As many of us know, and many more don’t, the U.S. has enough oil in it’s proven oil and gas reserves to power the United States for well beyond 200 years. The most recent USGS re-evaluation of the Bakken Foundation shows we have enough oil and natural gas reserves to never ever be dependent on foreign oil.
After all isn’t this the goal with all this green garbage, hybrids, wind, solar and other mercury laden technologies, to not be dependent on our enemies for our security?
The majority of scientists agree, CO2 isn’t causing global warming, in fact we are cooling quickly. I guess Al Gore and the UN haven’t gotten the message just yet. But I digress.
It wasn’t long ago, the usual buyers of Treasury Debt failed to show up for the auction, forcing the fed to make up the short fall. Highly unusual. After several weeks, China was convinced to continue purchasing the treasuries but at what expense. What is the collateral we are putting up to back these trillions of dollars being printed and issued by the fed?
Could it be land assets, U.S. land? Your land? Your homes (paid for or not)? Our oil reserves?
Bernanke says divulging the collateral being used may cause panic and loss of confidence in the financial system.
When we used gold and silver as the basis for our currency, we would stockpile these metals in places like Fort Knox. This meant we could print as much money as we had reserves in these metals. We have long since abandoned the constitutional requirement to use these metals to back our currency and in 1971 we were totally backed by commodities (Keynesian model).
Now using the same stockpiling scenario, every time there is a new oil find, the government steps in and forces the capping of those wells. In some cases, such as in Alaska, we use 48 747 jet engines to pump the escaping natural gas back into the ground. This looks much like the hoarding of gold and silver.
Last April (4/2008) the USGS re-evaluated the find in the bakken foundation
USGS Bakken Oil Study Released, 3.65 billion barrels of oil
At $50/bbl that is 18 trillion dollars. Is it no wonder they are printing money like mad men? And this is one oil deposit (albeit the largest deposit in the world).
As soon as the USGS announced this re-evaluation, congress banned drilling in this area. Coincidence?
We’ve been capping wells for 30-40 years. Could this be what’s been happening since we got off of gold and silver as mandated by the constitution?
So to me it appears we’re selling our resources as collateral for our debt. Let’s hope they aren’t giving away our land and houses in the bargain.
Just how I see things.
