America 3.0

Quote of the Day

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Dale Franks, Vote Properly, You Virulent Racist!:

But let’s go even further. Even if you could prove that, on balance, free trade is an unquestionable economic benefit, people might still prefer to be measurably poorer if that’s the price that must be paid to maintain their traditional social and political cultures. (This has even more relevance in the case of the EU, because the EU actually has power. Imagine if NAFTA had an unelected Commission in Ottowa or Mexico City that could impose laws on the United States.) Perhaps people don’t regard their economic interests as important as their national or cultural interests. It doesn’t matter what elite opinion thinks the people’s most important interests are. In a democratic society, ultimately, it only matters what the people think they are. People get to determine their own priorities, and not have them dictated by elites. The people get to answer for themselves the question, “In what kind of country do I want to live?”
 
Of course, I would argue that we don’t have truly free trade or, increasingly, a free economy in the United States. The Progressives always look at the rising income inequality and maintain that it’s the inevitable result of capitalism. That’s hogwash, of course, and Proggies believe it because they’re dolts. But the problem in this country isn’t free trade—we have precious little of it—or unrestricted capitalism, since we have precious little of that as well. The issue behind rising income inequality isn’t capitalism, it’s cronyism. Income isn’t being redirected to the 1% because capitalism has failed, it’s happening because we abandoned capitalism in favor of the regulatory crony state and its de facto collusion between big business/banking interests and a government that directs capital to favored political clients, who become “too big to fail”. It doesn’t matter, for instance, whether the president is a Democrat or Republican, because we know the Treasury Secretary will be a former—and future—Goldman Sachs executive.

Franks’s post is very well thought through and ties together the main themes that appear to be driving US, British and European politics. It’s worth reading in full if you haven’t yet done so.

FBI Kills Rule of Law — Refuses to Indict Hillary Over Her E-mails

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FBI Director James Comey today in a Washington DC news conference confirmed what many have suspected.

The Rule of Law in America is now strictly a political football for those who are in power.

The FBI has refused to indict ex-Sec of State Hillary Clinton for multiple clear violations of Federal law by hosting an unsecured e-mail server with classified data off-site from the State Department.   A server that was know to have been hacked by most of America’s foreign enemies.

Gatewaypundit has many of the details here —

FBI Director Comey: We Found Hillary “Work Related” Emails That Were Not Turned Over to FBI – But Recommend NO CHARGES FIled

 

Quote of the Day (Brexit Edition)

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Richard Fernandez:

It should be obvious to the status quo that the crisis has arrived. Brexit, for all its drama, was a warning. The real collision is close ahead.
 
The basic demand is for a moderation, if not a reversal of the centralizing tendencies. It’s a brief for less immigration, less political correctness and less government.
 
Unfortunately conceding to these demands this is like reversing the Titanic. There’s so much momentum, it’s hard to stop. But they have to stop. The Iceberg looms ahead. All Brexit has done is give the warning.
 
From now on, the countdown begins. Can the elites turn the ship in time?

Jim Bennett’s New Book

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A Time For Audacity: New Options Beyond Europe

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As we approach tomorrow’s long-awaited referendum on continued UK membership in the European Union, James C. Bennett, author of The Anglosphere Challenge, co-author of America 3.0 and friend of this blog has a new short book out that deserves attention.

From the book’s Amazon page:

For Britons, Canadians, Australians, and New Zealanders, and their friends and allies, the time has come to consider an audacious option. It is time for many reasons. One is that each of you today faces a series of critical decisions about what and who you are and will be. Britain less than two years ago passed one such decision point, which is whether the historical British Union of the four nations would continue together. Although the option of full independence for Scotland was rejected, the question of how the four nations will work together, and in what sort of framework, has now been opened, and it is time for the options that this book will discuss to be part of that discussion.
 
Now, Britain is on the verge of making another decision threshold about another Union. Again, this is an issue where the answer appears obvious to an outsider, but seems to be a matter of great controversy within the UK. There may be valid reasons why Britain might not want to exit the European Union, but the lack of adequate alternatives for closer trade relations and partnership should not be one of them. Ironically, many of the arguments of advocates of British membership in the EU work better as an argument for the option presented in this work, a Union of the Commonwealth Realms.

You can read the rest and order the book (Kindle download only) here.

Frack-Log…ACTIVATED!

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In my two previous blog posts here and here I talked of a new extended flow oil fracking technique coming on-line that resulted in a lot of drilled uncompleted wells (DUC) and the population of such wells (~5,000). In the comment section of one of those columns I speculated that we have a top end on oil prices where “turn on a dime fracking” will cut in at a price point of $50 a barrel

We now have a “flaming datum” for that speculation, oil having just bumped -HARD- into the $50 a barrel roof for world oil prices. The 5,000 DUC Frack-log is being activated with — I strongly suspect — the new extended play oil fracking technique.

It is being reported in various places that the US rig count jumped from NINE RIGS in mid-May to 325 last week and there was no change from 325 rigs this week. That is a 36 fold increase in rig count in a week!!

Based on figures I’ve gotten from those in the industry, the range of production you can expect from those wells, depending on the geology, length of the laterals (6,000 to 8,000 feet) and the number of fracking stages (200′, 300′ or 400′) will result in initial barrel per day production of between 400 and 800 barrels a day per fracked well (with a very, very rare 1,300 barrel a day play from time to time). So we are looking at between 130,000 to 260,000 barrels a day of American oil fracking production arriving in the next few months.

Compared to Saudi production, 130,000 to 260,000 barrels of oil a day represents between 1.3% and 2.5% of the Saudis’ daily oil flow. The number of DUCs activated to provide that production amount to 6.5% of the frack-log. And all that for what amounts to Zero “CAPEX” (capital expenditure), plus the operating expenses of worker wages, the rental price for existing, out of service, oil fracking rigs, and oil tanker trucks to move product to rail heads or oil pipelines.

Now you know why the Saudis didn’t agree with OPEC oil production cutbacks this week. The Saudis maxing out their oil production is no longer about stopping American oil frackers. The Saudis’ long term regime survival strategy amounts to being the “Last Petro-State Standing.”

The Saudis — like everyone else inside the Big Oil economic paradigm — simply cannot compete with that sort of rapid to market, low cost & low risk oil. The Saudis’ highest priority now is to keep their customers as long as they can, because if they lose them they may never get them back.