This compilation of financial-related insights includes videos from Tech Revolution, Arcadia Economics, WTFinance, The Atlantis Report, and Wall Street Silver.
Tech Revolution begins with news about France and Iraq joining forces to launch a huge new project. Rafi Farber joins Arcadia Economics to discuss how the money supply is about to explode. Richard Sylla joins WTFinance to talk about how the current government spending is unsustainable. The Atlantis Report brings news about how the US economy is in big trouble. Peter St Onge joins Wall Street Silver to explain the current banking crisis.
Tech Revolution
Jul 21, 2023
France And Iraq have joined forces to launch a huge new project with the potential to completely transform Iraq’s economy. They plan to build a brand-new oil refinery in the south of Iraq, and it’s going to be massive!
This incredible refinery will have the ability to process a mind-blowing one million barrels of oil every single day. And the best part? It’s going to create thousands of job opportunities for the people. This project is a golden opportunity for Iraq to boost its oil exports and make its economy more diverse. It’s also a strong sign that France is committed to supporting Iraq’s future.
Iraq has just signed a huge deal with France’s TotalEnergies that might just be the key to solving their electricity crisis and attracting international investors. Plus, it could help them reduce their dependence on gas imports from Iran, which has been causing some tension with the US.
This agreement was a long time coming, with some political disputes causing delays, but it’s finally here, and it’s a game-changer! Now, get this: we’re talking about a mind-boggling $27 billion investment, the largest foreign investment in Iraq’s history.
And here’s the best part: this deal could even have a positive impact on our planet by helping combat climate change. How, you ask? Well, they’re planning to reduce those oil flares and set up a new desalination plant to ease the pressure on Iraq’s water resources.
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But TotalEnergies isn’t stopping there. They’re going all-in on green energy by developing a whopping 1 GW solar power plant. Can you imagine the potential of that? It’s like powering a whole region with the energy of the sun!
They’ve also invited Saudi company ACWA Power to join in on the fun. Now, as amazing as all this sounds, we can’t ignore the challenges that lie ahead. Iraq has been plagued by c--------n and political instability for ages, especially in its oil sector.
So, the success of this agreement depends on the parties involved overcoming these issues. Let’s keep our fingers crossed that they can make it happen. Let’s talk about the Gas Growth Integrated Project that’s all about boosting the economy of Basra province, which happens to be super rich in oil but lacking in development.
As mentioned already, TotalEnergies is jumping in with a 45% stake in the Basra Oil Company, while Iraq is holding on to 30% and Qatar’s state-owned petroleum company grabs the remaining 25%.
So what exactly are they doing? They’re finding a way to extract natural gas from three oil fields and use it to create electricity. But, here’s the catch: Iraq doesn’t have all the fancy infrastructure needed for this gas harvest.
So what’s happening right now is that all that precious gas is being burned off into the atmosphere. With this project, they’re aiming to put an end to this by capturing that escaping gas and putting it to good use. The World Bank estimates that Iraq is currently flaring around a whopping 16 billion cubic meters of gas every single day. That’s a whole lot of wasted potential if you ask me.
So, with the Gas Growth Integrated Project, we’re not only talking about reducing pollution and saving the environment but also unlocking a huge source of energy that could benefit everyone.
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It’s like turning trash into treasure! Let’s hope they succeed and make Basra province shine brighter than ever before. Despite the abundance in their region, Iraq has been struggling with its electricity grid for quite a while now.
Imagine enduring hot summer days with power outages left and right, making you sweat like crazy in temperatures that soar above 50 degrees Celsius or 122 degrees Fahrenheit. So, as part of this awesome project, they’re planning to build a magical seawater treatment plant.
What’s so magical about it, you ask? Well, it’s going to work wonders by easing the pressure on Iraq’s water resources. No more worries about running out of water! It’s like a refreshing oasis in the desert, providing a much-needed boost to the country’s sustainability.
But wait, there’s more! They’re also teaming up with Saudi Arabia’s ACWA Power to construct a solar power plant. It’s a massive field of solar panels soaking up the glorious sunshine and transforming it into clean, green energy. This power plant will be supplying the local grid with electricity and bring light back into people’s lives.
Arcadia Economics
Premiered Jul 21, 2023
The rally in silver is now in its fourth week and we’re all wondering where and when the pullback is going to start. It should be soon, given that silver’s open interest has rocketed from 113,000 to now just over 150,000 since June 29. That’s 37,000 contracts opened in less than a month.
But while speculation is hot on the silver futures market, it’s d--d in the silver ETFs, as SLV has liquidated about 13 million ounces since this rally began, indicating negative retail interest in paper silver.
In banking system news, reverse repo money from 2021 continues to flood into the Treasury’s bank account. Money supply could really climb fast once the Treasury spends all that into the economy.
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WTFinance
Jul 21, 2023
On this episode of the WTFinance podcast I had the pleasure of speaking with Richard Sylla, Professor Emeritus of Economics and finance historian.
During our conversation we spoke about whether the system can handle rising interest rates with the high debt levels, if this would require depreciation of the currency, whether financialisation is a bad thing and more!
The Atlantis Report
Jul 21, 2023
Even though banks are failing, big companies are laying off workers, and the stock market has stopped moving, a box of eggs still costs more than twice as much as it did three years ago. No wonder many US people think the economy is in bad shape. So, what is really happening? Stick around to find out.
The US economy was doing great just two years ago. In 2021, the economy grew by 5.9%, which was the fastest rate in almost 40 years. Consumer buying and job growth were both boosted by the return of pandemics. Even though the cost of goods went up, companies did well because their earnings were higher than normal. But no one thought the economy could continue that kind of growth, and it hasn’t.
The economy grew at a yearly rate of just 1.1% in the first three months of this year. This was mostly because the Federal Reserve has been quickly putting the brakes on to slow inflation.
Since March 2022, the central bank has raised interest rates by 5%, which is a huge jump in borrowing costs in a very short time. This kind of shock has not happened to the business since the 1980s. Now, people are arguing about how bad this slowdown will be.
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Wall Street Silver
Jul 21, 2023
In this video, Peter delves into the staggering profits of America’s Mega Banks, JP Morgan, Wells Fargo, Bank of America, and Citibank, showing how they thrive despite the banking crisis. Their net profit rates are mind-boggling compared to tech giants like Google or Apple. Discover the controversial secrets behind their success, including taxpayer bailouts and sweetheart deals. Meanwhile, Community Banks struggle to survive, facing a potential 23% drop in profits.
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