Archive for the ‘Financial Meltdown’ Category

Victoria Grant, 12, Explains How “The Banks And The Government Have Colluded To Financially Enslave The People Of Canada”

Wednesday, May 16th, 2012

Ohhhh, she memorized that speech, you say? Every child should memorize her speech, The Mayor says.

The Financial Crisis Explained In One Picture

Monday, April 9th, 2012

The current financial crisis is forcing government and local agencies to make some tough decisions. If things continue for much longer, there is a real risk that we may have to lay off Jose.

**Text and pic sent to The Mayor via electronic letter

Dar She Blows!

Monday, August 8th, 2011

What you are looking at is not the approval rating of Barack Obama since 2009, but rather it’s the Dow Jones charted from the last five days. The Mayor would not walk down a flight of stairs that steep. Last week the Dow lost 500 points in a single day, and it was called by the *experts* a “buying opportunity.” Today the Dow is off by more than 600 points, stocks must now be considered a “steal.”

Sit back and enjoy the show, folks, the runaway train has not run out of steam yet. Let the jumping off of buildings commence.

Inflation – It’s Kicking Your Door In

Friday, May 20th, 2011
Cash Prices Food Commodities
(Prices for actual physical commodiities, not futures)
  5/11/11 Year Ago Change
Grains and feeds      
Barley, top-quality Mnpls; $ per 6.2 3.15 + 96.8%
Bran, wheat middlings, Kn. City; $ per ton 178 43 +314.0%
Corn, No. 2 yellow. Cent. Ill. 6.605 3.48 +89.8%
Corn gluten feed, Midwest, ton 150.42 51.59 +191.6%
Cottonseed meal, ton 268 175 +53.1%
Hominy feed, Cent. Ill. Ton 205 77 +166.2%
Meat-bonemeal, 50% pro Mnpls ton 440 280 +57.1%
Oats, No. 2 milling, Mnpls; $ per 3.42 1.955 +74.9%
Sorghum, (Milo) No. 2 Gulf cwt 11.275 6.76 +66.8%
Soybean Meal, Cent. Ill., rail, ton 48% 335.6 291.9 +15.0%
Soybeans, No. 1 yellow Illinois 13.14 9.37 +40.2%
Wheat, Spring 14%-pro Mnpls; $ 9 4.4225 +103.5%
Wheat, No. 2 soft red, St.Louis, shel 7.72 4.81 +60.5%
Wheat, hard, KC 7.575 4.025 +88.2%
Wheat, No. 1 soft white, del Portland, Ore 12.1025 6.2825 +92.6%
       
Foods      
Beef choice 1-3,600-900 lbs. 166.68 154.05 +8.2%
Beef select 1-3,600-900 lbs. 160.27 150.17 +6.7%
Broilers, dressed ‘A’; per lb. 0.865 0.865 0.0%
Broilers, 12-city comp weighted avg 0.8458 0.8527 -0.8%
Butter, AA Chicago, lb. 2.05 1.605 +27.7%
Cheddar cheese, barrels, Chicago lb. 165.25 140.75 +17.4%
Milk, Nonfat dry, Chicago 164 130 +26.2%
Cocoa, Ivory Coast, $ per metric ton 3637 3566 +2.0%
Coffee, Brazilian, Comp. 2.7637 1.2962 +113.2%
Coffee, Colombian, NY lb. 3.0974 2.0139 +53.8%
Eggs, large white, Chicago dozen 0.885 0.595 +48.7%
Flour, hard winter Kansas City cwt 22.55 13.7 +64.6%
Hogs, Iowa-South Minnesota avg. cwt 88.04 82.49 +6.7%
Pork loins, 13-19 lbs, Mid-US lb 1.415 1.54 -8.1%
Steers, feeder, Oklahoma City, avg cwt 142.13 128.19 +10.9%
Sugar, cane, raw, world, lb. fob 26.31 19.54 +34.6%
Data Source: Wall Steet Jounal Market Data Center

**Chart courtesy of The Market Oracle

If you listen to the central banks, the press, or any western government (many times the three are interchangeable), you will hear that inflation is tame and under control. Inflation poses no threat. Now go and buy an IPad. But looking at the chart above, you have to think to yourself, who am I going to believe, the gov’t/banks/msm or my empty wallet and my lying eyes?

