China entered into a sizable currency swap deal with the eurozone this month that represents a stride toward establishing the yuan and euro as key world currencies. The agreement also means fewer U.S. dollars will be used in commerce between China and Europe.
“The agreement is one of the largest currency deals between China and a non-Asian trading partner,” Alanna Petroff wrote for CNN Money on October 10. Continue reading
A map has been generated at FreeMarketAmerica.org which tracks jobs lost on account of the Sierra Club’s war on coal. The data for the map comes from the National Mining Association, which says that over 1.2 million jobs have been lost in the coal industry. If mining stocks haven’t been doing well – whether we are talking coal or even gold – consider the environmental hits taken by the mining industry. Like the timber industry in the Pacific Northwest, coal mining has been specially targeted for reduction.
It’s true, of course. Last June Bloomberg ran a piece, “Displaced coal miners face slim job prospects.” All around the country, coal jobs are being lost. Coal is one of America’s key energy resources. It is an energy resource we don’t have to import. But the Obama Administration appears determined to crush the coal industry in order to save the planet from global warming. The Environmental Protection Agency (EPA) believes global warming is caused by greenhouse gases produced by coal as well as oil. Therefore, a radical effort is underway to curtail the use of coal.
Only a few years ago more than half our electricity was generated from coal. In the first quarter of 2012 the generation of electricity from coal dropped 21 percent from 2011 levels. The immediate culprit is the Cross-State Air Pollution Rule (CSAP). You can read about it at the Web Site of the EPA where it states: “On July 6, 2011, the US Environmental Protection Agency (EPA) finalized a rule that protects the health of millions of Americans by helping states reduce air pollution and attain clean air standards. This rule, known as the Cross-State Air Pollution Rule, requires states to significantly improve air quality by reducing power plant emissions that contribute to ozone and/or fine particle pollution in other states.” (In other words, coal is out.)
In the middle of the worst economic times since the Great Depression, when as many as 86 million are unemployed, how can the federal government purposely push for over 1.2 million in additional job losses? And yes, the job situation may be worse than official figures suggest. Readers should review CNN Money’s May 4 piece titled “The 86 million invisible unemployed” which stated that our work force has the “lowest force participation rate since 1981.”
As CNN Money explained, “Only people looking for work are considered officially unemployed.” So the situation is worse than the government represents. Yet the government would add to the number of those out of work by strangling the coal industry. When the price of oil remains high and a war in the Middle East could drive oil prices higher, wouldn’t it be wise to leave the coal industry alone? But then, we have to save the planet from global warming – or do we?
Full article: Coal Industry Under Attack (JR Nyquist | Financial Sense Online)