Reported by DallasNews 53 seconds ago.
Authorities search for Washington woman who took 3-year-old son to North Texas against court order
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XBiotech, Inc: XBiotech Provides Update on Xilonix™ Phase III Programs in US and EU
AUSTIN, Texas, 2016-07-23 00:45 CEST (GLOBE NEWSWIRE) -- XBiotech Inc. (NASDAQ:XBIT), developer of next-generation True Human™ antibody therapies, said today that the Independent Data Monitoring Co...
Reported by FinanzNachrichten.de 14 hours ago.
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Tulane picks up commitment from Texas 2017 cornerback Jaylon Monroe
Monroe becomes the 10th commitment of 2017 for the Green Wave
Reported by nola.com 14 hours ago.
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Austin officers investigated for disturbing arrest video
Police in Austin, Texas, have released video of a black elementary school teacher being thrown to the ground by a white police officer. One of the officers later told her black people have "violent tendencies." David Begnaud reports.
Reported by CBS News 14 hours ago.
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Rangers making effort to acquire lefty Sale
The Texas Rangers are making a run at acquiring White Sox left-hander Chris Sale, MLB.com's T.R. Sullivan reports. According to Sullivan, there is no indication as to whether a deal will be struck, and Chicago will likely want infielder Jurickson Profar and/or Rangers No. 1 prospect Joey Gallo in exchange.
Reported by MLB.com 14 hours ago.
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Noah Goodwin, Min Woo Lee advance to US Junior Amateur final
OOLTEWAH, Tenn. (AP) " Noah Goodwin outlasted John Pak with a conceded eagle on the 20th hole Friday to advance to the U.S. Junior Amateur championship match.The 16-year-old Goodwin, from Corinth, Texas, will face Australia's Min...
Reported by New Zealand Herald 14 hours ago.
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Austin arrest video
Police in Austin, Texas, have released video of a black elementary school teacher being thrown to the ground by a white police officer. One of the officers later told her black people have "violent tendencies." David Begnaud reports.
Reported by CBS News 13 hours ago.
↧
Vancouver Whitecaps prep for rough-and-tumble games in Texas
Vancouver players get a few tips during fun-filled session with UFC fighters before heading south on important road trip
Reported by Globe and Mail 11 hours ago.
↧
Judge Rules Against U.S. Antidoping Agency Seeking to Depose Doctor
The United States Anti-Doping Agency was found to not have met requirements under Texas law to compel a deposition against a Houston endocrinologist who treated elite track athletes.
Reported by NYTimes.com 12 hours ago.
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↧
Raw video shows Austin officer take down school teacher
Police in Austin, Texas, released video of a black elementary school teacher being thrown to the ground by a white police officer. One of the officers later told her in another video that black people have "violent tendencies."
Reported by CBS News 12 hours ago.
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Ralph Nader: Open Letter To President Obama – Domestic Catastrophic Risk Demands Action Behind Talk
Dear President Obama:
As Senators, you and Joe Biden were leaders in highlighting the threat of America’s hazardous chemical plants – and in calling for solutions that included moving these facilities to inherently safer technologies. In 2006, you bluntly stated “these plants are stationary weapons of mass destruction spread all across the country.”
Unfortunately, three years after the West, Texas, ammonium nitrate explosion, after you spoke at a memorial service for the 15 deceased individuals, and after you issued an executive order demanding action, your EPA has released a proposed rule that does too little to require a shift to safer technologies.
That is outrageous, given the risk of more catastrophes by negligent accident, natural disaster, sabotage, or terrorism. Since the West, Texas tragedy, which federal investigators recently determined was deliberately set, there have been more than 430 chemical incidents and 82 deaths. The EPA has identified 466 U.S. chemical facilities that each put 100,000 or more people at risk.
In 2005, the Homeland Security Council estimated that a major attack on just one of these chemical facilities would kill 17,500 people and injure tens of thousands more. Many of the first victims would be plant workers and people in the low-income communities that often are located near these dangerous plants.
Numerous experts are urging the EPA to issue a rule that focuses on safer technologies, often called materials substitution. They include your former EPA head Lisa Jackson; President Bush’s EPA head, Governor Christine Todd Whitman; retired generals like Russel Honoré and Randy Manner; the U.S. Chemical Safety Board; and a broad coalition of environmental, community, and labor groups.
You know who the opposition is: avaricious corporate interests like the Koch brothers. They don’t want to pay to shift to safer materials and technologies, even though other companies like Clorox, which eliminated the use of chlorine gas in favor of a safer process for making bleach, have already made the switch and are thriving.
How would our country view a weak EPA rule if one day there was a chemical catastrophe that killed thousands of Americans? More than twenty thousand people died as the result of the 1984 gas leak at a plant in Bhopal, India, in addition to many serious disabling illnesses. A U.S. company, Union Carbide, owned the plant.
If the plant was in the United States, and 20,000 Americans died, would not our country already have responded to this problem? We can’t wait for such a tragedy to explode before we take action.
Communities where the most dangerous plants are located – from Newark to Detroit, Mississippi to California – cannot wait any longer. For the facilities that have converted, the result is reliable protection for employees and communities against catastrophic disasters, and at low cost. Wherever this can be done, it should be a requirement.
The proposed EPA rule does take an important first step by mandating that certain high-risk chemical plants conduct a safer technology and alternatives analysis (STAA) and feasibility assessment on the use of inherently safer technologies. Perhaps that is one reason why Republican congressman Mike Pompeo of Kansas, in whose district Koch Industries is located and who has taken extensive campaign contributions from company officials, is pushing legislation to prohibit the EPA from issuing any rule at all.
