Enron 2.0: Wall Street Manipulates Energy Prices … and Every Other Market

George Washington's picture

Energy Prices Manipulated

The U.S. Federal Energy Regulatory Commission says that JP Morgan has massively manipulated energy markets in  California and the Midwest, obtaining tens of millions of dollars in overpayments from grid operators between September 2010 and June 2011.

Pulitzer prize-winning reporter David Cay Johnston noted last week that Wall Street is trying to launch Enron 2.0:

The price of electricity would soar under the latest scheme by Wall Street financial engineers to game the electricity markets.


If regulators side with Wall Street — and indications are that they will — expect the cost of electricity to rise from Maine to California as others duplicate this scheme to manipulate the markets, as Enron did on the West Coast 14 years ago, before the electricity-trading company collapsed under allegations of accounting fraud and corruption.


The test case is playing out in New England. Energy Capital Partners, an investment group that uses tax-avoiding offshore investing techniques and has deep ties to Goldman Sachs, paid $650 million last year to acquire three generating plant complexes, including the second largest electric power plant in New England, Brayton Point in Massachusetts.


Five weeks after the deal closed, Energy partners moved to shutter Brayton Point. Why would anyone spend hundreds of millions of dollars to buy the second largest electric power plant in New England and then quickly take steps to shut it down?


Energy partners says in regulatory filings that the plant is so old and prone to breakdowns that it is not worth operating, raising the question of why such sophisticated energy-industry investors bought it.


The real answer is simple: Under the rules of the electricity markets, the best way to earn huge profits is by reducing the supply of power. That creates a shortage during peak demand periods, such as hot summer evenings and cold winter days, causing prices to rise. Under the rules of the electricity markets, even a tiny shortfall between the available supply of electricity and the demand from customers results in enormous price spikes.


With Brayton Point closed, New England consumers and businesses will spend as much as $2.6 billion more per year for electricity, critics of the deal suggest in documents filed with the Federal Energy Regulatory Commission.


That estimate will turn out to be conservative, I expect, based on what Enron traders did to California, Oregon and Washington electricity customers starting in 2000. In California alone the short-term market manipulations cost each resident more than $1,300, a total burden of about $45 billion.




Public Citizen characterized the Energy partners explanation for the shutdown as absurd:

In the world of business, a firm announcing that an asset purchased just 5 weeks ago is actually uneconomical to operate would be called incompetent, and such a firm would have difficulty attracting capital and staying in business. But the managing partners of Energy Capital Partners are a highly sophisticated all-star crew of former Wall Street financiers: four of the five managing partners are Goldman Sachs veterans, and the firm’s vice-presidents and principals are alumni of JP Morgan, Morgan Stanley, Bank of America, Credit Suisse and other financial powerhouses. These are not your run-of-the-mill owners and operators of power plants. They are Wall Streeters highly motivated to exploit the intricacies of power markets to make as much money as possible for their Cayman Islands-based affiliates.

The record is clear that artificially reducing supply to jack up prices was the plan of Energy partners from the get-go. The strategy is obvious from auction records, as explained by Robert Clark of the Utility Workers Union of America Local 464.


“Almost immediately after acquiring ownership of the Brayton Point Power Station late last year,” Clark said, “[Energy partners] intentionally withheld all of Brayton Point’s capacity from [auction] for the purpose of reducing capacity supply and intentionally raising the market prices” that Energy partners and its competitors could charge for other New England generating capacity they already owned.

As shown below, Wall Street has manipulated virtually every other market as well – both in the financial sector and the real economy – and broken virtually every law on the books.

Interest Rates Are Manipulated

Bloomberg reported in January:

Royal Bank of Scotland Group Plc was ordered to pay $50 million by a federal judge in Connecticut over claims that it rigged the London interbank offered rate.


RBS Securities Japan Ltd. in April pleaded guilty to wire frauda s part of a settlement of more than $600 million with U.S and U.K. regulators over Libor manipulation, according to court filings. U.S. District Judge Michael P. Shea in New Haventoday sentenced the Tokyo-based unit of RBS, Britain’s biggest publicly owned lender, to pay the agreed-upon fine, according to a Justice

Department Justice Department.


Global investigations into banks’ attempts to manipulate the benchmarks for profit have led to fines and settlements for lenders including RBS, Barclays Plc, UBS AG and Rabobank Groep.

RBS was among six companies fined a record 1.7 billion euros ($2.3 billion) by the European Union last month for rigging interest rates linked to Libor. The combined fines for manipulating yen Libor and Euribor, the benchmark money-market rate for the euro, are the largest-ever EU cartel penalties.