 The chart above only conveys food inflation, but regular readers of Mitchieville will remember a few charts The Mayor put up not long ago showing the huge increases in other commodities such as cotton, gold, oil, etc. Inflation isn’t politely knocking at your door any more, it has already booted it in.

Never mind the factors contributing to inflation, anyone paying attention already knows the factors. Things aren’t going to get better any time soon, it’s just the opposite. Not all the above increases have filtered through the system yet, but they’re coming and they’re coming fast. We’ve already noticed smaller packaging, and now we’re in for a bout of rapidly increasing prices. There’s nothing anyone can do, it’s already a done deal.

It’s time to protect yourself and your family. The Mayor isn’t talking about buying guns and tons of ammo and moving to northern Manitoba (although that’s not a bad idea), he’s talking about getting a hedge on inflation. And that means stockpiling. Stockpile everything of value. Stockpile wheat, coffee, sugar, oats, flour, everything you can get your hands on. That bag of flour you saw yesterday for $9.99? Buy 10 bags of the stuff. Or 20. Put it away and shut your gob. Done.

If you had enough of the essentials to last you 2 or 3 years, you’ll be well ahead of the game.

That’s all you can really do to combat food inflation, and the same goes for clothing inflation. Get your house in order now.

Put it this way, Bill Simon, President of Walmart, said last week that a massive bout of inflation is headed our way, and Walmart’s business is in the crapper because even the po folk who shop at Wally every month have cut back dramatically. If you don’t listen and understand those words, have a nice time eating your hat, The Mayor hopes it’s delicious.

Why bother?

Sunday, May 15th, 2011

Why, indeed. If you have ever dragged yourself through the bloody history of mankind you may have asked yourself why civilization X or empire Y has risen to lofty heights. Of course, we are no longer in the dark, underfunded times of the dead white males, and instead in the time of light, when the women and slaves run things. They have been busy rewriting history, but there is so much of it that these, our new rulers, have not had the time to set aside from African dance and going goo goo over Whoopi Goldbergs’ glowing endorsement of a different brand of tampon to quite finish taking the tar brush to the Luna marble of the past.

The glorious Tang dynasty. It rose, it produced culture, then it fell. Cultures rise and fall. Check out the Old, Middle, and New Kingdoms of Egypt; each punctuated with ‘intermediate periods’. Cultures rise and fall. With hindsight, we can point at things like technology (gunpowder, longboats, compasses, crossbows, howitzers, or helicopter gunships), like disasters (clouds of volcanic ash, tsunami, reactor cook offs). You should choke back your bile and face the fact that you just might be living in the high point of the Tang period, and that the pathway ahead is not up, but down.

A time when fathers bury their sons. Such a sad image. But the real question is, what did the fathers screw up so much that their sons failed, and died? Was Dad a baby boomer? Smoke too much pot to be a viable male role model? Was Dad his friend, not his father? Dad was off getting an abortion for his dusky mistress instead of teaching the kid how to check in hockey? Now the kid is dead. Such a sad image. But, something you could see coming. Maybe you opened your yap about it, but got slapped down? Hmmm. And you will feel conflicted at the funeral. Dad all weepy with his queer friends from work; all using a bankable funeral day before the six weeks of paid mourning. The mistresses are there; Mom is back from Cuba (there might be a scene between Mom and Mistress Number 3, as they were once lesbian lovers). Such is the present day experiences of those that live in the declining period of civilizations. And just because you can see the way to keep the rise on the rise does not mean that those around you do as well. And if they do not, in sufficient numbers, it means you are in the decline of the Tang, and not the rise. Horde your tea pots. Cherish the crockery; the Mongols are going to break it for sport.

Too many around me still believe in Global Warming. These are people that think Honorius would be a better leader than Stilicho. Power plants provide power; roads are for armies, and those armies need engineers, not social workers. Or does the gang at work see differently? More moths, and toads, less plutonium, and no sawdust? This majority opinion is the viewpoint of a declining civilization. You are not them; and they are the living dead. You will weep as the hippie fathers bury their sons; the sons who held their fire because they saw too many episodes of the Beachcombers, and not enough of Combat!; the daughters raped and butchered by the human looking apes that looked so sexy in the music videos. And do not kid yourself that the generation that started the decline of the Tang dynasty would not sacrifice their children to protect their pensions, when they sacrificed the country of their parents and grandparents for those very pensions. And do not think that their eunuch children will not be vengeful and cruel at being sold into slavery. The generation that brings the fall of the Tang will find fingers at their throat, and those fingers will be those of their eunuchs. Such a sad image. Such an experience. Better to watch than to share.