But the Administration should not simply resist this industry-backed amendment; it should dramatically improve the rule by:
1. Requiring all so-called “Risk Management Plan facilities” — those that use extremely hazardous substances and thus are required to develop a Risk Management Plan (RMP) — to assess safer alternatives to existing chemical processes. The inadequate proposed EPA rule exempts 87 percent of the some 12,500 Risk Management Plan chemical facilities from requirements to conduct a safer technology and alternatives analysis. The exempted facilities include, for example, water treatment plants, some of which put major cities at risk of a catastrophic release of chlorine gas.
2. Require all these especially hazardous RMP facilities to send their safer alternatives analyses (STAA) to the EPA and readily share the information with nearby communities and other interested parties, such as emergency responders, vendors of safer technologies, facility employees and contractors, and safety researchers.
3. Establish a publicly accessible clearinghouse of safer available alternatives that could encourage and support the adoption of safer alternatives by more facilities as soon as practicable.
4. Starting with the highest risk facilities, require chemical facilities to actually substitute safer alternatives to their industrial processes, wherever feasible, that will eliminate or significantly reduce the consequences of a catastrophic release. The coalition of community, worker and environmental groups that has engaged the EPA on these issues has recommended that EPA at the very least begin a pilot program to require inherently safer technologies to be implemented in a subset of RMP facility categories, such as waste water and drinking water treatment plants, bleach plants and hydrogen fluoride refineries, and for those facilities among the 2,000 high-risk facilities cited in the EPA’s National Enforcement Initiative proposal.
The people must demand your EPA issue a stronger rule that moves industry to proven safer technologies and protects the public in every endangered community.
Sincerely yours,
Ralph Nader
P.S. For a map of RMP facilities across the country, concerned citizens may visit https://preventchemicaldisasters.org/facility-maps/.
Citizens interested in contacting the EPA may do so by calling (202) 272-0167 or writing to:
Environmental Protection Agency
1200 Pennsylvania Avenue, N.W.
Washington, DC 20460 Reported by Eurasia Review 12 hours ago.
As Senators, you and Joe Biden were leaders in highlighting the threat of America’s hazardous chemical plants – and in calling for solutions that included moving these facilities to inherently safer technologies. In 2006, you bluntly stated “these plants are stationary weapons of mass destruction spread all across the country.”
Unfortunately, three years after the West, Texas, ammonium nitrate explosion, after you spoke at a memorial service for the 15 deceased individuals, and after you issued an executive order demanding action, your EPA has released a proposed rule that does too little to require a shift to safer technologies.
That is outrageous, given the risk of more catastrophes by negligent accident, natural disaster, sabotage, or terrorism. Since the West, Texas tragedy, which federal investigators recently determined was deliberately set, there have been more than 430 chemical incidents and 82 deaths. The EPA has identified 466 U.S. chemical facilities that each put 100,000 or more people at risk.
In 2005, the Homeland Security Council estimated that a major attack on just one of these chemical facilities would kill 17,500 people and injure tens of thousands more. Many of the first victims would be plant workers and people in the low-income communities that often are located near these dangerous plants.
Numerous experts are urging the EPA to issue a rule that focuses on safer technologies, often called materials substitution. They include your former EPA head Lisa Jackson; President Bush’s EPA head, Governor Christine Todd Whitman; retired generals like Russel Honoré and Randy Manner; the U.S. Chemical Safety Board; and a broad coalition of environmental, community, and labor groups.
You know who the opposition is: avaricious corporate interests like the Koch brothers. They don’t want to pay to shift to safer materials and technologies, even though other companies like Clorox, which eliminated the use of chlorine gas in favor of a safer process for making bleach, have already made the switch and are thriving.
How would our country view a weak EPA rule if one day there was a chemical catastrophe that killed thousands of Americans? More than twenty thousand people died as the result of the 1984 gas leak at a plant in Bhopal, India, in addition to many serious disabling illnesses. A U.S. company, Union Carbide, owned the plant.
If the plant was in the United States, and 20,000 Americans died, would not our country already have responded to this problem? We can’t wait for such a tragedy to explode before we take action.
Communities where the most dangerous plants are located – from Newark to Detroit, Mississippi to California – cannot wait any longer. For the facilities that have converted, the result is reliable protection for employees and communities against catastrophic disasters, and at low cost. Wherever this can be done, it should be a requirement.
The proposed EPA rule does take an important first step by mandating that certain high-risk chemical plants conduct a safer technology and alternatives analysis (STAA) and feasibility assessment on the use of inherently safer technologies. Perhaps that is one reason why Republican congressman Mike Pompeo of Kansas, in whose district Koch Industries is located and who has taken extensive campaign contributions from company officials, is pushing legislation to prohibit the EPA from issuing any rule at all.
But the Administration should not simply resist this industry-backed amendment; it should dramatically improve the rule by:
1. Requiring all so-called “Risk Management Plan facilities” — those that use extremely hazardous substances and thus are required to develop a Risk Management Plan (RMP) — to assess safer alternatives to existing chemical processes. The inadequate proposed EPA rule exempts 87 percent of the some 12,500 Risk Management Plan chemical facilities from requirements to conduct a safer technology and alternatives analysis. The exempted facilities include, for example, water treatment plants, some of which put major cities at risk of a catastrophic release of chlorine gas.
2. Require all these especially hazardous RMP facilities to send their safer alternatives analyses (STAA) to the EPA and readily share the information with nearby communities and other interested parties, such as emergency responders, vendors of safer technologies, facility employees and contractors, and safety researchers.
3. Establish a publicly accessible clearinghouse of safer available alternatives that could encourage and support the adoption of safer alternatives by more facilities as soon as practicable.
4. Starting with the highest risk facilities, require chemical facilities to actually substitute safer alternatives to their industrial processes, wherever feasible, that will eliminate or significantly reduce the consequences of a catastrophic release. The coalition of community, worker and environmental groups that has engaged the EPA on these issues has recommended that EPA at the very least begin a pilot program to require inherently safer technologies to be implemented in a subset of RMP facility categories, such as waste water and drinking water treatment plants, bleach plants and hydrogen fluoride refineries, and for those facilities among the 2,000 high-risk facilities cited in the EPA’s National Enforcement Initiative proposal.