Global fines for rate-rigging have reached $6 billion since June 2012 as authorities around the world probe whether traders worked together to fix Libor, meant to reflect the interest rate at which banks lend to each other, to benefit their own trading positions.

To put the Libor interest rate scandal in perspective:

  • Even though RBS and a handful of other banks have been fined for interest rate manipulation, Libor is still being manipulated. No wonder … the fines are pocket change – the cost of doing business – for the big banks

Indeed, the experts say that big banks will keep manipulating markets unless and until their executives are thrown in jail for fraud.

Why? Because the system is rigged to allow the big banks to commit continuous and massive fraud, and then to pay small fines as the “cost of doing business”. As Nobel prize winning economist Joseph Stiglitz noted years ago:

“The system is set so that even if you’re caught, the penalty is just a small number relative to what you walk home with.


The fine is just a cost of doing business. It’s like a parking fine. Sometimes you make a decision to park knowing that you might get a fine because going around the corner to the parking lot takes you too much time.”

Experts also say that we have to prosecute fraud or else the economy won’t ever really stabilize.

But the government is doing the exact opposite. Indeed, the Justice Department has announced it will go easy on big banks, and always settles prosecutions for pennies on the dollar (a form of stealth bailout. It is also arguably one of the main causes of the double dip in housing.)

Indeed, the government doesn’t even force the banks to admit any guilt as part of their settlements.

Because of this failure to prosecute, it’s not just interest rates. As shown below, big banks have manipulated virtually every market – both in the financial sector and the real economy – and broken virtually every law on the books.

And they will keep on doing so until the Department of Justice grows a pair.

Currency Markets Are Rigged

Currency markets are massively rigged. And see this and this.

Derivatives Are Manipulated

The big banks have long manipulated derivatives … a $1,200 Trillion Dollar market.

Indeed, many trillions of dollars of derivatives are being manipulated in the exact same same way that interest rates are fixed: through gamed self-reporting.

Oil Prices Are Manipulated

Oil prices are manipulated as well.

Gold and Silver Are Manipulated

Gold and silver prices are “fixed” in the same way as interest rates and derivatives – in daily conference calls by the powers-that-be.

Bloomberg reports:

It is the participating banks themselves that administer the gold and silver benchmarks.

So are prices being manipulated? Let’s take a look at the evidence. In his book “The Gold Cartel,” commodity analyst Dimitri Speck combines minute-by-minute data from most of 1993 through 2012 to show how gold prices move on an average day (see attached charts). He finds that the spot price of gold tends to drop sharply around the London evening fixing (10 a.m. New York time). A similar, if less pronounced, drop in price occurs around the London morning fixing. The same daily declines can be seen in silver prices from 1998 through 2012.


For both commodities there were, on average, no comparable price changes at any other time of the day. These patterns are consistent with manipulation in both markets.

Commodities Are Manipulated

The big banks and government agencies have been conspiring to manipulate commodities prices for decades.

The big banks are taking over important aspects of the physical economy, including uranium mining, petroleum products, aluminum, ownership and operation of airports, toll roads, ports, and electricity.

And they are using these physical assets to massively manipulate commodities prices … scalping consumers of many billions of dollars each year.  More from Matt Taibbi, FDL and Elizabeth Warren.

Everything Can Be Manipulated through High-Frequency Trading

Traders with high-tech computers can manipulate stocks, bonds, options, currencies and commodities. And see this.

Manipulating Numerous Markets In Myriad Ways

The big banks and other giants manipulate numerous markets in myriad ways, for example:

  • Engaging in mafia-style big-rigging fraud against local governments. See this, this and this
  • Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide. Details here, here, here, here, here, here, here, here, here, here, here and here
  • Pledging the same mortgage multiple times to different buyers. See this, this, this, this and this. This would be like selling your car, and collecting money from 10 different buyers for the same car
  • Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves. See this, this, this, this and this
  • Engaging in unlawful “Wash Trades” to manipulate asset prices. See this, this and this
  • Bribing and bullying ratings agencies to inflate ratings on their risky investments

The criminality and blatant manipulation will grow and spread and metastasize – taking over and killing off more and more of the economy – until Wall Street executives are finally thrown in jail.

It’s that simple …

6 Years After the Financial Crisis Hit, The Big Banks Are Still Committing Massive Crimes

The “Great Recession” started in December 2007.  More than 6 years later, the big banks are committing more crimes than ever.

