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Page added on January 16, 2019
Art Berman: Exposing The False Promise Of Shale Oil
Art Berman, geological consultant with over 37 years experience in petroleum exploration and production, returns to the podcast this week to debunk much of the hopium currently surrounding America’s shale oil output.
Because the US is pinning huge hopes on its shale oil “revolution”, so much depends on that story being right. Here’s the narrative right now:
- The US, is the new Saudi Arabia
- It’s the swing producer when it comes to influencing the price of oil
- The US will be able to increase oil production for decades to come
- New technology is unlocking more oil shale supply all the time
But what if there’s evidence that runs counter to all of that?
We’re going to be taking a little victory lap on this week’s podcast because The Wall Street Journal has finally admitted that shale oil wells are not producing as much as the companies operating them touted they would produce — which is what we’ve been saying for years here at PeakProsperity.com, largely because we closely follow Art’s work:
The Wall Street Journal did some research and they got the general point that the wells are not as good as advertised.
But what they missed is just how much farther off many of these reserves are than even the discounted reserves that they’ve reported.
Bottom line: if the understatement is only 10%, that’s a rounding error and it’s not that much of an issue to the average person. But I’ve been trying for a decade to get the number that I independently develop to get anywhere close to the published numbers. In most cases, I can only get near 60% or 70% of them. So, the gap, I think is much more substantial.
The reason that The Wall Street Journal didn’t get it more right is because they don’t do any independent research and of course they didn’t talk to me, they didn’t talk to Dave Hughes, they didn’t talk to people who actually do the work, and so they’re getting one side of the story.
105 Comments on "Art Berman: Exposing The False Promise Of Shale Oil"
I am stealing Davy’s identity on Thu, 17th Jan 2019 11:15 am
I am dirty and nasty
Antius on Thu, 17th Jan 2019 11:15 am
Some more thoughts on hydrogen. I wonder on occasion, if the problem we human beings face is just generally overthinking and overcomplicating things. Sometimes things can work well if we keep them very simple in a way that deteriorates the more complexity we attempt to introduce. There is always a tendency to optimise things, but this often destroys many benefits along the way. I wonder if that concept generally applies to storing energy in hydrogen.
This Indian scientist has designed a minimum cost alkali electrolysis cell, designed to be constructed from common materials and operated at close to ambient pressures and temperatures. You can download his paper here.
https://www.researchgate.net/publication/38105882_Design_of_a_Simple_and_Cheap_Water_Electrolyser_for_the_Production_of_Solar_Hydrogen
His proposed electrolysis cell consists of two concentric PVC pipes, containing 27% potassium hydroxide solution, with holes drilled in the inner pipe to allow ion passage and cylindrical nickel alloy electrodes in each pipe. The whole system is so simple it could even be home made and achieves a respectable efficiency of 51.57%.
The second innovation he considers is direct coupling of the electrolysis cell to solar cells. Electrolysis of water takes place at an optimum voltage level of 1.23V. A PV cell typically discharges at 0.6V. Current output rises with increasing light levels, but voltage is more constant. In theory, by coupling two solar cells in series and connecting them directly to the electrolysis cell, we can dispose of significant capital cost, since electrolysis cells could be built directly into PV arrays. There is no need for power electronics, transformers, transmission lines, etc. Since PV cells are now quite cheap and the non-optimised electrolysis cell is also cheap, capital costs should be low.
The catch is that very low voltages imply very high current at any significant power, which requires very chunky conductors and short transmission distances to avoid intolerable resistance losses. The solution is to use the electrolysis cell pipework (and maybe I speculate even the supporting steel structure of the PV array) as conductors. Because voltage is so low, there is no real risk of electrocution. A layer of paint would make an adequate insulator.
The overall efficiency of the system would be lower than 10%. However, the capital costs may be low enough that it might not matter. In the past I have noted that even in densely populated countries, the cost of land is only a small part of final power cost from utility grade PV power plants. Hydrogen would leave the site at low pressure in polypropylene pipes and could be distributed to things like the local bus network at low pressure.
Trying to do smart arse things like high-temperature electrolysis, liquefaction, fuel cells, etc. would appear to push up costs out of proportion to any real benefit.
Cloggie on Thu, 17th Jan 2019 11:35 am
Clogg thinks he will win a civil war with these people?
https://i.redd.it/qius2v3jjza21.jpg
HAHAH!
These losers will not win a civil war, like they were no match for the British in 1776 either.