The people must demand your EPA issue a stronger rule that moves industry to proven safer technologies and protects the public in every endangered community.
Sincerely yours,
Ralph Nader
P.S. For a map of RMP facilities across the country, concerned citizens may visit https://preventchemicaldisasters.org/facility-maps/.
Citizens interested in contacting the EPA may do so by calling (202) 272-0167 or writing to:
Environmental Protection Agency
1200 Pennsylvania Avenue, N.W.
Washington, DC 20460 Reported by Eurasia Review 12 hours ago.
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Dallas police job applications surge after fatal ambush attacks
DALLAS (Reuters) - The Dallas Police Department, which was struggling to recruit officers, has seen a surge in job applications after the ambush shooting this month that killed five officers and brought global attention to the Texas city, officials said on Friday.
Reported by Reuters India 10 hours ago.
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Victim Of Police Violence And Police Chief Agree On Her Arrest
Watch VideoOfficials in Austin are investigating a violent arrest, which stemmed from a traffic stop for speeding.The Austin Police Department released dashcam footage of the arrest of Breaion King, a Texas teacher. It shows an officer slamming King to the ground.
*SEE MORE: What You Can Do Right Now To Improve Policing In Your City*
The violent arrest isn't the only thing that concerns people.
"Let me ask you this: Why are so many people afraid of black people?" an officer asked King.
"That's what I want to figure out," King said.
"I can give you a really good idea why it might be that way," he said. "Violent tendencies."
The Austin police chief has rebuked the officer's behavior.
"For those that think life is perfect for people of color, I want you to listen to that conversation and tell me we don't have social issues in this nation," Chief Art Acevedo said in a press conference.
As for King — she sees this as a teaching moment.
"I wanted to understand the point of view the officer was coming from. What is it I need to do, what do we need to do as a community to make sure that we change these things in a positive way," King told KXAN.
This video includes clips from Austin Police Department, KXAN and Periscope / Austin Police Department. Reported by Newsy 9 hours ago.
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Duffy dominant as Royals beat Darvish, Rangers 3-1
KANSAS CITY, Mo. (AP) Danny Duffy scattered four hits while pitching into the seventh inning, the Royals scratched out three runs off the Rangers' Yu Darvish, and Kansas City beat Texas 3-1 on Friday night to open their three-game series.
Reported by FOX Sports 10 hours ago.
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THE SUBPRIME U.S. ECONOMY: Disintegrating Due To Subprime Auto, Housing, Bond & Energy Debt
By the *SRSrocco Report*,
The U.S. financial system continues to disintegrate even though most Americans hardly notice. The system is being gutted from the inside out... much the same way a chronic disease weakens a patient even before any symptoms are felt. However, we are already experiencing painful symptoms as U.S. economic indicators continue to weaken.
Here are just a few of the recent headlines:
Energy Giant Schlumberger Fires Another 8,000 As "Market Conditions Worsen" in Q2
The Financial System Is Breaking Down At An Unimaginable Pace
Potential Crisis Triggers Continue To Pile Up In 2016
Just In Time—–Big Wall Street Housing Investors Cashing-Out On Housing Bubble 2.0
Corporate Bond Defaults Hit Highest Rate Since Financial Crisis
These are just some of the recent headlines pointing to BIG TROUBLE AHEAD. *However, the U.S. financial system is in dire shape due to the SUBPRIMING of the entire economy. * Today, anyone can purchase a car for little or nothing down and finance it for 84 months. The U.S. housing market is also in the same predicament.
According to the article, Are We Heading for Another Housing Crisis?, published on May 12th this year:
While the economy and home prices have both rebounded, some people have expressed concern we are headed for a repeat housing bubble. *As of January 2016, home prices were rising at a rate twice that of inflation*, according to the S&P/Case-Shiller U.S. National Home Price Index.
What's more, *Fannie Mae and Freddie Mac have unveiled programs to allow first-time homebuyers to make a purchase with only 3 percent down*. Plus, some lenders are using alternate credit scores, which may make loans available to those who can't get one under conventional credit scoring methods.
So, here we are heading down the same path as we did prior to the 2008 U.S. Investment Banking and Housing collapse. However, this time around its both a Subprime Auto & Housing problem. But, that is just part of the Subprime mess.
As most of you already know, many of the world's sovereign bonds have negative yields. According to the article, The Financial System Is Breaking Down At An Unimaginable Pace:
In February 2015, the total amount of negative-yielding debt in the world was ‘only’ $3.6 trillion.
A year later in February 2016 it had nearly doubled to $7 trillion.
Now, just five months later, it has nearly doubled again to $13 trillion, up from $11.7 trillion just over two weeks ago.
Think about that: the total sum of negative-yielding debt in the world has increased in the last sixteen days alone by an amount that’s larger than the entire GDP of Russia.
*Just like subprime mortgage bonds from ten years ago, these bonds are also toxic securities, since many of are issued by bankrupt governments (like Japan).*
Instead of paying subprime home buyers to borrow money, investors are now paying subprime governments.
And just like the build-up to the 2008 subprime crisis, investors are snapping up today’s subprime bonds with frightening enthusiasm.
To see total world negative-yielding debt doubling to $13 trillion in just the past six months is a BLINKING RED LIGHT.
So, not only do we have Subprime Auto & Housing... we also have to include Subprime Govt Bonds. While U.S. Treasuries and bonds are not yet negative-yielding, I believe it is just a matter of time.
As we can see, the U.S. is now becoming a massive SUBPRIME ECONOMY. Unfortunately, it gets much worse. *The factor that most analysts have not yet factored into the subprime disaster is energy.*
I would like to remind my readers and new followers that it takes energy to run the Auto, Housing & Bond markets. Yes, it takes the burning of energy to allow the global bond markets to function. *Basically, Treasuries and Bonds are nothing more than claims on future economic activity.* My sympathy goes out to anyone holding onto 20-30 year bonds until maturity. I highly doubt these bonds will ever make it to maturity.