Maybe you prefer the spiritual to the logical. Incense to Thomas Paine. The tinkle of the wind chime to the cash register. Your spiritual advisors, your models, what are they? Do you not think that those around you who decorate their back yards with Aztec corn goddesses should look at the iceberg beneath? What of Xipe Totec? So cute, those corn dolls. But with the corn doll comes smoky mirror. Are they followers of astrology? Healing and comfort and stuff? They open the door to gentle transits of Venus, and talk of the Sun in exaltation; when they are also letting in Mars the War God, Saturn not so jolly, and the Moon goddess known as the Destroyer of Cities? Ho ho ho. Even the feel good religions of the doomed generation of the fall of Tang speak of self-delusion and a bloody end.

History repeats itself. Yes, it would be better to be cheering Trajan on his return from Dacia, but it might just be your lot to be cheering Elgabalus. Those cheering around you: they are marked for sport for some known and documented evil: spitting up blood with the plague, spilt brains from some hip hop barbarian, or wasting skeletons from a diet of tofu and peanut and nutrition free state mush. I have no comforting words other than I hope those you care for are awake and aware and more likely to survive; in the times of the decline, this is the way it is. So, why bother to do anything but what worked before?

The Top Ten Financial Links Of The Day

Thursday, April 14th, 2011

Tech EyeTechEye has heard that Nokia is going to fire up to 6,000 people as soon as next week. 

Toledo Blade -Monroe Public Schools officials gave unanimous approval Tuesday night to sending pink slips to the district’s entire staff of teachers, principals, and other administrators.  The notice of the layoffs to 343 teachers and 19 administrators was done to comply with union contracts that require providing 60-day notices to employees that they could lose their jobs.

Zero Hedge – The BLS beat the expectations game continues. While this week’s number of people filing initial cliams surged to 410K, blowing out expectations of 380K, it is once again the prior revision that shows the true nature of the BLS. As we said last week when claims printed at 382K, better than expectations: “last week’s 388K was revised up to 392K, declining to 382K below expectations of 385K, which in tried BLS fashion will certainly be revised next week so that the actual number will have been a miss but by then nobody will care.” Sure enough: last week’s number was revised… to 385K, meaning there was no beat. Obviously this week’s number will be revised higher next week. As usual. Looking at continuing claims we see the same thing: the prior number was revised from 3,723K to 3,738K, meaning the drop to this week’s 3,680K was better than expected. Lastly from the BLS, people claiming EUCs and Extended Benefits increased by about 40K in the week ended March 26

Bay Citizen - The number notices of mortgage default in California rose in March to their highest level since October 2010, up 17.3 percent since the previous month to 26,615 filings, according to a report released Tuesday by the website ForeclosureRadar.com.

Bloomberg - Last week the Federal Reserve bravely released 894 PDF files containing 29,346 pages that detailed its heroic actions during the financial crisis.

These documents revealed how open-minded the Fed can be when it needs to be. Local governments in Belgium, Japanese fishing cooperatives, the Libyan government and many other unlikely parties received the Fed’s financial aid. Failing U.S. banks, such as Citigroup and Morgan Stanley (MS), were of course handed whatever they wanted, and permitted to post as collateral pretty much anything they could get their hands on: junk bonds, defaulted debt, volatile equities.

To naive critics this came as just more evidence that the Fed had mistaken the wants of a handful of rich people for the needs of the wider society.

Pajamas Media – Dick Durban wants to tax internet shopping

Right Wing News – 5 things that will happen to you when America goes bankrupt

International Liberty – Responding to widespread criticism of his AWOL status on the budget fight, President Obama today unveiled a fiscal plan. It already is being criticized for its class warfare approach to tax policy, but the most disturbing feature may be a provision that punishes the American people with higher taxes if politicians overspend

NY Post - Early this month Labor reported that 216,000 new jobs were created in March. It was better than Wall Street expected. But the figure included 117,000 jobs that the department thinks, but can’t prove, were created by newly formed companies that might not even exist. In fact, the department is getting so optimistic about the labor market that it increased this imaginary job count from just 81,000 in March, 2010.