Harder European material was required at the time to push through regime change in America, in order to give the British a haircut:
https://deepresource.wordpress.com/2014/11/25/the-second-american-revolution/
Won’t be different next time:
https://www.youtube.com/watch?v=u5-dkvfJfWI
https://www.youtube.com/watch?v=—g-f_I2yQ
White America could not develop an elite that was a match for the kosher bunch, although the giant DJT did manage to make inroads in the power structure over the last 2 years, bless him.
The Chinese understand the internal weakness in the US very well and they will take advantage of that at the first signs of US weakness and expand in South-East Asia until US troops will have been removed from Taiwan, Philippines and perhaps South-Korea as well, with the exception of Japan.
I AM THE MOB on Thu, 17th Jan 2019 11:42 am
Fox News is now just calling random pedestrians a migrant caravan
Fox reporter Steve Harrigan reports live from Guatemala, yells at pedestrians, and makes baseless claim that a caravan of up to 15,000 could reach the US border.
https://www.mediamatters.org/video/2019/01/16/fox-news-now-just-calling-random-pedestrians-migrant-caravan/222550
Scaring ultra low IQ boomers so they can cut rich peoples taxes is like shooting fish in a barrel.
JuanP on Thu, 17th Jan 2019 11:42 am
Delusional Davy “You don’t respect anyone dirty Juan including yourself. You are a natural born liar. You have turned this board into a nasty place to play stupid mind games.”
And we are supposed to believe that is not a projection, right Davy? LOL! You are so full of shit, Exceptionalist!
JuanP on Thu, 17th Jan 2019 11:45 am
Your projecting dirty and nasty Juan
JuanP on Thu, 17th Jan 2019 11:47 am
Bitches, did I tell you I am back from surfing and drugging in Costa Rica?
Davy on Thu, 17th Jan 2019 11:52 am
Oops sorry everyone. I meant to say ‘you’re’. Not ‘your’.
I always get that one wrong. Even my stupid cell phone spell checker can’t help me with my lack of basic english skills.
Davy on Thu, 17th Jan 2019 12:02 pm
Humper pumper number nine.
Just sayin’ while slip slidin’.
JuanP on Thu, 17th Jan 2019 12:14 pm
You shouldn’t apologize for being dyslexic, Davy. THAT is not your fault. Your behavior, on the other hand, is something else, altogether, but nobody expects you to apologize for that. We all know you are completely incapable of admitting any flaws or mistakes.
JuanP on Thu, 17th Jan 2019 12:17 pm
I am a dirty boy! ROFLMFAO!
Davy on Thu, 17th Jan 2019 12:18 pm
Hey Juan, if I promise to stop bullying everyone and I try to learn how to be a decent human being for a change, would you teach me how to surf? I always wanted to learn how but I don’t have the intelligence or the physical coordination. I get real emotional about that sometimes.
Antius on Thu, 17th Jan 2019 1:04 pm
Sorry folks. I will use a tiny url next time.
JuanP on Thu, 17th Jan 2019 1:41 pm
It was mob’s link that did that, not yours, Antius. I saw it happen.
Cloggie on Thu, 17th Jan 2019 1:46 pm
It was Antius’ link:
Antius on Thu, 17th Jan 2019 11:15 am
It has no hyphen’s, only underscores.
Davy on Thu, 17th Jan 2019 1:53 pm
That’s OK AntiUS. As long as you don’t say any more bad things about my country we don’t mind.
JuanP on Thu, 17th Jan 2019 2:08 pm
You would think I would get bored being dirty and nasty but low IQ people are easily entertained.
JuanP on Thu, 17th Jan 2019 2:09 pm
Bitches I surf
Antius on Thu, 17th Jan 2019 2:19 pm
Would recommend reading the link.
Davy on Thu, 17th Jan 2019 2:41 pm
Davy on Sat, 4th Nov 2017 5:10 am
“dumb n Dutch, are you having problems ignoring the fact that I effectively moderate and neuter the extremism that emanates from your foul orifices.”
“You picked the wrong guy to screw with. I am going to make your stay here miserable daily. Just like mad kat your stay will be irritating.”
“I promise you that you piece of shit.”
Davy on Thu, 17th Jan 2019 2:49 pm
Nothing dirty or nasty at all about my above comment, and there are hundreds more where that one came from.
Davy on Thu, 17th Jan 2019 2:56 pm
There’s over five years worth of my dirty, nasty comments.
I kept them all in my notes.
