• Gold Money
    05/26/2016 - 14:27
    Here’s a question that might have you pondering: Is gold a commodity? More importantly, are we doing a disservice to the gold industry by calling gold a commodity? These may sound like silly...

Libyan Delivery Of Natural Gas To Italy Slowing Down, Situation "Worsening"

Tyler Durden's picture

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 02/22/2011 - 08:29 | 984640 Wynn
Wynn's picture

Hey Tyler - during Trish Regan's little blurb on the Today show, she said "for every $10 increase in the barrel of oil there is a few percentage points decrease in GDP".

Who's got it right, you or Trish? lol

Tue, 02/22/2011 - 08:34 | 984646 Sudden Debt
Sudden Debt's picture




Tue, 02/22/2011 - 08:57 | 984654 Wynn
Wynn's picture

meant to say .. "...few tenths of percentage points"

Looks like state run TV has been reading ZH, and felt the need to rebut

Tue, 02/22/2011 - 08:54 | 984667 LongSoupLine
LongSoupLine's picture

I like the "silver to JPM" comparison better:

For ever $1 rise in silver, JPM loses $150B.


Eat it Blythe!

Tue, 02/22/2011 - 08:31 | 984643 entendance
Tue, 02/22/2011 - 08:32 | 984644 Sudden Debt
Sudden Debt's picture



at least the olives from Greece are still cheap...


Tue, 02/22/2011 - 08:38 | 984652 LeBalance
LeBalance's picture

Web etiquette: All caps is yelling, don't yell.  Bold all caps is ridiculous.

Tue, 02/22/2011 - 08:50 | 984661 Sudden Debt
Sudden Debt's picture

is ridiculous.

says a guy who paints his face....

Tue, 02/22/2011 - 08:33 | 984645 THE DORK OF CORK
THE DORK OF CORK's picture

The Italian spring should be coming soon at least to the south - just in time one hopes.

Tue, 02/22/2011 - 09:04 | 984685 tonyw
tonyw's picture

There is supposed to be 60 days supply in storage but coming towards the end of the winter season how much actually available is another matter. It is usal to reduce the storage over the winter period. About 80% of gas supplies are imported, mainly from Russia and Algeria.


Tue, 02/22/2011 - 08:34 | 984647 Oh regional Indian
Oh regional Indian's picture

pipelines are the most vulnerable parts of the great energy supply infra-structure. They will be attacked, blown-up, blocked. Impossible, even with the best technology, to monitor them completely.

We need to get ready to 200$ oil and it's repercussions. The whole Energy complex just got more so...complex that is.

Italy/Vatican have been at the heart of the global mess for centuries. is this a sign of payback starting? or should that be blow-back...nat-gas style.



Tue, 02/22/2011 - 08:37 | 984650 Sudden Debt
Sudden Debt's picture

reminds me of that farmer that cut the NATO "secret" oil pipelines while plowing his land a few years ago.

Half of the EU militairy was cut of to their oil supply :)

Tue, 02/22/2011 - 09:02 | 984679 Bob
Bob's picture

I'm thinking that people who are getting carpet bombed by their own government would probably want to cut off pipelines hoping to inspire international intervention. 

Tue, 02/22/2011 - 09:08 | 984690 Rodent Freikorps
Rodent Freikorps's picture

I keep telling everyone it is the Italians, but they listen? Noooo.

Good thing they like to walk and read by candlelight.

Tue, 02/22/2011 - 08:38 | 984651 pappacass
pappacass's picture

Can someone explain to a obviously retarded Paddy why teh Euro is flying while one of it's most indebted countries has gone tits up?

Tue, 02/22/2011 - 09:42 | 984770 rayban
rayban's picture

ECB Mersch told Bloomberg (again, as Bini Smaghi did last week) that ECB will take a more hawkish stance given the surging inflation risk. I would explain the fact that the market has taken it as another excuse to push the Euro up as another manipiulation to try to contain US stocks losses at the opening. Given the EUR heavy weight in DXY this move makes a lot of sense... at least as much as it doesn't make any sense to buy the euro currency after the German political developments during the weekend, Mr. Weber's FT piece today and the eventual dire straits that European policy makers will encounter in trying to reach unanimity on a strong pro-Euro stance before March 11...

Political agendas at work once again in supposedly free markets... 

Tue, 02/22/2011 - 11:12 | 985132 Triggernometry
Triggernometry's picture

Because Europe loves tits. Technically, we've all sucked on them.

Tue, 02/22/2011 - 08:40 | 984655 I need more cowbell
I need more cowbell's picture
We Have Seen The Enemy, They Are Who We Thought They Were; Welcome to the Grand National Distraction

On some obscure blog, this may be the most important thing that gets written here. Only a few will see it. Most have gone about the business of forgetting already.

The money supply. Ask 100 people how money is created and maybe one or two people can actually answer that question. On Wall Street those odds would go up. On Main Street in Wichita, Kansas, or Peoria, Illinois, those odds would go down.