That being said, let's look at the catastrophe taking place in the U.S. Subprime Energy Industry.
*U.S. Shale Oil Companies Saddled With Debt Up To Their Eyeballs*
I discussed the big trouble with the U.S. Shale Energy Industry in my recent interview with Dan at Future Money Trends. If you haven't yet checked it out, I highly recommend it:
https://youtu.be/Zpxb2G_6oes
During the interview I spoke about the following chart below. These are some of the top U.S. Shale oil companies. I included Chevron, not because it is a large shale oil producer, but because it is one of the three major oil companies in the United States:
In 2006, these seven U.S. oil companies held $17.2 billion in combined long-term debt. However, by 2015... this ballooned to $72.1 billion. *Basically, their debt increased four times in a decade.* Now, the interesting thing to understand about this chart is that their long-term debt really started to increase in 2011. Why is this significant?
Because, the price of U.S. oil (West Texas Crude) was nearly $100 for 2011, 2012 and 2013. *Which means, the high oil price did nothing to help these companies pay down their debt. Rather, their long-term debt more than doubled in just the past four years*.
I hope anyone reading this will realize, SHALE OIL IS SUBPRIME ENERGY that really wasn't economic unless we had zero interest rates and monetary printing. Even though the U.S. Shale Oil Industry brought on a lot of oil in the past decade, they really didn't make any money... they just saddled their balance sheets with debt.
Let's take a look at the most recent data from the top four shale oil fields in the United States. According to the U.S. EIA Drilling Productivity Report released on July 18, the Bakken and Eagle Ford shale oil fields are estimated to suffer large declines in August:
The EIA forecasts that the Bakken and Eagle Ford will lose 80,000 barrels per day in just August. These are BIG NUMBERS. If we look at the actual production figures for the top four shale oil fields, here is the result:
*Oil production from the top four shale oil fields has declined 914,000 barrels per day (bd) since the peak in March 2015.* This translates to a 17% decline in oil production from these four fields in just 16 months. However, the impact on the U.S. economy is even worse when we look at the figures on a monthly and annual basis.
This next chart shows the combined loss of oil production from these top four shale oil fields based upon the minimum production from Nov 2014 to Nov 2015. Let me explain. In Nov 2014, these shale fields produced 5,027,000 bd, peaked in March 2015 at 5,304,000 bd and then fell back to 5,106,000 bd in Nov 2015. So between Nov 2014 & Nov 2015, these fields produced a minimum of 5,067,000 barrels per day.
In August, the Bakken, Eagle Ford, Niobrara & Permian oil fields will be producing approximately 4,390,000 barrels per day. This is a 676,000 barrel per day decline from the minimum production these four fields produced for a year during that Nov 2014-2015 time period.
The reason why I decided to do it this way is to show that these four fields produced at least 5,067,000 barrels per day for an entire year. To show the decline from the high peak is disingenuous because it was only for a brief one month period. *This means, these top four fields will lose 20.3 million barrels of oil in a month and a stunning 247 million barrels in a year:*
However, it will be much worse than this going forward as U.S. Shale oil production continues to decline. How bad will it be? Well, if these companies received $50 a barrel for oil, it turns out to be a loss of $13.7 billion in a year. But, as I stated, it will be worse as oil production continues to decline.
I published this chart in a previous article, but it's important to see again:
The U.S. Energy Sector is saddled with $370 billion in debt. * In 2015, the U.S. Energy Sector paid 48% of their operating profits just to pay the interest on their debt. This ballooned to 86% in Q1 2016 when the oil price fell to $33*. If the oil price remains between $40-$50, the U.S. Energy Sector will likely have to fork out 60-70% of its operating income just to service its debt in 2016.
And of course... IT'S EVEN WORSE THAN THAT... LOL. We must remember, for most of 2015, the top shale oil fields were producing 676,000 barrels per day more than they will be this year. Thus, they will have less revenues due to falling oil production.
So, the billion dollar question is this... how will the U.S. Energy Sector survive with low oil prices and falling production???
*Welcome to SUBPRIME USA.*
Unfortunately, the coming collapse of the U.S. economic and financial system will be orders of magnitude greater than what took place in 2008. Why? Because we just had a subprime housing market in 2008, whereas the entire U.S. economy today is SUBPRIME.... Subprime Auto, Housing, Bonds & Energy.
Lastly, while some precious metals investors have become a bit frustrated by the low gold and silver prices or the ongoing manipulation of the markets by the Fed and Central Banks, the current system is not sustainable. The doubling of world debt with negative yielding debt in the past six months is a bad sign indeed.
Owning physical gold and silver will provide a lot more options during the next economic and financial collapse than most of the paper assets 99% of the world is invested.
*IMPORTANT NOTICE:* Here is the link to register for the *SRSrocco Report Precious Metals Webinar taking place on Tuesday, August 2nd at 6 pm EST *- Eastern Standard Time:
*SIGNUP For SRSrocco Precious Metals Webinar*
Lastly, if you haven't checked out our new *PRECIOUS METALS INVESTING* section or our new *LOWEST COST PRECIOUS METALS STORAGE* page, I highly recommend you do.Check back for new articles and updates at the *SRSrocco Report*. Reported by Zero Hedge 9 hours ago.
The U.S. financial system continues to disintegrate even though most Americans hardly notice. The system is being gutted from the inside out... much the same way a chronic disease weakens a patient even before any symptoms are felt. However, we are already experiencing painful symptoms as U.S. economic indicators continue to weaken.
