Amazing Chinese Economy Grows By 7% - What's Next? & More

China's economic growth beats forecast

World's second-largest economy grows by 7 percent in the second quarter amid dramatic fall on stock markets.

China has released figures of its economic growth for the second quarter showing the country's economy has grown at a steady seven percent, its weakest performance since the global crisis but slightly better than expected.

The figure released on Wednesday was slightly above forecasts and came as the ruling Communist Party is struggling to reverse a stock market plunge that threatens to disrupt its economic reform plans.

The world's second-largest economy has seen sharp downturn in its economic growth raising fears of job losses. Since November, Beijing has cut interest rates four times and pumped money into the economy through spending on construction.

"There are good reasons to think that the latest figures are mirroring a genuine stabilisation of conditions on the ground," said Julian Evans-Pritchard of Capital Economics in a report.

The Multi-Trillion Dollar Oil Market Swindle 

I have maintained that oil should have corrected to around $70 in the fall of 2014, tied to U.S. production increases which at the time represented the price at which drillers would continue to add to supply. That price tied to cost reductions has probably been reduced to $60ish currently. But today, with the consensus oversupply widely quoted in the media as some 2 million barrels per day worldwide, it’s clear that if the numbers are correct below, the perceived oversupply wouldn’t exist at all. Suffice it to say prices would be at least at the point where production would need to be added, perhaps around $60-$70 per barrel, if not higher.

Science says no impacts from Shenhua mine: Baird 

Asked what he had said, the minister told reporters: "There's no point in going to cabinet if you are going to express what you said in cabinet on national TV."

Shenhua Watermark is planning to construct an open-cut mine about 25km southeast of Gunnedah to extract 10 million tonnes of coal a year over 30 years.

Greek debt crisis: Goldman Sachs could be sued for helping hide debts when it joined euro 

The deal is based on fresh economic reform proposals submitted by Athens which bear a striking similarity to the creditors’ offer rejected by the Greek people in a referendum last Sunday – sparking claims that Prime Minister Alexis Tsipras has effectively executed a huge U-turn in order to avoid a catastrophic “Grexit”

Austerity Has Failed: An Open Letter From Thomas Piketty to Angela Merkel

Five leading economists warn the German chancellor, “History will remember you for your actions this week.”

440 cuts and counting - the Abbot Legacy

This post will be regularly updated to keep track of the Abbott Government’s broken promises and everything his Government does to hurt Australians. Each item will have a link to a source.

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Ukraine Crisis Grows - NO FUEL!

 

 

Impendent fuel crisis in Ukraine will crash country's economy

The Voice of Russia

 

According to a recent statement made by the energy minister Yuri Prodan, Ukraine will run out of gasoline in the next 29 days. Given Ukranie's dire economic situation, a fuel crisis will surely crash the country's economy.
 

Most oil refineries in Ukraine are owned by Russian companies or are operating on Russian crude oil. Since the beginning of political crisis, refineries have almost stopped producing gasoline and the imports of crude oil have ceased.

"If we talk about fuel, we have a stable situation. We estimate that we have enough fuel for 28-29 days", Prodan told RBK Ukraine. Of course, a situation in which a country receives no crude oil imports and has insignificant stocks of fuel can't be described as "stable", but the current Ukrainian "government" is known for its unjustified optimism.

The situation with the natural gas supplies is just as bad. According to Prodan, Ukraine can access 2 bn cubic meters of natural gas from its underground storage facilities. This quantity should be enough for covering between 2.5 and 3 months of consumption. However, after April 1st all of the existing discounts on Russian gas price will be canceled. In the past, Ukraine was unable to pay for natural gas deliveries even at discounted prices so, there is doubt that a crisis-stricken illegitimate government is alble to pay for gas deliveries at full price.

After Ukraine's debt to Gazprom reached 2 billion dollars, the Russian gas giant warned that the next deliveries will only be made after advance payments. It is highly unlikely that the self-appointed authorities in Kiev will find the funds necessary for the payments. Yuri Prodan's hopes that "reverse supplies" from the EU can help were dashed by a recent statement made by Slovakian government which stressed that Bratislava will not increase supplies to Ukraine to a level that can be "detrimental" to the Slovakian economy. Robert Fico, the prime minister of Slovakia, told the press that his priority is "to ensure the flow of Russian gas through Ukraine" and pointed out that although supplies from Slovakia can help Ukraine, his government is not in a position to fund such help.

Overall, the situation in Ukraine has not yet become a full-fledged fuel crisis but it is likely to evolve into one.

Regardless of the source, imports of crude oil and natural gas will require advance payments in hard currency while the country's budget is empty. Self-appointed Ukrainian authorities expect help from the US and the EU, but so far no one in the West has ...

Read More:

Are We Heading To WW III?

Build up to WW3 as RUSSIA and AMERICA CLASH over UKRAINE

Lead up to WW3 as RUSSIA and AMERICA CLASH over UKRAINE

By Nicole Bourbaki 

Ukraine's Defence Minister says Moscow has sent 6,000 troops into the country, as it was confirmed Russian soldiers are on the streets in the southeastern region of Crimea.

The country's military are on high alert and border guard vessels are being deployed amid the deepening crisis, with reports Russian forces are trying to seize control of an anti-aircraft missile base.

The pro-Moscow Prime Minister of Crimea Sergei Aksenov, who appealed to Russia for help in keeping the peace there, has confirmed service personnel from the Black Sea Fleet, which is based in the Crimean city of Sevastopol, were guarding key buildings.

And in an apparent orchestrated move, a referendum on whether residents in Crimea want greater independence from Ukraine has been brought forward by two months to March 30.

(Read More)

Behind it all - would you believe economic decline?

The real WW III concern?

Russia's Dead-Hand Nuclear System