The Pelican Post - NEW ORLEANS, La. – An amendment that would mandate state approval of federal debt has achieved a major milestone towards ratification. On Thursday, North Dakota became the first state legislature to approve a convention for ratification of the National Debt Relief Amendment.

US New Home Sales – Not

Wednesday, March 23rd, 2011

Purchases of new homes in the US declined to the lowest level EVER in February, and house prices dropped to the lowest level in over eight years. You know what that means, don’t you? The DOW will be in the green to the tune of 150 points today:

Sales decreased 16.9 percent to a 250,000 annual pace, figures from the Commerce Department showed today in Washington. Economists surveyed by Bloomberg News projected a gain to a 290,000 rate, according to the median estimate. The median price fell 8.9 percent from the same month in 2010.

The article goes on to explain that the housing market continues to blow and suck while the rest of the economy improves. Which isn’t happening either.

The Mayor would love to you that everything is roses and sunshine and that a smiling group of purple unicorns happened upon my kitchen window this morning and I fed them a plate of whole grains and a large bowl of fair trade milk. But most of that didn’t happen, those unicorns weren’t smiling at all.

Lies of that magnitude are reserved for the vermin that infest the airways on a daily basis telling us the economy is booming, the stock market is indicative of said booming economy, and they are always “shocked” when news like today’s housing numbers come in. They are “shocked” every month, month after month after month after month after month after month after month after month.

One of the many grim statistics about the housing market is that 10% of all “homeowners” are in foreclosure. Meaning, every 10 houses you drive by there is 1 family not paying their mortgage. They are mortgage free in a sense. Couple that with the glut of housing on the market  - YEARS worth – of gluttage,  as well as unemployment that’s around the 20% mark, and yet the experts are “shocked” that sales decreased. Shocked!

The Mayor isn’t shocked at all, then again, I’m not an expert.

The Top 10 Financial Links Of The Day

Monday, March 14th, 2011

Tax Prof – There is increasing recognition in Washington that the U.S. corporate tax rate is out of step with the lower tax rates of most industrialized and emerging nations. Indeed, 2011 marks the 20th year in which the U.S. statutory tax rate has been above the simple average of non-U.S. countries in the Organization for Economic Cooperation and Development (OECD).

Yahoo Finance – The Dow’s Plunge: Should You Be Worried?

Truth on the Market – The SEC’s shrinking credibility

Daily Caller - This week, Michael Moore offered a simple and elegant solution to our debt problem. Calling the assets of wealthy Americans a “national resource,” he suggested our problems would all be solved if we could just have access to all that money..

WSJ – A European’s Warning to America

Paid Content – In January, Disney (NYSE: DIS) Interactive Media Group quietly laid off around 200 staffers on the video games side following a review by new Co-President John Pleasants. Today, it’s Jimmy Pitaro’s turn, paidContent has learned, with nearly 80 employees on the online side losing their jobs. DIMG had nearly 4,000 employees at the beginning of 2011; the two rounds combined mean a loss of seven percent.

FDIC – Two more banks bit the dust last Friday

The Market Ticker – AnonLeaks: Bank Of America Accused of Large-Scale Scam

Whiskey & Gunpowder - Before the mid 1950s, there was no “retirement” as we use the term today. A 1950 poll showed most workers aspired to work for as long as possible. Quitting was for the disabled. Life did not offer “twilight years,” two decades of uninterrupted leisure courtesy of the U.S. taxpayer. Just since 1960, the percentage of men over 65 still working has dropped by half. And the average retirement age keeps falling. It’s down to 62, which gives the average man 18 years to be retired in its current meaning. It is not unusual to see people ending their careers in their mid-fifties.

Mercury News - For decades, the prosperous Peninsula has been a landing spot for young families looking for good schools and safe neighborhoods, and professionals looking for a shorter commute to Silicon Valley and San Francisco. When new housing was built in San Mateo County, it was often snapped up in a heartbeat despite some of the highest price tags in the nation.

But for the time being, at least, that’s no longer the case. The 2010 U.S. Census report released last week shows that San Mateo County added just 10,453 housing units in the past decade, and two-thirds of the extra homes are empty. That was a far cry from the booming ’90s and earlier decades, when man-made communities such as Foster City quickly sprung up, and others expanded with ease.