Here are just a few of the recent headlines:
Energy Giant Schlumberger Fires Another 8,000 As "Market Conditions Worsen" in Q2
The Financial System Is Breaking Down At An Unimaginable Pace
Potential Crisis Triggers Continue To Pile Up In 2016
Just In Time—–Big Wall Street Housing Investors Cashing-Out On Housing Bubble 2.0
Corporate Bond Defaults Hit Highest Rate Since Financial Crisis
These are just some of the recent headlines pointing to BIG TROUBLE AHEAD. *However, the U.S. financial system is in dire shape due to the SUBPRIMING of the entire economy. * Today, anyone can purchase a car for little or nothing down and finance it for 84 months. The U.S. housing market is also in the same predicament.
According to the article, Are We Heading for Another Housing Crisis?, published on May 12th this year:
While the economy and home prices have both rebounded, some people have expressed concern we are headed for a repeat housing bubble. *As of January 2016, home prices were rising at a rate twice that of inflation*, according to the S&P/Case-Shiller U.S. National Home Price Index.
What's more, *Fannie Mae and Freddie Mac have unveiled programs to allow first-time homebuyers to make a purchase with only 3 percent down*. Plus, some lenders are using alternate credit scores, which may make loans available to those who can't get one under conventional credit scoring methods.
So, here we are heading down the same path as we did prior to the 2008 U.S. Investment Banking and Housing collapse. However, this time around its both a Subprime Auto & Housing problem. But, that is just part of the Subprime mess.
As most of you already know, many of the world's sovereign bonds have negative yields. According to the article, The Financial System Is Breaking Down At An Unimaginable Pace:
In February 2015, the total amount of negative-yielding debt in the world was ‘only’ $3.6 trillion.
A year later in February 2016 it had nearly doubled to $7 trillion.
Now, just five months later, it has nearly doubled again to $13 trillion, up from $11.7 trillion just over two weeks ago.
Think about that: the total sum of negative-yielding debt in the world has increased in the last sixteen days alone by an amount that’s larger than the entire GDP of Russia.
*Just like subprime mortgage bonds from ten years ago, these bonds are also toxic securities, since many of are issued by bankrupt governments (like Japan).*
Instead of paying subprime home buyers to borrow money, investors are now paying subprime governments.
And just like the build-up to the 2008 subprime crisis, investors are snapping up today’s subprime bonds with frightening enthusiasm.
To see total world negative-yielding debt doubling to $13 trillion in just the past six months is a BLINKING RED LIGHT.
So, not only do we have Subprime Auto & Housing... we also have to include Subprime Govt Bonds. While U.S. Treasuries and bonds are not yet negative-yielding, I believe it is just a matter of time.
As we can see, the U.S. is now becoming a massive SUBPRIME ECONOMY. Unfortunately, it gets much worse. *The factor that most analysts have not yet factored into the subprime disaster is energy.*
I would like to remind my readers and new followers that it takes energy to run the Auto, Housing & Bond markets. Yes, it takes the burning of energy to allow the global bond markets to function. *Basically, Treasuries and Bonds are nothing more than claims on future economic activity.* My sympathy goes out to anyone holding onto 20-30 year bonds until maturity. I highly doubt these bonds will ever make it to maturity.
That being said, let's look at the catastrophe taking place in the U.S. Subprime Energy Industry.
*U.S. Shale Oil Companies Saddled With Debt Up To Their Eyeballs*
I discussed the big trouble with the U.S. Shale Energy Industry in my recent interview with Dan at Future Money Trends. If you haven't yet checked it out, I highly recommend it:
https://youtu.be/Zpxb2G_6oes
During the interview I spoke about the following chart below. These are some of the top U.S. Shale oil companies. I included Chevron, not because it is a large shale oil producer, but because it is one of the three major oil companies in the United States:
In 2006, these seven U.S. oil companies held $17.2 billion in combined long-term debt. However, by 2015... this ballooned to $72.1 billion. *Basically, their debt increased four times in a decade.* Now, the interesting thing to understand about this chart is that their long-term debt really started to increase in 2011. Why is this significant?
Because, the price of U.S. oil (West Texas Crude) was nearly $100 for 2011, 2012 and 2013. *Which means, the high oil price did nothing to help these companies pay down their debt. Rather, their long-term debt more than doubled in just the past four years*.
I hope anyone reading this will realize, SHALE OIL IS SUBPRIME ENERGY that really wasn't economic unless we had zero interest rates and monetary printing. Even though the U.S. Shale Oil Industry brought on a lot of oil in the past decade, they really didn't make any money... they just saddled their balance sheets with debt.
Let's take a look at the most recent data from the top four shale oil fields in the United States. According to the U.S. EIA Drilling Productivity Report released on July 18, the Bakken and Eagle Ford shale oil fields are estimated to suffer large declines in August:
The EIA forecasts that the Bakken and Eagle Ford will lose 80,000 barrels per day in just August. These are BIG NUMBERS. If we look at the actual production figures for the top four shale oil fields, here is the result:
*Oil production from the top four shale oil fields has declined 914,000 barrels per day (bd) since the peak in March 2015.* This translates to a 17% decline in oil production from these four fields in just 16 months. However, the impact on the U.S. economy is even worse when we look at the figures on a monthly and annual basis.
This next chart shows the combined loss of oil production from these top four shale oil fields based upon the minimum production from Nov 2014 to Nov 2015. Let me explain. In Nov 2014, these shale fields produced 5,027,000 bd, peaked in March 2015 at 5,304,000 bd and then fell back to 5,106,000 bd in Nov 2015. So between Nov 2014 & Nov 2015, these fields produced a minimum of 5,067,000 barrels per day.
In August, the Bakken, Eagle Ford, Niobrara & Permian oil fields will be producing approximately 4,390,000 barrels per day. This is a 676,000 barrel per day decline from the minimum production these four fields produced for a year during that Nov 2014-2015 time period.
The reason why I decided to do it this way is to show that these four fields produced at least 5,067,000 barrels per day for an entire year. To show the decline from the high peak is disingenuous because it was only for a brief one month period. *This means, these top four fields will lose 20.3 million barrels of oil in a month and a stunning 247 million barrels in a year:*
However, it will be much worse than this going forward as U.S. Shale oil production continues to decline. How bad will it be? Well, if these companies received $50 a barrel for oil, it turns out to be a loss of $13.7 billion in a year. But, as I stated, it will be worse as oil production continues to decline.