You might think the opposite would be true. But it's not. People are simply ignorant when it comes to the money supply and how that effects them. Ignorant on purpose, unwashed, because there is no profit in you understanding the truth. It's just as true here as it is in Cairo, Madison, or Zimbabwe. That's not a fluke. The people who benefit and profit from your lack of knowledge or ignorance have no vested interest in telling you how the money supply works. Because if you knew what they knew- they couldn't keep you enslaved. They couldn't keep profiting from a system that was completely transparent. People simply would not tolerate it.

Like hundreds of millions of Americans, Europeans, and Asians, I had no real sense of what money is or how it was created. I worked and I got paid. That's where it stopped and that's all the thought I gave that process. My own journey into the murky world of the money supply system started as a curiosity. It was a three year journey that culminated in what I would call the crown jewel. A book, "The Creature From Jekyll Island." http://www.amazon.com/Creature-Jekyll-Island-Edward-Griffin/product-reviews/091298645X/ref=sr_cr_hist_all?ie=UTF8&showViewpoints=1

During the past week, you have witnessed the symptoms of what the people who control the money supply have caused. We have been witnessing symptoms in Illinois, in New Jersey, in California, in Madison, Wi. We are witnessing those symptoms in Tunisia, Egypt, Libya, Greece, Portugal, and  Ireland. We are witnessing those same symptoms in the United States. All the while corporate and political governance lulls us to sleep with whispered talk of recovery and inflated stock markets. Gone are the tax revenues based on inflated property taxes and income taxes, the bankers have fled the ship.

Riots, food disruptions, oil shortages, and civil unrest are merely symptoms. They are symptoms of a disease. The disease is the money supply and central bankers. They have their boots on our throats. Make no mistake about this. Their fingerprints are at every crime scene. And while they light the fuse and sneak out the back door, they leave us with the carnage. And we become distracted. We argue about public unions. We argue about underfunded pension systems. We fight amongst ourselves. We label the left and the right, we call each other names, as each side struggles to make superficial cuts on a money supply and creation system designed to strip the masses of their wealth and deliver it to bankers.

Imagine being a central banker in a debt driven money creation system like the one we have now. You control the quantity of money, that's how you make more money. You must continually create debt to increase the money supply via fractional banking. So you flood the world with cheap debt. You give everyone with warm blood a mortgage. You let everyone with warm blood take out more loans against some make believe equity. You create more debt and wealth for yourself by reselling those loans worldwide. You finance more debt by insuring all of those bad loans. You finance a war in the middle. Eventually the whole Ponzi scheme collapses. You and your central banker brethren have done this throughout the world. You, the central banker stayed whole, because you got yours first. You lit the fuses in Portugal, Spain, Italy, Greece, Germany, Spain, Ireland, Canada, Japan, Great Britain, the U.S. You will finance the wars to follow because war is debt creation. It is money to you.

How quickly our memories fade. Everyone forgets about you. We are busy putting out fires everywhere. The wealth transfer to the bankers and elite is finished. Nothing has changed. In Ireland one month, in Egypt the next month, in Madison, Wisconsin the month after that. People losing their wealth and benefits. States completely broke. And you snicker at how stupid the people are as they struggle and fight over the lingering symptoms. All because the people don't understand how you flooded our world with easy credit and prompted a systemic collapse. Well, most of them anyway.

An excellent case in point. This article is very well written. However, the writer is completely distracted and calls this a "taxpayer war." It's not. Were we having these discussions prior to the banking collapse? Of course not. Welcome to the national distraction. http://sultanknish.blogspot.com/2011/02/taxpayers-civil-war.html

Those of us who try to preserve what little wealth we have left- see what's coming. We are the minority. We anticipate that bankers will be planning to eliminate gold and silver. Trying to outlaw the only wealth storage, the only competition, against the worthless fiat you have created. Force us back into a Three Shell Monty debt game that we can't possibly win. Using a bought and paid for Thugocracy that will make it so.

What has changed since 2007, some four years ago? Nothing. The masses still don't know who the bad guys are. They were allowed to escape. The people now turn their attention to public unions, the largesse of the left's welfare, the tax cuts given to the right's elite. People howl on political blogs. Take sides. Scream and fight. They fight over the symptoms while the underlying disease goes unnoticed. The parasitic banker survives because they escape detection. They remain dormant until our next illness- where predictably- they will esape while we scurry around trying to fix one symptom while another pops up. We have seen the enemy, you are who we thought you were.


http://thecivillibertarian.blogspot.com/you were.


Tue, 02/22/2011 - 09:12 | 984698 Terminus C
Terminus C's picture

Hah, some idiot junked you...  The bankster trolls are up early this  morning.

Good stuff, I'll be passing this one on.

Tue, 02/22/2011 - 09:16 | 984703 primefool
primefool's picture

Yeah Right On Bro - look just today the darn Creature - dun gone created a big volcano ( maybe it was earthquake ) in Ne Zeeland - is that lik ein California or sumpin?

Tue, 02/22/2011 - 09:25 | 984718 Snidley Whipsnae
Snidley Whipsnae's picture

How about this for a condensation of your post?...