Nevertheless, the housing proposals keep coming — including three major projects that would add up to 17,600 homes across 2,200 acres,

When adding in several smaller proposals around the county, the amount of planned housing units likely surpasses 20,000. Yet only 2,700 households moved into the county in the past 10 years.

**Thanks to J.M. Heinrichs for his linkages

The Top 10 Financial Links Of The Day

Monday, February 28th, 2011

La Canada Flintridge Patch – Jet Propulsion Laboratory may lay off up to 250 people, a spokeswoman said Thursday, adding they’re not sure exactly how many cuts or which positions.

Market Watch – Market Crash 2011: It will hit by Christmas

Zero Hedge – As we had been expecting, Q4 data once again continues to take downward revisions. Second revision of Q4 GDP prints at 2.8%, widely missing of 3.3% widely, compared to a 3.2% reading previously. US Personal Consumption came at 4.1% on expectation of 4.2% (Prev. 4.4%). Core PCE was 0.5%, on expectation of 0.4%. The attempt at getting the consumer to releverage, at least according to the BEA, is working: personal outlays increased from $10,736.3 to $10,883.2 resulting in a decline to savings of $55 billion. And still the economy refuses to either generate jobs to keep up with the rate of population growth, or to grow at the required rate of 4-5% nearly 2 years following the “end” of a recession. Make room for QE3.

The Market Ticker – GDP: revised down (again)

Gizmodo – TSA harasses 9 year old boy and other passengers AFTER their trip

Yahoo Finance – Troubled banks rise to highest level in 18 years

Business Insider – Moms know what Teh Bernank doesn’t: inflation is here

Projo – PROVIDENCE — The school district plans to send out dismissal notices to every one of its 1,926 teachers, an unprecedented move that has union leaders up in arms.

WRDW – News 12 has learned that Teleperformance USA will begin a reduction in force starting April 24 at theAugusta location on Wylds Road Extension. (247 jobs)

FDIC – Another bank bit the dust last week

**With thanks to J.M. Heinrichs

Austerity, Bitchez

Friday, February 25th, 2011

I know, austerity measures are only taking place in European nations, however, a quick (20 minute) search on the Google tells a different story of what is happening in the US. Keep in mind, the links supplied are from news articles that have been published within the last week.

Projo - PROVIDENCE — The school district plans to send out dismissal notices to every one of its 1,926 teachers, an unprecedented move that has union leaders up in arms. In a letter sent to all teachers Tuesday, Supt. Tom Brady wrote that the Providence School Board on Thursday will vote on a resolution to dismiss every teacher, effective the last day of school.

Lake County News – WAUKEGAN — The city’s financial crisis will ripple through Waukegan Public Library this spring, as officials plan to cut service hours by 22 percent and lay off five full-time employees.

Alabama’s 13 – Montgomery, AL (WVTM) — If the nearly four billion dollar education budget is fully funded or not, school districts across the state will lose jobs.  Some will be lost through retirement, others through layoffs but, the bottom lin, there could be up to 2-thousand fewer education jobs this August.

WPTV – PALM BEACH COUNTY, Fla. – Employee layoffs are almost surely coming in the Palm Beach County School District, even as its leaders are debating whether to give raises to teachers and others remaining on the payroll.

Cabinet – MILFORD – More teachers will likely receive pink slips by April 15 as the school district braces for looming state budget cuts.

KXAN – The Texas Department of Criminal Justice will lay off some 550 positions due to budget cuts mandated by Gov. Rick Perry because of the state’s budget shortfall.

Koin Local 6 – The Salem-Keizer School District is considering closing some small schools and cutting 400 teaching positions next year to offset a $55 million budget shortfall.

Record Net – Stockton Unified’s trustees voted late Tuesday to send layoff notices to nearly 500 employees, including 270 teachers, as the district braces for the possibility of slashing as much as $28.3 million from its 2011-12 budget.

The Day – Impending layoffs have Southeast Area Transit district (SEAT) drivers up in arms and ready to speak their minds at this afternoon’s Board of Director’s meeting in Preston.

Detroit Free Press - Blaming budget woes on a failed movie studio arrangement, the Allen Park City Council voted Tuesday night to issue layoff notices to its firefighters. The layoffs affect all 27 firefighters except for the chief, who is appointed.

Post Star – FORT ANN – School officials are considering budget cuts that will affect as many as 37 district employees.