JuanP on Thu, 17th Jan 2019 3:18 pm
I surf, bitch, but that is about all I can do
Dirty JuanPee on Thu, 17th Jan 2019 3:20 pm
I am dirty and nasty mixed with low IQ
JuanP on Thu, 17th Jan 2019 3:21 pm
I hate myself
Cloggie on Thu, 17th Jan 2019 4:26 pm
Implicit victory renewable energy UK:
https://edition.cnn.com/2019/01/17/business/hitachi-nuclear-power-wales-uk/index.html
“Hitachi shelves $20 billion nuclear power plant in UK“
More Davy Projections on Thu, 17th Jan 2019 4:55 pm
“I am dirty and nasty mixed with low IQ”
“I hate myself”
Antius on Thu, 17th Jan 2019 5:01 pm
Cloggie, one could interpret it that way. For that to be true, renewable energy will need to fill the gap at an affordable cost. Something that has not been demonstrated.
We have gone over it so many times, that there is no point doing so again. I have never shared your optimism when it comes to renewable energy. I am always happy to engage in thought experiments, looking for ways it can be made to work. But I strongly suspect that living on low power density, intermittent energy sources, will necessitate a very different and much poorer way of life.
Maybe that is exactly what we need. The past hundred years have hardly been beneficial to European countries. Fossil fuel extravagance has resulted in an atomized society, that was easy pickings for the Juden and their media propaganda machines.
But I digress. It is absurd that a 3GW power station should cost 20bn pounds. It is 3-7 times more expensive than a power plant of that size should really be. It shows that there is something fundamentally flawed about the way nuclear power is regulated in the UK.
Cloggie on Thu, 17th Jan 2019 5:17 pm
“Maybe that is exactly what we need.”
indeed. I always saw a positive angle to peak oil, when I still believed in it.
As you agree, we are ruled by hostile elites, “globalists”, who want to create a world state (hundred years ago that endeavour would be called “communism”). Strategy is to wipe out gradually national and religeous identity, all to the benefit of super-oligarchs.
The problem is that despite growing malcontent, life is still too good to get out of that chair. France seems now to have passed the threshold.
An economic depression is very difficult, but it could turn out to lead to a shock and a rebirth.
Currently I am much more upbeat about the future than in 2000, when I thought that eventually kosher victory was inevitable. Now I know they lost, although they could hold on to the US.
Cloggie on Fri, 18th Jan 2019 5:22 am
@Antius
I have always had doubts about the hydrogen economy.
Me too, until ca. a year ago, not to mention earlier this month. But the term “always” should already produce red warning lights, as things move very rapidly in energy land. What was true yesterday, isn’t necessarily tomorrow. Rapidly declining cost of renewables and hydrogen technologies are important examples.
You are probably still with one leg in the 2009-wisdom of your (former?) energy guru David MacKay:
http://www.withouthotair.com/cft.pdf
p129: I think hydrogen is a hyped-up bandwagon. I’ll be delighted to be proved wrong, but I don’t see how hydrogen is going to help us with our energy problems.
10 years however is an eternity in renewable energy.
Storing electricity in hydrogen requires a chain of processes, each of which implies fixed capital costs and energy losses.
Like in all energy processes. However, electrolysis is simple: a stack of flat plates of 33 cm x 33 cm with electrolyte in between. Low part count and easy to assemble. Expect power-to-gas conversion cost of 0.5 cent per kWh by 2025, that’s negligible.
However, he is far too sanguine about the promise of high-temperature electrolysis.
Before we discuss high-temperature electrolysis that is still in research phase, let’s discuss the example 10 MW low temperature (55C) installation that achieves 77%-86% efficiency. That’s great already, very workable:
https://www.youtube.com/watch?v=eku0GuSKiIc
[3:08] efficiency 3-year operational Thuga project Frankfurt/RWE-project: 77%, 86% (including heat recovery) resp. as measured by customers.
10 MW electrolysis in an 40 foot container.
[11:12] 2024 electrolysis cost 500 euro/kW for a 100 MW module.
Electrical efficiency = 50-80%
Wild broad range. Let’s use the 80% equipment shall we?
[part 1]
Cloggie on Fri, 18th Jan 2019 5:25 am
@Antius
Compression or liquefaction. Hydrogen is a highly diffuse gas.