I published this chart in a previous article, but it's important to see again:
The U.S. Energy Sector is saddled with $370 billion in debt. * In 2015, the U.S. Energy Sector paid 48% of their operating profits just to pay the interest on their debt. This ballooned to 86% in Q1 2016 when the oil price fell to $33*. If the oil price remains between $40-$50, the U.S. Energy Sector will likely have to fork out 60-70% of its operating income just to service its debt in 2016.
And of course... IT'S EVEN WORSE THAN THAT... LOL. We must remember, for most of 2015, the top shale oil fields were producing 676,000 barrels per day more than they will be this year. Thus, they will have less revenues due to falling oil production.
So, the billion dollar question is this... how will the U.S. Energy Sector survive with low oil prices and falling production???
*Welcome to SUBPRIME USA.*
Unfortunately, the coming collapse of the U.S. economic and financial system will be orders of magnitude greater than what took place in 2008. Why? Because we just had a subprime housing market in 2008, whereas the entire U.S. economy today is SUBPRIME.... Subprime Auto, Housing, Bonds & Energy.
Lastly, while some precious metals investors have become a bit frustrated by the low gold and silver prices or the ongoing manipulation of the markets by the Fed and Central Banks, the current system is not sustainable. The doubling of world debt with negative yielding debt in the past six months is a bad sign indeed.
Owning physical gold and silver will provide a lot more options during the next economic and financial collapse than most of the paper assets 99% of the world is invested.
*IMPORTANT NOTICE:* Here is the link to register for the *SRSrocco Report Precious Metals Webinar taking place on Tuesday, August 2nd at 6 pm EST *- Eastern Standard Time:
*SIGNUP For SRSrocco Precious Metals Webinar*
Lastly, if you haven't checked out our new *PRECIOUS METALS INVESTING* section or our new *LOWEST COST PRECIOUS METALS STORAGE* page, I highly recommend you do.Check back for new articles and updates at the *SRSrocco Report*. Reported by Zero Hedge 9 hours ago.
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Duffy flusters Rangers as Royals strike early
Royals starter Danny Duffy held the Rangers to one run in 6 2/3 innings and won his fifth straight decision in a 3-1 victory on Friday night at Kauffman Stadium. First-place Texas has now lost 15 of its last 19 games.
Reported by MLB.com 9 hours ago.
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Friday's Games
*By The Canadian Press*
Friday's Games
CFL
Saskatchewan 30 Ottawa 29
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MLB
American League
Seattle 2 Toronto 1
Baltimore 5 Cleveland 1
Minnesota 2 Boston 1
Kansas City 3 Texas 1
Houston 2 L.A. Angels 1
Detroit 7 Chicago White Sox 5
Oakland 1 Tampa Bay 0 (13 innings)
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National League
Philadelphia 4 Pittsburgh 0
San Diego 5 Washington 3
Cincinnati 6 Arizona 2
N.Y. Mets 5 Miami 3
... // Read Full Article Reported by CJME 7 hours ago.
Friday's Games
CFL
Saskatchewan 30 Ottawa 29
---
MLB
American League
Seattle 2 Toronto 1
Baltimore 5 Cleveland 1
Minnesota 2 Boston 1
Kansas City 3 Texas 1
Houston 2 L.A. Angels 1
Detroit 7 Chicago White Sox 5
Oakland 1 Tampa Bay 0 (13 innings)
--
National League
Philadelphia 4 Pittsburgh 0
San Diego 5 Washington 3
Cincinnati 6 Arizona 2
N.Y. Mets 5 Miami 3
... // Read Full Article Reported by CJME 7 hours ago.
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TODAY'S MAJOR LEAGUE LEADERS
BATTING_Altuve, Houston, .358; Ortiz, Boston, .326; Bogaerts, Boston, .324; Trout, Anaheim, .317; Desmond, Texas, .316; Escobar, Anaheim, .316; Machado, Baltimore, .314; Betts, Boston, .307; Donaldson, Toronto, .307; Beltran, New...
Reported by New Zealand Herald 6 hours ago.
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Dignity Health Arizona General Hospital Emergency Room Opens in Surprise, Arizona
Celebrates Grand Opening with Donation to the Valley Vista High School Choir
Phoenix, AZ (PRWEB) July 23, 2016
Dignity Health opened its newest freestanding emergency room in Surprise, Arizona at 7am today. The new facility is licensed under Dignity Health Arizona General Hospital, which opened last year in the West Valley. To celebrate the grand opening, Dignity Health Arizona General Hospital Emergency Room – Surprise hosted a ribbon cutting and donated $5,000 to the Valley Vista High School Choir.
“On behalf of our entire team, we are pleased to be a part of the Surprise community and look forward to providing residents with access to high quality emergency medical care,” said Dr. Kurt Mayberry, MD, Facility Medical Director of the new Surprise facility.
The Dignity Health Arizona General Hospital Emergency Room is a full-service emergency room, licensed by the state, and open 24-7. The new facility is staffed by board-certified physicians, emergency trained registered nurses and radiology technologists, and equipped with a full radiology suite and an accredited laboratory. Additionally the new emergency room has full access to Dignity Health’s network of physicians and specialists.
The new Dignity Health Arizona General Hospital Emergency Room in Surprise is located at 14267 West Bell Road, Surprise, AZ 85374. For more information, visit http://www.azgeneraler.com/locations/surprise.