You Won’t Believe What They’ve Done …

Here are just some of the improprieties by big banks over the last century (you’ll see that many shenanigans are continuing today):

  • Funding the Nazis (while we’re referring to funding the original Nazis many decades ago, the U.S. is now backing the neo-Nazis in Ukraine, and banks are undoubtedly involved in some of the support)
  • Launching a coup against the President of the United States (an old – but vital – story)
  • Engaging in mafia-style big-rigging fraud against local governments. See this, this and this
  • Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide. Details here, here, here, here, here, here, here, here, here, here, here and here
  • Pledging the same mortgage multiple times to different buyers. See this, this, this, this and this. This would be like selling your car, and collecting money from 10 different buyers for the same car
  • Committing massive fraud in an $800 trillion dollar market which effects everything from mortgages, student loans, small business loans and city financing
  • Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves. See this, this, this, this and this
  • Engaging in unlawful “Wash Trades” to manipulate asset prices. See this, this and this
  • Participating in various Ponzi schemes. See this, this and this
  • Bribing and bullying ratings agencies to inflate ratings on their risky investments

The executives of the big banks invariably pretend that the hanky-panky was only committed by a couple of low-level rogue employees. But studies show that most of the fraud is committed by management.

Indeed, one of the world’s top fraud experts – professor of law and economics, and former senior S&L regulator Bill Black – says that most financial fraud is “control fraud”, where the people who own the banks are the ones who implement systemic fraud. See this, this and this.

Even the bank with the reputation as being the “best managed bank” in the U.S., JP Morgan, has engaged in massive fraud. For example, the Senate’s Permanent Subcommittee on Investigations released a report today quoting an examiner at the Office of Comptroller of the Currency – JPMorgan’s regulator – saying he felt the bank had “lied to” and “deceived” the agency over the question of whether the bank had mismarked its books to hide the extent of losses. And Joshua Rosner – noted bond analyst, and Managing Director at independent research consultancy Graham Fisher & Co – notes that JP Morgan had many similar anti money laundering laws violations as HSBC, failed to segregate accounts a la MF Global, and paid almost 12% of its 2009-12 net income on regulatory and legal settlements.

But at least the big banks do good things for society, like loaning money to Main Street, right?


  • The big banks have slashed lending since they were bailed out by taxpayers … while smaller banks have increased lending. See this, this and this

Indeed, top experts say that fraud caused the Great Depression and the 2008 crisis, and that failing to rein in fraud is dooming our economy.

We can almost understand why Thomas Jefferson warned:

And I sincerely believe, with you, that banking establishments are more dangerous than standing armies ….

John Adams said:

Banks have done more injury to religion, morality, tranquillity, prosperity, and even wealth of the nation than they have done or ever will do good.

And Lord Acton argued:

The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.

No wonder a stunning list of prominent economists, financial experts and bankers say we need to break up the big banks.

But here's the comedy punchline:

Banksters Pretend that Prosecuting Wall Street Crime Will Blow Up the Economy

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VWAndy's picture

When honest labor throws the fruits of thier labor in the trash or plows it under. Then the honest will have control. Just yesterday I went to a job and was unable to get the price I wanted. So I walked. I lost money just driving to the work.

 Here is the catch. The reason I could not close the deal was the guy is going to shop for a better deal. The good news is he aint going to find a better deal. He will be my bitch. All I have to do is wait. Its good to have skills.

You cant compete with fiat/monopolies so dont. Set your price and stay firm if you must then walk. If they need me they must pay me. This system is dependant on theft of labor. Before that theft can occur the labor must happen.

  Years ago the milk producers could not get the price they needed so they dumped the milk in the gutters. Next thing you know they got thier price. We dont have to take this shit. The real producers are where the true power lies. We producers have the only true monopoly. All the fiat based monopolies are based on fraud and or force. Good luck taking fruit that has not been grown.

 This may sound nuts, but really raise your prices. 4% per year at least. The free shit army is to big to not fail.

 The difference between asking for a raise and demanding one is the willingness to walk. Stop asking.

DaveyJones's picture

Nice summary. Curious what you think George, maybe you've written about it. Some of the economic historians point out that these problems become a chicken and egg phenomenon. As the country gets into a whole hole, by corruption, overuse of real resource, and bad decisions, the goverment and the "bad guys" become unavoidably interdependent to keep the charade going and accelerate the destruction with exponential math, games, and lies. Seems consistent with what little I know from criminal law and much of what William Black points out - that the crime, and the government's blatant free pass, is growing at amazing exponential rates.     