Many schemes use H2 as an intermediate stage. Here is a 700 MW project where hydrogen is mixed with natural gas.
https://deepresource.wordpress.com/2017/12/28/700-mw-renewable-hydrogen-plant-to-be-built-in-france/
But in the end you want to get rid of natural gas (unless it is derived from H2). H2-based storage candidates: NH3, CH4, metal powder (H2 used for reduction of metal-oxide like iron, zinc).NH3
https://deepresource.wordpress.com/2017/04/08/ammonia-as-storage-medium/
Metal powder:
https://www.sciencedirect.com/science/article/pii/S0360128518300327
The technical university of Eindhoven is working on metal fuels and they have a prototype build of 20 kW iron powder burner:
https://www.youtube.com/watch?v=N5iTxoHOdBY
The Nystar Zinc factory in Budel is opening a metal powder fuel campus “Metalot”, south of Eindhoven, at the Belgian border:
https://www.tue.nl/en/tue-campus/news/01-11-2017-metalot-wants-to-solve-the-worlds-energy-problems/
Where hydrogen, as you say, is difficult to store, metal powder isn’t. You can use a broom to shove it into the corner or under the carpet.lol
Perhaps I’ll see Antius there, one day 😉
Finally, you can convert H2 into CH4:
https://deepresource.wordpress.com/2019/01/14/eu-helmeth-project-power-to-methane-75-efficiency/
This EU-project claims an efficiency of 75%.
Cloggie’s estimate of capital cost of $500/kW for hydrogen storage is absurdly low
Never said that. kW is a power, not energy measure. I refered to the ITM (see video above) projected cost in 2024 for electrolysis conversion, not storage.
Amortisized over its life span, converting 1 kWh renewable electricity into 0.8 kWh chemical H2-energy costs ca. 0.5 cents, for ITM plc 100 MW modules in 2024. If you combine that with 2 cent/kWh cost of producing a kWh in a large solar array in the desert of New Mexico:
https://cleantechnica.com/2018/06/14/new-us-solar-record-2-155-cents-per-kwh-400-mwh-of-energy-storage/
then we are talking about a kWh-price for hydrogen of 3 cent and 4 cent if converted to CH4.
All energy problems solved.
Please try to refute that.
[part 2]
Cloggie on Fri, 18th Jan 2019 5:50 am
https://deepresource.wordpress.com/2019/01/12/hydrogen-from-electrolysis-now-cost-competitive/
“Hydrogen From Electrolysis Now Cost-competitive”
Electrolysers require little maintenance or much administrative labour… The capital cost of the electrolyser. I assume a purchase price (including installation) of €700,000 per MW of capacity to take electricity to generate hydrogen… I suggest that the electrolyser will work perhaps 4,000 hours a year, principally when power is cheap because of abundant wind or solar. At a discount rate of 7%, the owner will need to earn €65,000 a year to cover the cost over 20 years… The running cost… I estimate €5 per MWh… I think this is conservative
Half a cent per kWh.
Too cheap to meter.
Holland has a thriving economy on an end-consumer electricity-price of 20-22 cent/kWH
https://www.watkosteenkilowattstroom.nl/wat-kost-stroom-in-2018/
[part 3]
Davy on Fri, 18th Jan 2019 6:24 am
This comment is in regards to GPS monitored driving. It is focused on EV usage but internal combustion vehicles could be managed also. It is with EV’s and the renewable grid where the real benefits accrue. This could also be a way to push EV’s as green. Currently EV’s are not very green with the transport portion of primary power significantly fossil fuel based as well as with EV grid charging. Taxation per mile driven based on GPS opens a can of worms for population control granted. Yet it also opens up a grail for pushing the envelope of intermittency through behavior management. This author is highly critical because he sees a big brother precedents naturally. Let’s face it there are tradeoffs and consequences going forward in a world with carbon footprint issues and limits of growth. This is a catch22 energy trap we are in. More technology and more behavior control can lead to greater efficiencies and the type of demand management that can finally manage energy usage behavior. We have the renewable based grid technology what we lack is the behavior changes to push the boundaries of intermittency. Storage and liquid fuel production are currently the primary options for intermittency of a renewable dominated grid but combined with slew load management of intermittency expensive storage could be reduced.
People that choose to drive excessively will pay. This could be made very high at certain times. An alert could be made to everyone so discretionary drivers might take a break. Necessary high driving behavior that produces a return would be made economic if everyone is subject to the rules. Discretionary driving will be made accountable. More public transport might be used during periods of critical intermittency. A trip to town to get an ice cream will make the cost of the ice cream higher than is currently the case. This might promote a trip to town where 5 tasks are accomplished. This trip to town may be subject to delays according to intermittency. It is also a way road congestion could be reduced forcing different business behavior and more working from home. This is more real green. True real green is not driving at all but that is not realistic for everyone. Fake green is thinking you can get an ice cream anytime with an EV and you are still green.
