees and resources and power up the gazoo doing everything they can to reflate, and still failing after 3 long years? Not to mention the same in Japan for going on 20 years, where they have college grads with advanced degrees as well (though pretty much from the same schools).

Maybe this inflation thing is harder to get going than it looks? And what did go on in the German Wiemar republic, where if you parked a wheelbarrow full of money thieves would take the wheelbarrow and leave the money? Turns out it was those pesky war reparations that caused govt. deficit spending to soar to something like 50% of GDP annually, with most of that whopping deficit spending used to sell the German currency and buy foreign currency to pay their war reparations. As expected, that drove their currency down the rat hole in short order, and kept driving it down, causing that famous bout of hyper inflation that didn’t end until that policy ended. And when all that ended and policy changed the inflation stopped dead in its tracks. In one day. So how about Zimbabwe? Turns out they had a tad of civil unrest that dropped their productive capacity by about 80%, but govt. spending stayed high and too much spending power with too few goods and services for sale drove prices through the roof. Not to mention rumors of insiders using the local currency to buy foreign currencies for personal gain (sound familiar).

Applying this to the US to replicate the Wiemar inflation Congress would have to increase the deficit to about $8 trillion a year and then sell those dollars continuously in the market place, using them to buy the likes of yen, euro, and pounds. And replicating Zimbabwe would mean some kind of disaster that wiped out 80% of our real productive capacity and then continuing to spend federal dollars as if that never happened.

…

What all this tells me is that run away inflation, whatever that might mean, isn’t something hiding around every corner waiting to pounce. In fact, it takes a lot of work to get there, and not from the Fed, but from Congress. And not just what we’d call high levels of deficit spending, but ultra high levels of deficit spending.

I have no fear whatsoever of the Fed causing inflation. In fact, theory and evidence tells me their tools more likely work in reverse, due to the interest income channels. That’s because when they lower rates, they are working to remove net interest income from the private sector, and when they buy US Treasury securities (aka QE/ quantitative easing) they remove even more interest income from the economy. Remember that $79 billion in QE portfolio profits the Fed turned over to the Treasury last year? Those dollars would have otherwise remained in the economy.

So what’s the fundamental difference between what the Fed and can do and what Congress can do? The Fed can’t create net financial assets because they only buy, loan, and otherwise traffic in financial assets. Buying a bond or any other security only exchanges one financial asset for another and therefore doesn’t change the nominal (dollar) wealth of the economy. When the Fed buys a security, that security is no longer held by the economy. The Fed gets the security and the economy gets an equal dollar balance in a Fed account. The exchange is done at market prices so for all practical purposes it’s a equal exchange.

When Congress spends, however, it usually buys real goods and services, and not securities and other financial assets. So when the exchange takes place, Congress gets the real goods and services, which are not financial assets, and the economy gets dollar balances at the Fed, which are financial assets. So spending by Congress adds financial assets to the economy, to the penny, making it very different from what the Fed does.

And note that when the economy buys Treasury securities, all that happens is that the dollar balances the economy has at the Fed in what are called ‘reserve accounts’ get move to dollar balances in what are called ‘securities accounts’ at the Fed. Dollars in securities accounts and reserve accounts are all dollar financial assets. So shifting back and forth doesn’t change the dollar nominal wealth of the economy.

Well, let’s start with a little off track rumor and innuendo as the race itself promises to be incredibly boring unless you care about who finishes 6th for the season.

The first tidbit is that Bahrain is back on the calender, HIS Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Deputy Supreme Commander and Bahrain Motor Federation Honorary President expressed confidence yesterday which title in and of itself tells you what a tinpot dictatorship Bahrain is.  Bernie will feel right at home.

In other news there may or may not be racing at the new ‘Circuit of the Americas’ track in Austin Texas, the $300 Million Boondoggle Rick Perry is financing by firing teachers ensuring that Texas schoolchildren will be even more ignorant due to class overcrowding than their Confederate Christianist textbooks already make them.

You see, Bernie doesn’t need Rick so much now that he has Chris Christie in his pocket.  Who wants to swelter when you can watch from your Wall Street Fat Cat Corporate Shelter?  Not only are the commute times from the Hamptons shorter, but the food is better unless you like Tex-Mex which you can get from Bobby Flay anyway.

If that seems a lot of races, not to worry.  Ecclestone will probably dump Yeongam for having the temerity to try and renegotiate their contract.

Miscellaneous AFP stories- Rosberg signs with Mercedes, Schumacher plays coy (that’s an ornamental carp to you), Hamilton goes zen, and a season recap.

Now some racing related stuff.  Finally found a source for the compounds they’ll be using today.  Mediums and Softs, not the Super Softs the commentators were saying.  Do these guys get anything right ever?  There will only be 2 pits tops and there’s just not a lot of speed differential between the compounds.

It’s a twi-night race which will create visibility challenges as the sun sets.  When the track cools the engines will develop more power and the tires less grip which could make things more slippery except that it’s a very fast track with few turns.  Teams are running their low downforce configurations and there are 2 DRS zones, but don’t expect a lot of passing because they won’t have to slow down much (creating opportunities).

The Cosworth engines that the Williams are running are flat worn out.  Maldonado has already had to accept a 10 grid spot penalty for using a 9th and Barrichello is saving his last fresh for his home race at Interlagos.  Only 2 teams will be using Cosworths next year.

Teams attempting to emulate the Red Bull ‘Wiggle Wing’ are experiencing aerodynamic inbalances that cause them to oscillate and hit the track at the ends of the 2 long straights.  If that’s your cup of tea then I recomment the Razor Spark.

Hamilton had fastest Practice this morning, which really doesn’t make up for his disappointing Qualifying performance.  If you hurry you can still make book on his having a collision with Massa.