Poughkeepsie Journal – Eliminating more than 57 jobs at Arlington schools next year will help contain the tax- levy increase to 4.4 percent while preserving the essential academic and extracurricular programs.

LaJolla Patch – To resolve an estimated $120 million budget deficit in next school year, the San Diego Unified School District determined more than 900 full-time teachers and certified instructor positions would need to be cut, according to a document posted online Feb. 18.

My Central JerseyMIDDLESEX COUNTY — The county’s proposed $405.4 million budget may call for up to 50 layoffs this year if payroll savings aren’t otherwise seen through retirements or other savings by this summer.

Daily Bulletin – The Chino Valley Unified school board on Thursday night approved temporary layoff notices for about 95 teachers as well as an elementary assistant principal, a special education coordinator and a program specialist.

NewsDay – Moving speedily after a court ruling, aides to Suffolk County Executive Steve Levy on Friday told the first of 242 workers at the John J. Foley Skilled Nursing Facility that they will be laid off as of Sunday and the others could start to go as soon as March 6.

OC Register – Capistrano Unified has proposed laying off up to 346 tenured educators this June in a worst-case budget scenario, an announcement that comes just a few weeks after the school district said it would spend $7.6 million to partially restore pay cuts for all employees.

**Okay, I actually stopped after 5 days because this was getting to be too much. I’ve left off literally dozens of other examples, but you get the idea. I hope.

What Inflation?

Monday, February 21st, 2011

Of Two Minds – You want inflation? Here’s how to get it.

Associated Content – Food, oil and the government’s printing presses to drive prices skyward

Reuters – Consumer prices, excluding volatile food and energy costs, rose at the quickest pace in 15 months in January, suggesting a long period of slowing inflation had run its course.

Yahoo Finance - Shoes, clothes, tires, plastics and other products all cost more at the wholesale level last month, putting pressure on businesses to pass the increases along to their customers. The hikes also give ammunition to critics who fear that the Federal Reserve’s bold steps to strengthen the economy have started to feed inflation and need to be reined in. Those critics include some Fed officials.

Yahoo Finance – Kraft Foods Inc., like many of its peers, is feeling some pricing pressure. The company reported Thursday that price increases it made to cope with higher ingredient costs are not going to be enough to sustain its profitability and it plans further hikes this year.

Forbes – America, poised for a hyperinflationary event?

Daily Finance – Why global food price inflation matters

Zero Hedge – A recently released report by the World Bank’s Food Price Watch confirms that rising agricultural products are sharply pushing up global food prices in lower-income nations (see “World food price uncertainty presents social risks,” in AsiaNews, 4 February 2011), especially among the poorest (where the poverty line is defined as US$ 1.25 per person per day).

Zero Hedge – Another look at inflation: cotton up 44% ytd

Gonzalo Lira – Inflation, hyperinflation & real estate

The Top Ten Financial Links Of The Day

Wednesday, February 9th, 2011

Mining Weekly – China’s central bank is being advised to increase its gold holdings nearly ten fold to a level greater than the world’s biggest bullion depository, the US’s Fort Knox.

Tax Prof – Taxes (as a % of the economy) are lowest in 60 years   **HT J.M. Heinrichs

The Automatic Earth – An unstable tower of breaking promises

Miami Herald - An Illinois company that purchased the aviation affiliate of the security company formerly known as Blackwater is shutting down the North Carolina operation. AAR Corp. has told state officials in a letter released Tuesday that some 260 employees will be impacted as it begins shifting the business to Melbourne, Fla.

Bloomberg – Media software and services company RealNetworks Inc. said Tuesday that it will cut 130 jobs — or 10 percent of its work force — though it will continue to hire in select, more lucrative areas.

The Market Ticker – Government exists ONLY with…

Housing WireMoody’s Analytics Chief Economist Mark Zandi released a report on the future of housing finance Tuesday arguing for a hybrid system where the private sector would fund the most mortgages but is guarded against catastrophe by the government.

National Review – Two California’s

The Daily Bell – Richard Maybury on the collapse of the Anglo-American empire and what it means for you

Infectious Greed – A new US embassy cable released by Wikileaks today showing U.S. doubts about Saudi oil supplies. While this is nothing new to anyone in the peak oil community, it will help force this issue to become more mainstream.