"The process by which banks create money is so simple that the mind is repelled."
John Kenneth Galbraith

Tue, 02/22/2011 - 09:28 | 984724 MolotovCockhead
MolotovCockhead's picture

If you think Fiat is bad/evil, you haven't seen nothing yet!! Comparing to what's coming, fiat is heaven sent.

TPTB have a perfect plan for us serf.....How's a cashless society sound to you. RFID chips sound familiar? Ain't it perfect? Nobody can rob you, no terrorist will be able to fun their operation ect. Sounds good till you get deleted one day because your version of truth clash with those published in the MSM or maybe visit ZH once too often. So you think it will never happen? Me? I'm not so confident of our benevolent PTB.


Tue, 02/22/2011 - 08:46 | 984658 EconSammie
EconSammie's picture

This situation must be very concerning for Italy as she has invested a lot in Libya and may well have ended up backing the wrong horse. As to numbers for the impact of a ten dollar sustained rise in the oil price then the economist Shaun Richards feels these are realistic.

So I have looked at general analysis and merged the numbers and taken a typical industrial country.


Economic output (GDP): falls by 0.4% in year one and by 0.4% in year two

Inflation: rises by 0.4% in year one and 0.5% in year two

Unemployment: rises by 0.1% in year one and by 0.1% year two

Another impact of this is that there is a large transfer of wealth/economic income to the oil-producing nations of the order of US $150 billion. Happy days for OPEC, much less happy for most other countries.



Tue, 02/22/2011 - 09:00 | 984677 TBT or not TBT
TBT or not TBT's picture

It's hard to believe Italy has more invested in Libya of Q'Daffy than France had in the Iraq of Saddam Hussein.    Of course, maybe back then France could absorb a sudden few hundred billion write down.

Tue, 02/22/2011 - 09:29 | 984726 Snidley Whipsnae
Snidley Whipsnae's picture

France seems prone to lose lots of money when their former colonies go adrift... Viet Nam, French Eqitorial Africa, Algeria, to name just a few.


Tue, 02/22/2011 - 10:26 | 984927 Pool Shark
Pool Shark's picture

Not to mention that other 'stable' French colony:


btw, time to start buying UNG?

Tue, 02/22/2011 - 12:30 | 985493 TBT or not TBT
TBT or not TBT's picture

Quite the pattern they've established.

Tue, 02/22/2011 - 09:00 | 984672 Bahamas
Bahamas's picture

Libya central bank and sovreign funds hold 7% of Unicredit bank.

Tue, 02/22/2011 - 08:59 | 984673 Bahamas
Bahamas's picture

Italian stock market today is closed for "technical reasons"


Tue, 02/22/2011 - 09:32 | 984740 rayban
rayban's picture

The Italian stock market has a long tradition of going off-line when stocks should take a hit. Being ENI and UCG heavy weight in the index, no surprise at all today. Possibly they are waiting for a bounce off the lows in the US to stage a brand new opening. The  situation has gradually worsened since the LSE has taken over the Borsa, with the indecent January 3rd show confirming that the Italian exchange is nothing else than another manipulated stock market: the first day of the 2011 trading year, with Fiat being split in two during a London bank holiday, the exchange kept publishing a very wrong FTSE MIB index value while both stocks and derivatives were trading. They halted the trading after roughly one hour, re-opened in the afternoon after cancelling all trades on all platforms. Today my guess is that they own something to the powerful domestic institutional community and they are obliging them with an "unforseen" stop due to "technical glitches".

Another requiem for free markets....

Tue, 02/22/2011 - 10:17 | 984893 stuartbushcraftblog
stuartbushcraftblog's picture

Don't take offense my American cousins but life dosen't have to be so complex.

A reduction in gas supply from Libya to Italy is not some kissingeresque shadow government plot to make Burlesque-a-crony have a heart attack or for the Camorra/Cossa Nostra to break out the sawn off shotguns and topple the pope.


Maybe just maybe the Master valve turner and his underlings decided that waking up today,doning their gas valve turning overalls and hard hat to go and shut off one valve and turn on another just wasn't worth it.

Maybe his alarm clock went off just as a MIG-21 screetched overhead dropping some napalm into some protesters and he just thought "Fuck it, i will call in sick today".


It dosen't matter if they want a New World Order, they still need a man to wake up every morning and turn a valve on and off, they need a police state enforcer to lace up his jackboots every morning,they need someone to light the body burning furnace every day before they carry out their final solution.


If these people do not get paid then it is all over for them no matter what they want, no matter how much sushi they eat off of a naked woman.


The NWO is hanging on a thread held together by a single master gas valve turner who has just called in sick.



Tue, 02/22/2011 - 10:21 | 984911 rayban
rayban's picture

The Italian stock market will try to reopen at 1530 CET (WS opening)....

Tue, 02/22/2011 - 10:57 | 985064 Xkwisetly Paneful
Xkwisetly Paneful's picture

How can they disrupt the oil and gas supplies?

The people are starving already. They have no other source of revenue. Seems incredibly unlikely that any disruption would continue for an extended period of time.

Do NOT follow this link or you will be banned from the site!