Pemaquid's picture

Public hanging of a few TBTF CEO's -- problem solved.

Duc888's picture

Nuthin' to lose sleep over folks, our top cop Eric Holder is on the job, he's one tough Hombre' He'll get em!

I read it on the internets! It's true!


waterhorse's picture

Yeah, how inconvenient it will be to prosecute when the statute of limitations tolls.  Holder tried to be "tough on crime," he REALLY did... /s

Walt D.'s picture

The next thing we are going to hear is the Fed rigs interest rates and the Treasury manipulates dollar exchange rates .. and Hormel manipulates ? pork bellies?

Walt D.'s picture

The reason electricity prices have gone up in California has nothing to do with it. Arnold signed a mandate that 20% (it may now be greater) would be generated by wind and solar and other renewables. Wind and solar are expensive. The cheap power from San Onofre has gone off line (for good) due to safety concerns with its nuclear reactors. When the EPA starts closing down coal generators, other states will see their prices go up.

Ban KKiller's picture

Anarchy looks better everyday! 

Long lead.

Catullus's picture

First, the capacity markets are DISASTERS. Like fuck the MIT economics department for ever mentioning them. They're beyond idiotic even for basic economics.

Second, the FERC and NEPOOL are not going to let the plant shutdown, so they're looking to get an RMR payment (Reliability Must Run).

The problem with the argument is that if ECP did not bid into the capacity market and it drove the price of capacity up, it would actually keep MORE supply in the market that otherwise would have been. This increased supply or lack of supply going offline to get the higher capacity clearing prices, depresses the price of power. Not bidding into the capacity market (driving up the capacity price) in hopes that the power price will go up is silliness.

The example of this is PJM. PJM capacity prices in 2008 and 2009 cleared high for planning years 11-12 and 12-13, and even arguably 13-14. So you had plants clear capacity markets, which prevented them from otherwise being retired, which increased the amount of available power through the period.  The power prices in PJM have been on a relentless slide since 2010. And ONLY NOW are plants retiring in PJM, well after capacity prices have fallen as well. Basically 65 GW of coal plants are going to retire throughout PJM and MISO which probably should have happened a half decade ago.

The problem is if you just had an energy-only market like ERCOT or Alberta, the price of power would have signaled to producers whether to shutdown or not. The capacity market just pulls a portion of the price forward and tries to create a fake scarcity market.

The biggest bunch of a bullshit was last year when First Energy convinced the West Virginia PSC to include their goodwill from FE overpaying for Alleghany's old coal fleet in 2010. It was over 30 years, but WV ratepayers literally get to pay FE for them having overpaid for plants. They, of course, threatened to close the old, dirty coal plant which the coal labor union so heroically (/sarc) objected to.

Lumberjack's picture

Former FERC Chair Pat Wood is Director and part owner of 'SunPower: Twice as Bad as Solyndra' ($1.2 bn public subsidies) http://www.humanevents.com/2011/10/11/sunpower-twice-as-bad-as-solyndra-... SunPower SEC Form 10K February 2012 "Our past reliance on government programs to partially fund our research and development programs could impair our ability to commercialize our solar power products and services." Patrick Wood III is, significantly, the father of the Renewable Portfolio Standard RPS. G.W. Bush, then TX Governor, appointed Pat Wood to serve as Chair of the TX PUC that adopted the RPS model statute for green energy under his tenure in 1999. Twenty-nine US states have adopted the RPS that require us to purchase what Patrick Wood sells. And as you point out, Pat Wood is Director of 'Xtreme Power a Piginapoke' http://hawaiifreepress.com/ArticlesMain/tabid/56/articleType/ArticleView...


Catullus's picture

Oh yeah. That RPS is a racket. I think most of them have realized that the initial construction windfall phase is over.  They're gearing up for the transmission projects now.

AdvancingTime's picture

To say the market is rigged is an understatement. After over 30 years of trading commodities I will flat out state without any reservations that lies and manipulation run rampant. If you think anyone is looking out for the small independent trader you are wrong.

An unholy alliance of the Federal Reserve, the government, and the too big to fail has left the rest of us in a precarious position. For the big boys, its insider information and computer trading, this includes computing patterns that exploit where stops are placed, this improves their ability to wash the weak out of their positions. More on this subject in the article below.


MrBoompi's picture

The "people" who are receiving the fines are not the ones who have been harmed. Consumers are being ripped off big time, but their governments keep the money for themselves. We are nothing more than the mark in a sting, and if the police catch the crooks, they take a percentage as tribute. And the game is allowed to go on.

