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Triple Crunch Log                                                                                                            

Services Authority. JP Morgan's failure went undetected by external audiros for seven years from 2002 to 2009. Guardian: “At this point, you have to wonder whether external auditors can be trusted to do their jobs properly. Shouldn't the FSA simply check compliance with client-money rules itself and send a bill to the bank?”413

Britain risks default on debt unless government cuts public sector pensions. Edmund Conway, Economist corrspodent at the Daily Telegraph: “I suspect that inflating away Britain’s debt will be far more difficult than some people think – because so many of Britain’s debts are index-linked – in a way that they weren’t before. If you include index-linked gilts (which weren’t around before the 70s), public sector and state pensions and PFI and local government debt, some four fifths of UK debt is linked to inflation. ….This implies that inflation may not be the escape valve Britain hopes it will be. It would erode away the nominal section of the national debt, but would do nothing to reduce the other bits and pieces. They could only be slashed if the Government takes a knife to the state’s pension bill.”414

4.6.10. Cap placed on Macondo wellhead. We will need to wait up to 24 hours to see if it stable. Even if so, BP does not expect to trap all the escaping oil. Obama postpones trip to Australia and Indonesia to visit the stricken region and presents a preliminary bill for $69m to BP and “other responsible parties.”415

Oil could spread as far as North Carolina, says the National Center for Atmospheric Research. NCAR scientist Synte Peacock: “I’ve had a lot of people ask me, ‘Will the oil reach Florida?’ Actually, our best knowledge says the scope of this environmental disaster is likely to reach far beyond Florida, with impacts that have yet to be understood.”416

BP hives off 'toxic' Gulf spill operation to an American in an effort dilute anti-British feeling in US. Bob Dudley steps into the hot seat. Hayward meanwhile makes another gaffe. “They've thrown some words at me, but I'm a Brit. Sticks and stones may break my bones but words will never hurt me.” Chairman Carl-Henric Svanberg  has been accused of keeping himself out of the line of fire.417

BP has developed a new, more hurricane-resistant oil collection system, which will be working by mid July. It is based on a “submersible riser” which will offer “very rapid connect and disconnect capabilities.”418

MMS document shows how dependent the oil industry is becoming on deep water in the GOM. The Minerals Management Service document Deepwater Gulf of Mexico 2009: Interim Report of 2008 Highlights defines deepwater as anything in a depth greater than 1,000 feet. In February 1997, there were 17 producing deepwater projects in the GOM, up from only 6 at the end of 1992. At the end of 2008, there were 141 producing projects. There are some 7,310 active leases in the GOM, 58 percent of which are in deep water. In 1992 there were around 5,600 active GOM leases, only 27 percent of which were in deep water. Deepwater oil production rose about 786 percent and deepwater gas production increased about 1,067 percent from 1992 to 2007. Production from seven deepwater fields began in 2008, including Thunder Horse, the largest daily producer in the GOM. The deepest is 356 ft (2,852 m) below the water surface in Shell’s Silvertip project.419

China and America are the most attractive locations for renewables, E&Y concludes in its annual index on national renewables prospects. China invested $34.6 billion on clean-energy projects last year, almost double the investments by the US. China has vowed to cut carbon emissions per unit of gross domestic product by as much as 45 percent of 2005 levels by 2020.420

G20 finance ministers dash hopes for early implementation of Basel III anti-speculation rules for banks. They will be phased in over several years. Ferocious lobbying from the global finance industry was the reason. Germany, France and Japan argued that forcing banks to hold more capital to guard against a future financial meltdown would starve companies and individuals of finance and risk plunging the global economy into a double-dip recession.421

The $2.6 trillion mystery of who owns Europe’s loans. That’s the amount that foreign financial institutions have lent to public and private institutions in Greece, Spain and Portugal. But nobody knows exactly which banks are sitting on the biggest rotting loans in those countries. Jörg Rocholl, a professor at the European School of Management and Technology in Berlin. “Banks continue to not trust each other. They know other banks are sick, but they don’t know which ones.”422

5.6.10. G20 drops support for fiscal stimulus and global bank levy. Finance ministers from the world’s leading economies, meeting in South Korea, drop their support for fiscal stimulus, professing that financial market concerns over sovereign debt had forced a much greater focus on deficit reduction. Their communiqué posits that expansionary fiscal policy is no longer sustainable or effective in fostering an economic recovery because of “market realities”: investors no longer being confident about some countries’ public finances. “The recent events highlight the importance of sustainable public finances and the need for our countries to put in place credible, growth-friendly measures, to deliver fiscal sustainability.” The G20’s previous communiqué,  in April, called for fiscal support to “be maintained until the recovery is firmly driven by the private sector and becomes more entrenched.” George Osborne, British chancellor, claimed credit for the change. The US is the country most concerned about the new austerity drive and most fearful for the momentum for global growth. The G20 found no consensus for a global levy on banks. The decision to allow countries to pursue their own domestic agendas on new taxes on banks was particularly pleasing for Canada, which has long opposed the idea.423

Americans are signing up for telephone courses in post peak-oil living as Transition US reaches 68 official chapters, up from just two in 2008.424 The Transition Network worldwide, just four years old, has nearly 300 member districts.425

6.6.10.BP claims first progress against Gulf spill as the the cap collects about 10,500 barrels of oil. The estimated flow from the well is put at 12,000-19,000 barrels per day. Meanwhile the spill has disaggregated into hundreds, maybe thousands of smaller pieces of oil.426

BP told by independent expert to cut overtime at US refineries, and raise other safety levels. Duane Wilson, a retired ConocoPhillips expert appointed in 2007, in his third annual report: “Overtime for some individuals at all refineries remained at a level that may compromise the performance of workers.” Operators had worked 29 or more consecutive 12-hours shifts prior to the 2005 Texas City disaster and were likely fatigued when the accident occurred.427

BP threatened with legal case over safety of all its oil rigs. Action group Food and Water files for an injunction in a Houston court halting drilling on a Gulf platform, arguing that their case raises questions about the way the company's rigs are operated throughout the world. Guardian; “Ken Abbott, a former offshore worker subcontracted to BP, will tell a press conference in London that 6,000 out of 7,000 documents supposed

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