GPS monitored driving can encourage better behavior that will allow a needed demand management and proper cost accounting for activity. It could also influence a demand management through slew loading. People could actually be asked to drive or not to drive based on intermittency conditions of a high renewable penetrated grid. Transport is roughly 30% primary power so if we are going to push the renewable grid boundary where intermittency becomes critical then demand management through GPS miles driven is a key component. This is of course the situation if all vehicles are EV and they are not. This then could be a niche application for countries or even regions who want to go all electric. I can imagine a city where only electric is allowed. Rural areas could continue to be internal combustion. Electric vehicle demand management both for use and control of tax liability is essential going forward and this can be implemented now locally and regionally.
“Norway Readies ‘Big Brother’ GPS-Based Taxation Per Mile-Driven”
https://tinyurl.com/yd5z6vox
The Norwegian Data Protection Authority is now arguing that GPS based taxation, for the amount of kilometers driven by car, can be done within 5-6 years!
Davy on Fri, 18th Jan 2019 6:42 am
Damnit. My morning word salad essay is more unreadable then normal.
Thanks AntiUS!
LOW IQ JuanPee on Fri, 18th Jan 2019 6:52 am
I can’t think beyond a few line so davy’s long comments upset me. I am low IQ JuanPee. I got a GED and I surf. daddy sends me checks that’s why my wife loves me.
Davy on Fri, 18th Jan 2019 7:10 am
I hate chinks almost as much as I hate wetbacks, bitches.
Trump is my hero. We need a wall just like what the Nazis had.
Antius on Fri, 18th Jan 2019 8:54 am
Cloggie, this is interesting information. I will read in detail later, as work is eating my time at present.
The bottom line is, if hydrogen infrastructure starts getting built on a large scale everywhere without subsidy; then you can be sure that it is profitable. I am inclined to wait and see on this one. I have no doubt that hydrogen will have applications, given that it already does; the question is how far it will go when pitted against alternatives.
The metal powder idea is interesting. A while back I was involved in a study group that was examining the possibility of producing oxygen and metals on the surface of the moon to support the requirements for new habitats for human colonisation and heavy industry in high Earth orbit. At the time, it was thought that the moon was completely dry and depleted in water, carbon, nitrogen, etc. So one of the concepts that we examined was magma electrolysis. The idea is to heat lunar regolith to temperatures of 1500+ Celsius and electrolyse the melt. Oxygen would be generated at the anode and metal ions would accumulate at the cathode. The result was a mixture of reduced iron and various metal oxides and silicates, which formed an extremely strong ceramic when cooled. The same technology could be used to produce metal powder fuels here on Earth. Here is a pdf on magma electrolysis.
http://web.mit.edu/dsadoway/www/133.pdf
Cloggie on Fri, 18th Jan 2019 11:14 am
The metal powder idea is interesting.
Many people don’t realize that iron or other metals can burn. They think of their metal stove and say “nay”. But these structures are protected by a thin layer of rust, metal that DID burn.
Unless you make fine powder of it. Here an example burning aluminium powder, reducing mixed iron-oxide-powder:
https://www.youtube.com/watch?v=rdCsbZf1_Ng
A very famous example of similar burning metal is of course 9/11-WTC1/2:
https://www.youtube.com/watch?v=OmuzyWC60eE
From [0:15] onward.
Sweden has an ambitious “Hybrit” program to investigate the possibility of replacing traditional coal-based steel making, that causes huge amounts of CO2-emissions, with hydrogen for iron-oxide reduction. That knowledge could be used for energy storage purposes as well.
http://www.hybritdevelopment.com/
Yes, Sadoway. He is THE guru currently in matters of electrolysis/batteries.
https://www.youtube.com/watch?v=gTMyoOw5taE
Regarding reduction of metals, several methods do compete with each other: electrolysis, hydrogen, smelting, bacteria.
Cloggie on Fri, 18th Jan 2019 11:30 am
I have no doubt that hydrogen will have applications, given that it already does; the question is how far it will go when pitted against alternatives.