Whatever happened to treble damages, restitution to those who are actually harmed, or jail time? Our political leaders are making too much money to rock that boat.

Next? Natural gas. As soon as we start exporting LNG, expect huge price increases. A trashed environment and 4X price increases? Who gives a fuck?

GreatUncle's picture

Is it surprising when all this is traded in fiat currency that IF YOU AIN'T GOT ENOUGH JUST PRINT A FEW TRILLION AND HAND IT TO THE BANKERS. Less there cut of course for bonuses. All commodities are being manipulated imagine a single banana that monkeys eat. Now create 100 paper bananas based on this single banana and start trading the paper ones for 50 dollars or 50 cents. The single real banana is not measured by all those fiat bananas and can be smacked down or elelvated by the bankster that sets the price.


Used a banana because we are all monkeys in this game the worst thiing you can do right now is let a bankster see you have half of a banana because the bankster views it as theirs and wants it nickel and diming you to get it.

Gringo Viejo's picture

Thanks for the heads up. I thought it everything was straight up and legit until the moment I read this post.

blindman's picture

03 MAY 2014
Matt Taibbi: Minding the Wealth Gap
when fraud is this easy and lucrative you can expect much more of it.
03 MAY 2014
Munk Debate On State Surveillance: Hayden-Dershowitz vs. Ohanian-Greenwald

"Alan Dershowitz and Michael Hayden versus Alexis Ohanian and Glenn Greenwald, with a video appearance by Edward Snowden.
The actual debate starts around minute 27 on the video. You may use your cursor to click ahead to it." jca
comment: the creepy thing is that none of the debaters even noticed
that no plane hit the pentagon or that the buildings were imploded
in a controlled demolition, one off, high rise catastrophe putting
the lie to the official cover up story of event and "investigation"/
weak attempt at a lying cover-up of government/s complicity, and that
just blows the entire debate open. while the debate is worth the listen
it is the premises and assumptions ignored that tell the truth and
there, the larger picture is painted.
of course any government will attempt coercion and surveillance of threats.
what is a signature of fascism is the group that will manufacture
the threat, itself, and use it to "curtail civil liberties" and prescribe
and demand the desired conduct and behaviours. watch the debate and see
just who the fascists are and what is the state of fascism 2.0?

Radical Marijuana's picture

The public money supply ought to be a public utility. However, after the public "money" supply was privatized to become made out of nothing as debts, then, necessarily, every other corporate enterprise based upon that fraudulent foundation would result in runaway privatizations, in the form of legalized frauds, such as having what could be considered as the public utility of electrical energy distribution being privatized, in ways which would maximize the private profits for those able to achieve that objective.

EVERYTHING traces back through the vicious spiral of the funding of the political processes (especially ways that funding included illegal activities), which enabled the persistent application of the methods of organized crime to capture control over the political processes. More and more, those who are able to most participate in the vicious spiral of the funding of political activities end up the special interests which control what governments do, and do not do, such as allow the litany of increasingly rigged markets.

The deeper problems are that those who get away with getting their frauds legalized (or with laws not enforced against them), are then more able to reinvest some of their profits from frauds in more frauds. In the USA, as throughout most of the world, the vicious spiral of the funding of the political processes have been able to leverage and ratchet up its systems of social control by dominating the funding of the schools systems, and by achieving control over the mass media. That is now such a level of fait accompli, that it would take a series of political miracles for enough people to be able to understand and effectively organize against that runaway system of triumphant frauds dominating everything.

Tragically, even the ruling classes, who made and maintained those social systems, will also become victims of the paradox of final failure from too much "success" through controlling civilization with Huge Lies! That system has already become terminally sick and insane, since there is nothing within that system which could work to reform itself. "The criminality and blatant manipulation will grow and spread and metastasize – taking over and killing off more and more of the economy – "

"Wall Street executives are" NOT going to be "finally thrown in jail," because they have effective sovereign immunity, because of the degree to which they already dominate the government. They ARE the new royalty, that ARE above the rule of law, because of the degree to which they have ALREADY captured control over the creation of the law and the enforcement of the law.

Furthermore, putting a few big banksters in jail, while a minor political miracle, would still not come within light years of being adequate to deal with the deeper magnitudes of these problems. Only profound intellectual scientific revolutions regarding how society understands itself would be able to come closer to comprehending how and why the government became the biggest form of organized crime, controlled by the best organized gangs of criminals, enough to PERHAPS better balance the runaway disequilibria in the prevalent organized systems of lies, operating robberies, that dominate the globalized political economy now. Moreover, that can not be done outside of doing similar things to understand the human ecology. Both of those approaches would begin to enable reconciliations of the human and industrial systems within the natural systems.

