Billionaires are Strangling the World

David Morgan starts out by reading parts of the article on how
Billionaires Are Strangling the World

An ever smaller group of Billionaires are strangling the world. According to Forbes Magazine the world’s Billionaire count is 1,826.

Quoting from this article:

“The ever-deepening concentration of wealth that is both the logic and the inevitable result of capitalism has reached such depraved proportions that eight of the richest people on the planet now own as much wealth as the bottom half of the entire human race. They have more of the world’s wealth than the total wealth of half of the inhabitants of this world.”

He then goes on to talk about energy. He illustrates that the era of cheap energy may be over for the world. Our new oil technologies claim to be able to extract oil that was preciously unreachable through technologies like fracking. What seems to get lost in the conversation is the profitability of today’s energy extraction. At the turn of the century it took 1 barrel of oil used in the extraction process produced 40 barrels of oil. So for every barrel of oil you spent to run the pumps, drills and other extraction equipment you produced 40 barrels of oil. So in effect each barrel of oil spent netted you 39 profitable barrels. In shale oil extraction each barrel of emery cost nets you four barrels of oil giving you 3 profitable barrels of oil for each barrel you spend. According to this report some shale oil sites in the US are so poor that one barrel of energy used in producing the oil only gets you 2.5 gallons of oil. Some of the major oil companies are projecting a time in the future when it just won’t be possible to profitably extract oil.

So it may be that just the economics of declining oil field productivity and profitability will make solar and other energy sources the cheapest alternative. I’ve hear some commentators say that solar will be the cheapest way to produce energy as soon as 2020. That means that if Trump truly discontinues the development of solar and promotes oil we will be left behind with the rest of the world using cheaper to produce energy from alternate energy technologies while we are stuck producing oil which is more and more expensive to produced. The dwindling production rates also point to a time when oil production is not sufficient to fuel our energy needs.

David Morgan goes on to talk about the criminal conduct of Banks and JP Morgan.

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