Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary “reading list” which will include very brief summaries of why each item has gotten our attention. Suggestions from readers for “reading list” items are gratefully reviewed, although sometimes space limits the number included.
- IEA Says the Party’s Over (Richard Heinberg, post carbon institute) The International Energy Agency says it will require $48 trillion invested over the next 20 years to meet global energy needs. They say there is no credible policy framework in place to make that happen. Oil extraction investment has been declining because production costs are not met at current prices. U.S. shale oil production is projected to peak by 2020. (So we’re in a “shale bubble“.) See also next article.
- World Energy Investment Output (International Energy Agency, 2014) U.S. shale production is expected to peak by 202o but continued growth of Middle East oil production is projected for the next 20 years. See graph below. It is also projected that only with major growth in alternative energy production will global energy need be achievable over the coming two decades.
- Valukas Assumes GM’s Reported Quality Was Real despite 13.8 Million Recalls in Five Months (William K. Black, New Economic Perspectives) William K. Black contributes to Global Economic Intersection. Prof. Black accuses GM of hiding massive accounting control fraud behind reports of law firms with “disabling conflicts of interest“. This article is a brutal dissection of the ignorance about control fraud displayed by one of the “independent” attorneys who generated a report on GM.
- Space Oddity: Bizarre Hybrid Star Found After 40-Year Search (Mike Wall, Space.com) Astronomers have apparently discovered the first of a class of strange hybrid stars, hybrids between neutron stars (the collapsed, superdense remnants of supernova explosions) and red supergiants.
- Will we starve after all the bees die? (Fabius Maximus) Fabius Maximus has contributed to GEI. Main points are (1) there have been bee colony losses recorded for well over 100 years; and (2) there is no population collapse but about a 10% bee colony decrease over the last 25 years.
Today there are 13 articles discussed ‘behind the wall’.
Included today near the end are three articles which portray the distressing blindness of most of the economics community to the causes of the Great Financial Crisis.
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