We in Holland are betting on hydrogen, I think the correct bet:
https://deepresource.wordpress.com/2018/10/27/wind-meets-gas-in-the-netherlands/
https://deepresource.wordpress.com/2018/06/26/groningen-wants-to-become-the-dutch-hydrogen-province/
https://deepresource.wordpress.com/2018/07/14/the-netherlands-is-placing-its-bets-on-the-hydrogen-economy/
https://deepresource.wordpress.com/2017/08/09/prof-ad-van-wijk/
https://deepresource.wordpress.com/2019/01/02/hydrogen-roadmap-for-the-netherlands/
https://deepresource.wordpress.com/2018/07/14/nederland-waterstofland/
“Nederland, waterstofland”, “Netherlands hydrogen-country”-initiative is based on a broad platform of government, national employer-organisations and environmental clubs.
Dutch hydrogen guru, professor and enterpreneur Ad van Wijk says: “there is no energy crisis”:
https://www.youtube.com/watch?v=6Rf1U4fJcTg
I now fully agree.
Renewable energy and hydrogen storage is going to beat fossil fuel on price alone. But dissing fossil fuel globally with climate accords and peak oil superstition certainly helps.lol
Phasing out Arab, Russian, American and other fossil energy sources and replacing them with “European sources” is a terrible good idea.
#Pe*ingInMyPantsForLaughter
Davy on Fri, 18th Jan 2019 12:35 pm
“there is no energy crisis”: “I now fully agree.”
BS clogged. We have serious energy issues and nowhere near solved but you can keep going to bed thinking all is well.
Cloggie on Fri, 18th Jan 2019 2:57 pm
“We have serious energy issues and nowhere near solved”
Such as?
https://deepresource.wordpress.com/2019/01/14/funding-for-100-mw-hydrogen-electrolyser-feasibility-study/
Davy on Fri, 18th Jan 2019 3:17 pm
Clogged, wipe your eyes please. The issues are discussed here daily. I am not here to do a recap for your lazy ass.
Cloggie on Fri, 18th Jan 2019 3:36 pm
Tell me what these issues are and I explain to yo why they are not issues.
Oh wait, you are not interested in solutions, as you are personally too heavily invested in doomerism.
Check, my bad.
Carry on.
Davy on Fri, 18th Jan 2019 4:30 pm
I am more interested in solutions than you are and for the right reasons. Your reasons are per your Eurotard PBM agenda. This is why it is so important that there is no energy crisis for your personal puzzle. Your energy poor Euroland needs energy Nirvana to realize your fantasy Eurasian empire.
Cloggie on Fri, 18th Jan 2019 4:52 pm
The only morbid solution you are hoping for is the planet wiping off 6 billion people, with of course the US the “last man standing”. Complete pipe-dream, not going to happen.
You will always talk down technical approaches, because they interfere with your morbid agenda.
Davy on Fri, 18th Jan 2019 5:25 pm
“The only morbid solution you are hoping for is the planet wiping off 6 billion people, with of course the US the “last man standing”. Complete pipe-dream, not going to happen.”
I understand that eventually we are going to have to get closer to 1BIL instead of 7BIL but I am not interested in a final solution like you are. You would like to see people of color wiped of the planet. I am just realistic about the planetary carrying capacity.
Antius on Fri, 18th Jan 2019 5:39 pm
“We have serious energy issues and nowhere near solved”
Agreed. Cloggie’s hydrogen concept looks promising, provided that the capital costs can be believed and utility grade solar is as cheap as his references suggest.
But the world currently runs on oil and even in the most optimistic scenario, it would take quite a while to build any alternative infrastructure. We are certainly not out of the woods yet, even if the technology is as cheap as he says. Huge investments need to be made at a time of economic crisis.
twocats on Fri, 18th Jan 2019 8:48 pm
China just dumped in a cool trillion into the global liquidity slush fund. lose as much money as you need shale oil – won’t make a lick of difference.
makati1 on Fri, 18th Jan 2019 9:26 pm
A trillion yuan is less than $150 billion. Or about 2 months months of the US national debt increase. No big deal.
https://themoneyconverter.com/CNY/USD.aspx
Gotta put it in perspective. That trillion yuan is less about 1% of their GDP.
makati1 on Fri, 18th Jan 2019 9:28 pm
BTW: It is going to snow here in the Ps today. I am going to apologize to MOB. I thought he made a misprint in one of his quotes when he mentioned the IIF. I had never heard of it so I assumed he ment IMF. Sorry MOB. Now back to my regularly scheduled comments. LOL.