The Grand Canyon Paradoxes again manifest in systems which generate and distribute electrical power, which are understood through the concepts of information theory and thermodynamics, which concepts ALSO apply to human civilizations. However, the degree to which information theory and thermodynamics are NOT understood, or understood backwards, is also the degree to which our civilization collectively does NOT understand how it works, or understands itself in ways which are backwards.

That abysmal level of ignorance, and mistaken understanding of things backwards, is how and why the public has allowed the privatization of public powers, to be done in mad and self-destructive ways, like cancers metastasizing, or parasites killing off their host. Apart from irrational hopes for a series of political miracles, I see no reasonable ways to expect that to stop, since the monetary system dominates everything else. Through the funding of all aspects of the political processes, it is able to continue to dominate those processes, to continue to become more and more criminally insane, which criminal insanities are shared by those who are ruled over, as by the ruling classes.

Absinthe Minded's picture

(but some animals are more equal than others)

PhiBetaZappa's picture

Not exactly man bites dog news ZH.

moneybots's picture

"You Won’t Believe What They’ve Done …"


Went down the entire list and didn't find one item that wasn't believable.

weburke's picture

Good work George. The murderous determination of some families over centuries is paying off beautifully !  I dont suppose on other planets they figured out a way to evolve in a more brilliant way. Surely this road of power accumulation is the only road possible, and I for one am glad they never ran a contest to see who could come up with the best idea to take us to a new cooperative day ! I suppose at the base of this approach, is the belief that there are no consequences to murder for power reasons. No post death ones. No god who might give a hoot. Quite the assumption. One I would not take.

kurt's picture

Here's the Thing:

Most of any utility's "plant and equipment" is outside. Rage will eventually result in vandalism. Frankly, I'm surprised the American driver hasn't burned down gas stations in spite of what little good it would do. California WILL NOT TOLERATE ANOTHER ENRON.

Where is law enforcement in this? Journalism has done its job here (thanks George). Unless there is an intentional plan to convert the USA to a third world country and even if there isn't, law enforcement should stop playing international man of mystery and tend to your own fucking back yard!

I fear we will, because of rage, bypass third world status and proceed to a pre-industrial tribal slaughter fest. 

zipit's picture

Nothing new to see here.  Nothing will be done about it.  Not with that nice revolving door between Washington and Wall Street.

blindman's picture

@"..nothing will be done about it."
it will eat itself, watch. stay out of its
way i say and offer that advice where possible.
when they recruit just laugh.

dontgoforit's picture

It is sickening, nonetheless.

Puncher75's picture

Sure glad I just spent $60K going solar.  Seriously, I did. 

Lumberjack's picture

Good luck keeping your batteries up. I suggest Surrette 8CS25PS batteries hooked in series parallel, 5 day storage capacity and a really good charging setup.  

BTW, the green guys have been involved in these foreign fiasco's for over a decade. Money laundering, arms trafficking, drugs you name it. One particular company came out of nowhere when Enron collapsed and took out the guys that did renewables right. They also are into telcom too and consist of ENRON guys and a few well placed oil/pipeline guys on the boards. They exist under a fusilade of shell and shelf LLC's and have offices and/or projects in each and every one of the areas of conflict. Indonesia, Phillipines, China, Africa, US and many others. They were kicked out of Russia and awhile back and a couple of other places. They kept getting stimuls money and in fact, Larry Summers is part owner of one of the offshoot companies. This goes really deep and is rotten to the core. I know personally. There is so much more, until then...





DaveyJones's picture

passive solar design, great insulation, south facing windows, thick heat absorbing material inside and on the foundation floor is by far the most efficient and least expensive beginning. Even the ancient Greeks knew this. 

Like everything else and most of our history, we will soon leave all the systems that use gasified and condensed liquid solar energy and return to using current solar energy. "Current" is still stored to some degree - in plants and animals, and organic composted soil that make up what, but for the last 120 years, we have lived on and "with" to survive.  

Bioscale's picture

Good luck. I just ordered 5 more 1/4 oz Philharmonikers, seriously, I did. Things look much much different when you are in Europe.

As before WW2 there were two things in Europe that had bigger value after the war ended: swedisch shares/bonds and gold. I just can't rely on some paper claims to companies tousands miles away.