###
About Dignity Health, Arizona Service Area
Dignity Health in Arizona includes five outstanding hospitals – Chandler Regional Medical Center, Mercy Gilbert Medical Center, St. Joseph’s Hospital and Medical Center, which includes Barrow Neurological Institute, St. Joseph's Westgate Hospital and Arizona General Hospital. From this foundation, Dignity Health in Arizona has expanded into a comprehensive health care system, which includes imaging centers, clinics, specialty hospitals, urgent cares, insurance providers, an accountable care organization and other clinical partnerships. The Dignity Health Medical Group includes more than 40 practices and covers a wide range of specialties. Dignity Health in Arizona is part of Dignity Health, one of the nation’s largest health care systems. For more information, please visit http://www.dignityhealth.org/arizona.
About Adeptus Health Inc.
Adeptus Health Inc. (NYSE: ADPT) is a leading patient-centered healthcare organization expanding access to the highest quality emergency medical care through its network of freestanding emergency rooms and partnerships with premier healthcare providers. In Texas, Adeptus Health owns and operates First Choice Emergency Room, the nation's largest and oldest network of independent freestanding emergency rooms. In Colorado, in partnership with University of Colorado Health, Adeptus Health operates UCHealth Emergency Rooms. In Arizona, with Dignity Health, Adeptus Health owns and operates Dignity Health Arizona General Hospital and freestanding emergency rooms. In Louisiana, Adeptus Health has a partnership with Ochsner Health System, the state’s largest healthcare system, to improve access to emergency medical care. All Adeptus Health freestanding facilities are fully equipped emergency rooms with a complete radiology suite of diagnostic technology (CT scanner, ultrasound, and digital X-ray), on-site laboratory, and staffed with board-certified physicians and emergency trained registered nurses. According to patient feedback collected by Press Ganey Associates Inc., Adeptus Health provides the highest quality emergency medical care and received the 2013, 2014 and 2015 Press Ganey Guardian of Excellence Award for exceeding the 95th percentile in patient satisfaction nationwide. For more information please visit us on the web at adhc.com.
About Dignity Health Arizona General Hospital
Dignity Health Arizona General Hospital is a full-service healthcare facility, licensed by the state as a general hospital. Spanning 39,000-square-feet, the hospital has inpatient rooms, two state-of-the-art operating rooms - for inpatient and outpatient surgical procedures, an emergency department, a high-complexity laboratory and a full radiology suite offering the latest technologies. Furthermore, patients have full access to the Dignity Health area facilities and physicians, and the hospital provides Phoenix-area residents with 24/7 access to emergency medical care. Dignity Health Arizona General Hospital Emergency Room is a fully-equipped off-campus emergency department, located within the community to bring a greatly needed access point to emergency medical care. For more information, visit azgeneraler.com. Reported by PRWeb 6 hours ago.
Phoenix, AZ (PRWEB) July 23, 2016
Dignity Health opened its newest freestanding emergency room in Surprise, Arizona at 7am today. The new facility is licensed under Dignity Health Arizona General Hospital, which opened last year in the West Valley. To celebrate the grand opening, Dignity Health Arizona General Hospital Emergency Room – Surprise hosted a ribbon cutting and donated $5,000 to the Valley Vista High School Choir.
“On behalf of our entire team, we are pleased to be a part of the Surprise community and look forward to providing residents with access to high quality emergency medical care,” said Dr. Kurt Mayberry, MD, Facility Medical Director of the new Surprise facility.
The Dignity Health Arizona General Hospital Emergency Room is a full-service emergency room, licensed by the state, and open 24-7. The new facility is staffed by board-certified physicians, emergency trained registered nurses and radiology technologists, and equipped with a full radiology suite and an accredited laboratory. Additionally the new emergency room has full access to Dignity Health’s network of physicians and specialists.
The new Dignity Health Arizona General Hospital Emergency Room in Surprise is located at 14267 West Bell Road, Surprise, AZ 85374. For more information, visit http://www.azgeneraler.com/locations/surprise.
###
About Dignity Health, Arizona Service Area
Dignity Health in Arizona includes five outstanding hospitals – Chandler Regional Medical Center, Mercy Gilbert Medical Center, St. Joseph’s Hospital and Medical Center, which includes Barrow Neurological Institute, St. Joseph's Westgate Hospital and Arizona General Hospital. From this foundation, Dignity Health in Arizona has expanded into a comprehensive health care system, which includes imaging centers, clinics, specialty hospitals, urgent cares, insurance providers, an accountable care organization and other clinical partnerships. The Dignity Health Medical Group includes more than 40 practices and covers a wide range of specialties. Dignity Health in Arizona is part of Dignity Health, one of the nation’s largest health care systems. For more information, please visit http://www.dignityhealth.org/arizona.
About Adeptus Health Inc.
Adeptus Health Inc. (NYSE: ADPT) is a leading patient-centered healthcare organization expanding access to the highest quality emergency medical care through its network of freestanding emergency rooms and partnerships with premier healthcare providers. In Texas, Adeptus Health owns and operates First Choice Emergency Room, the nation's largest and oldest network of independent freestanding emergency rooms. In Colorado, in partnership with University of Colorado Health, Adeptus Health operates UCHealth Emergency Rooms. In Arizona, with Dignity Health, Adeptus Health owns and operates Dignity Health Arizona General Hospital and freestanding emergency rooms. In Louisiana, Adeptus Health has a partnership with Ochsner Health System, the state’s largest healthcare system, to improve access to emergency medical care. All Adeptus Health freestanding facilities are fully equipped emergency rooms with a complete radiology suite of diagnostic technology (CT scanner, ultrasound, and digital X-ray), on-site laboratory, and staffed with board-certified physicians and emergency trained registered nurses. According to patient feedback collected by Press Ganey Associates Inc., Adeptus Health provides the highest quality emergency medical care and received the 2013, 2014 and 2015 Press Ganey Guardian of Excellence Award for exceeding the 95th percentile in patient satisfaction nationwide. For more information please visit us on the web at adhc.com.