• F1: Yas Marina Qualifying
• Formula One Official Site
• Speed Racecast

Speed will be broadcasting the exhibition GP2 All-Star race starting at 6 am.  Re-broadcast of the main event at 4 pm.

Pretty meaningless tables below.

Well, there are a couple of different threads going on in the world of Bernie Ecclestone and Formula One (which Bernie works very hard to make the same thing).

Just two days ago Bernie was in Munich testifying in the Gribkowsky Case.  Bernie’s story is that his $44 Million payment wasn’t a bribe to ensure that Gribkowsky sold the interests of the Kirsh Group at a loss so that it wouldn’t trigger the profit sharing agreements, INSTEAD it was extortion money given Gribkowsky so he wouldn’t testify that Ecclestone’s (then) wife’s $8 Billion Trust Fund was in fact under Bernie’s control, allowing him to evade $3.2 Billion in taxes and penalties (here and here also).

You see, that makes it so much better.

Like James Murdoch however, Bernie still faces contradiction under oath from a lawyer associated with Bambino Trust and other Formula One related entities, Stephen Mullins; but we’ll get back to Jimmy-boy later.

2012 is the last year teams will be racing under the current extension of the Concorde Agreement between the Formula One Teams Association, CVC, and the FIA and Scuderia Marlboro UPC and McLaren at least (just the current 2nd and 3rd most powerful teams this season and 1st and 2nd historically).  Just as he did in 2005, Bernie seems poised to give Maranello an exclusive bribe to stay loyal, this time $100 Million in ‘chump change’.  FOTA canceled a scheduled meeting this weekend.

Still, Ecclestone is under increasing pressure, summarized in this extensive Bloomberg article–

Rupert Murdoch’s News Corp. and the Agnelli family’s Exor SpA want to buy the 63.4 percent of Formula One owned by London- based buyout firm CVC Capital Partners Ltd. through its Jersey, Channel Islands-based holding company Delta Topco Ltd.

The would-be buyers are pushing ahead despite News Corp.’s run-ins with U.K. authorities over a phone-hacking scandal involving one of its newspapers, according to two people with knowledge of the situation.

Bernie’s continued control is complicated by the fact that he only owns a 5.3% direct stake while 15% is owned by his ex-wife’s Bambino Trust.

The Bloomberg piece also reports this incident-

It was 10 a.m. on a June day in 2005 as fans filed into their seats for the U.S. Grand Prix. Two days earlier, a Michelin & Cie.-made tire on Toyota team driver Ralf Schumacher’s car had burst on turn 13 and the auto smashed into a wall at 175 miles per hour, Bloomberg Markets magazine reports in its December issue.

The tiremaker said it couldn’t rule out more accidents.

As the managers gathered around, Ecclestone called Max Mosley, president of Formula One’s ruling body, the Federation Internationale de l’Automobile (FIA), at home in Monaco in a last-minute attempt to persuade him to alter the racetrack layout so the grand prix could proceed smoothly.

Mosley was unmoved, according to Paul Stoddart, then owner of the now-defunct Minardi team, who was in the trailer. He wouldn’t change the rules.

With the 1 p.m. start nearing, the crowd swelling toward 120,000 and a public relations disaster looming, Ecclestone lost his temper and swore at Mosley, by Stoddart’s account. As if on cue, irate fans hurled beer cans onto the racetrack after 14 of the 20 cars withdrew from the race.

…

For his part, Ecclestone now says Mosley was “probably right” to stop the race because the FIA president could have faced a murder charge if another crash on the same turn caused a fatality.

Nice guy eh?  Mosley’s intervention was probably the only thing that prevented a Dan Wheldon incident.

Max, for all his reported goose stepping sado-masochistic sex romps, had a relatively good week; winning a $51,000 verdict against News of the World and Nigel Thurlbeck for invasion of privacy, while James Murdoch sat before a Parliamentary inquiry again-

Murdoch’s Former Allies Deliver a Counterpunch

By RAVI SOMAIYA, The New York Times

Published: November 11, 2011

The two men had presented a united front with Mr. Murdoch through years of scrutiny since the scandal surfaced in 2006. But that cracked after Mr. Murdoch’s first round of testimony, in July, as the panel tried to determine how long he had known of potentially rampant hacking at The News of the World, now defunct.

Any remaining bonds between them shattered after Mr. Murdoch’s second round, on Thursday. In both appearances before the parliamentary committee, he was asked sharp questions about clear evidence of broader hacking that circulated among his executives in 2008. Mr. Murdoch sought to deflect the panel’s focus from himself and toward Mr. Myler and Mr. Crone.

After the first round, the two men released a statement rejecting Mr. Murdoch’s testimony that they had not informed him of evidence suggesting more widespread hacking: an e-mail that indicated more than one reporter at The News of the World had used information from hacked voicemail messages for stories. On Thursday, after Mr. Murdoch said their statements were “inconsistent and not right” and “misleading,” the rejoinder was swift.

“It is regrettable,” Mr. Crone counterpunched in a statement, “but I can perfectly understand why James Murdoch felt the need to discredit Colin Myler and myself. The simple truth is that he was told by us in 2008 about the damning e-mail and what it meant in terms of wider News of the World involvement.” He concluded: “At best, his evidence on this matter was disingenuous.” Mr. Myler, too, said he stood by his account.

Oh, you want to know about racing.  Why?  The Scuderia Marlboro fanboys won’t even tell you what compounds we are using this week so obsessed are they with the fascinating duel for 6th place in the Constructor’s Championship (the only position still contested) where a mere 10 points separate the 3 contenders.

Yas Marina is the penultimate race this season which is already over for all intents and purposes.

Developments, surprising or not, below.