About Dignity Health Arizona General Hospital
Dignity Health Arizona General Hospital is a full-service healthcare facility, licensed by the state as a general hospital. Spanning 39,000-square-feet, the hospital has inpatient rooms, two state-of-the-art operating rooms - for inpatient and outpatient surgical procedures, an emergency department, a high-complexity laboratory and a full radiology suite offering the latest technologies. Furthermore, patients have full access to the Dignity Health area facilities and physicians, and the hospital provides Phoenix-area residents with 24/7 access to emergency medical care. Dignity Health Arizona General Hospital Emergency Room is a fully-equipped off-campus emergency department, located within the community to bring a greatly needed access point to emergency medical care. For more information, visit azgeneraler.com. Reported by PRWeb 6 hours ago.
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New Film Connects Turkey Coup Leader Gülen to US Charter Schools, Taxes
Killing Ed filmmaker issues statement and plans free 24-hour online screening of documentary with emphasis on 48 Gülen-linked Harmony schools later this month.
Austin, Texas (PRWEB) July 23, 2016
A recently released documentary film, “Killing Ed," makes the connection between the largest network of taxpayer financed charter schools in the USA and the Fethullah Gülen Movement, a global Islamic group based in Pennsylvania. The Gülen Movement has been accused of the recent coup attempt in Turkey. The 94 minute long film shows gender and pay discrimination in the 150 schools operated by the group, questions about school construction, as well as immigration fraud as many of its administration and teachers are brought in from Turkey on H1-B visas.
In the wake of the global news reports about the Gülen Movement’s coup attempt in Turkey, filmmaker Mark S Hall is planning 24-hour free screening of the film online to the public later this month - and issues this statement with an important question:
“The Gülen Movement appears to be a criminal organization using intimidation and corruption to advance its goals. There is a tremendous amount of taxpayer money being paid to Gülen followers in the USA. Did our school taxes fund a violent coup in Turkey?”
Also, the film’s production company, Visual Truth Projects, Inc., is issuing a password-protected link exclusively for media viewing until this Sunday, July 24th at 5pm EST: URL: https://vimeo.com/153854980. Password: 19Letland89.
Filmmaker Mark S Hall states: “We interviewed teachers, parents, Turkish journalists, construction foremen, former Gülen followers and whistleblowers over 5 years while making Killing Ed to show how this group operates. A clear connection is made between the charter schools in the USA and Fethullah Gülen.” The charter schools are financed by state taxpayer dollars for public education in 26 states. The schools enroll over 70,000 students in the USA and generate over $500M a year in tax revenues based on a per student allocation of state dollars as well as federal education funds and foundation grants. "Millions of dollars end up in the pockets of Gülen-affiliated individuals and organizations that receive contracts with Gülen schools for catering, construction, curriculum, uniforms, furniture, legal services, and more – all paid with taxpayer dollars.” Hall continues, ”The Gülen schools need to be independently and thoroughly investigated.”
“Killing Ed: Charter Schools, Corruption, and the Gülen Movement in America” is a production of Visual Truth Projects, Inc. of Austin, Texas and was directed by award-winning filmmaker, Mark S Hall. Hall’s last documentary, “Sushi: The Global Catch,” won a number of festival prizes and was seen by audiences in over 40 nations. Killing Ed is currently available on DVD via Barnes&Noble.com, Amazon.com and other online marketplaces. Screenings will occur in Texas and California in August and September. For more information about Killing Ed and its subject, please visit the film’s website at http://www.killinged.com
### Reported by PRWeb 6 hours ago.
Austin, Texas (PRWEB) July 23, 2016
A recently released documentary film, “Killing Ed," makes the connection between the largest network of taxpayer financed charter schools in the USA and the Fethullah Gülen Movement, a global Islamic group based in Pennsylvania. The Gülen Movement has been accused of the recent coup attempt in Turkey. The 94 minute long film shows gender and pay discrimination in the 150 schools operated by the group, questions about school construction, as well as immigration fraud as many of its administration and teachers are brought in from Turkey on H1-B visas.
In the wake of the global news reports about the Gülen Movement’s coup attempt in Turkey, filmmaker Mark S Hall is planning 24-hour free screening of the film online to the public later this month - and issues this statement with an important question:
“The Gülen Movement appears to be a criminal organization using intimidation and corruption to advance its goals. There is a tremendous amount of taxpayer money being paid to Gülen followers in the USA. Did our school taxes fund a violent coup in Turkey?”
Also, the film’s production company, Visual Truth Projects, Inc., is issuing a password-protected link exclusively for media viewing until this Sunday, July 24th at 5pm EST: URL: https://vimeo.com/153854980. Password: 19Letland89.
Filmmaker Mark S Hall states: “We interviewed teachers, parents, Turkish journalists, construction foremen, former Gülen followers and whistleblowers over 5 years while making Killing Ed to show how this group operates. A clear connection is made between the charter schools in the USA and Fethullah Gülen.” The charter schools are financed by state taxpayer dollars for public education in 26 states. The schools enroll over 70,000 students in the USA and generate over $500M a year in tax revenues based on a per student allocation of state dollars as well as federal education funds and foundation grants. "Millions of dollars end up in the pockets of Gülen-affiliated individuals and organizations that receive contracts with Gülen schools for catering, construction, curriculum, uniforms, furniture, legal services, and more – all paid with taxpayer dollars.” Hall continues, ”The Gülen schools need to be independently and thoroughly investigated.”
“Killing Ed: Charter Schools, Corruption, and the Gülen Movement in America” is a production of Visual Truth Projects, Inc. of Austin, Texas and was directed by award-winning filmmaker, Mark S Hall. Hall’s last documentary, “Sushi: The Global Catch,” won a number of festival prizes and was seen by audiences in over 40 nations. Killing Ed is currently available on DVD via Barnes&Noble.com, Amazon.com and other online marketplaces. Screenings will occur in Texas and California in August and September. For more information about Killing Ed and its subject, please visit the film’s website at http://www.killinged.com
### Reported by PRWeb 6 hours ago.
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