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First Schlumberger Fires 9,000; Now Baker Hughes Unleashes 7,000 More Layoffs
Another day, another unambiguously bad announcement from America's bettered energy sector which are bolting down ahead of the crude storm, and firing thousands. Last week it was Schlumberger which announced it would fire 9000, today it is Baker Hughes which just warned it too will hand out about 7000 pink slips in the first quarter. And as a reminder, when it comes to comp: each Baker Hughes job is equivalent to about 10 waiter and bartender jobs, which have been the basis of this "recovery."
- BAKER HUGHES SEES WORKFORCE REDUCTION OF 7,000 WORKERS
- BAKER HUGHES EXPECTS TO CUT 7,000 JOBS IN FIRST QUARTER
- BAKER HUGHES SEES 1Q '15 SEVERANCE COSTS $160 MLN-$185 MLN
- BAKER HUGHES SEES REDUCING CAPEX BY 20% VS. LAST YEAR
- BAKER HUGHES CEO SAYS MUST ADAPT TO 'NEW REALITY' LOWER PRICES
- BAKER HUGHES SEEING GROWING NUMBER WELLS DRILLS, NOT FINISHED
- BAKER HUGHES SEES 2015 AS `PIVOTAL' FOR COMPANY, INDUSTRY
What happens next? If indeed confused, then please reread "Houston, You Have A Problem" - Texas Is Headed For A Recession Due To Oil Crash, and promptly thereafter "Which States Stand To Lose The Most From The Crude Collapse."
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16000 well-paid layoffs.
Yeah, the US is OK.
Some folks got fracked.
All you are seeing is globalisation. First it was the car industry, then it was the electronics industry now it's the oil industry.
Across the Middle East there are tens of thousands of oil job vacancies as production is ripping new highs over there.
Wish the Swiss had waited a few months to pull the plug. If the Swiss had time it so it coincided with the secondary junk bond market imploding -- which will occur later this year, we could have finally ended this charade.
The mortgages in Poland and Hungary denominated in CHF are just the tip of the iceberg.
I'm guessing the CHF derivatives, vastly excede the oil ones.
Since the median salary of an engineer in the Houston energy sector is $185,000, this will have a pretty substantial impact on their economy, not to mention crushing more Middle Class private sector families.
Just screwing around on my calculator here (i.e. watch me make another math error!)....
US consumes about 135 billion gallons of gasoline a year. At an average price drop of, say, $1.50 a gallon that represents a savings of roughly $200 billion to everyone who uses gasoline. I'm not even counting Diesel fuel here even though we consume about 45 billion gallons a year of the stuff, the price hasn't dropped as much.
Say that each of those 16,000 jobs lost paid $200,000/yr. And say each of those $200,000 jobs has a multiplier effect of 10:1 on the economy. That's $3.2 billion directly from the job losses, and $32 billion total loss to the economy.
Darth Cheney will be having his fifth (sixth?) heart attack in 3, 2, 1...
that's not a heart! it's a bag being squeezed by a thousand little baby hands from those he tortured, bombed, murdered and droned for his pleasure
He has an mechanical heart.
Long Duracell.......................
Although each of those millions of drivers across the nation may see a tiny savings here and there, the pain of job loss will unfortunately be very focused and come down hard on specific individuals and 100% for those energy engineers fired. I read 50% of Houston's economy relies on energy sector and another 1/3 is indirectly related ... so even the economists at UH and UT say it will be pretty serious for them. I guess some of that applies to the other O&G states.
Alot of private sector Middle Class pain, what's left of it anyway.
The only jobs left that still resemble a career are .gov jobs. Long .gov, until the sheeple wake up and take their country back.... Which will never happen.
I would have thought the same thing, but their positions went upside down almost a week ago now. Either these entities are still solvant -- or they are still operating on unicorn piss and skittles.
Perhaps at the end of the month we'll see another round of bankruptcies, but is there really that much long term CHF demoninated debt that these super institutions cannot eat a 20% increase in just their CHF demoninated notes.
Maybe I am a bit naive on this one, but I think the biggest blood baths occurred right off the bat. Maybe you can point me in a direction that says otherwise?
Look how long the CDS finally took to blow up in 2008.That was before fantasy accounting.
Depends on the terms inside those derivatives.Prolly at least 28 days claim period.
Early days.
Producing wells continue, new projects cut immediately. Canada shut down 64% oil rigs in past five weeks, 1500 down to around 1050, by end of year oil will be short supply most likely and prices back up. But by then oil will not be the headline .
This is one giant clusterfuck for Canada. With the hit to the tar sands you might aswell shut the country down. Thier manufacturing base is gone, so what's left to keep the lights on up there?
Solar radiated particles, hearded by magneto sphere and put into an exited state in the troposphere.
Maple Syrup
Whiskey
Oh yea, lumber and hockey..........
they'll have lots of time to wander up North and watch the polar bears i guess. Maybe do some ice fishing. I know my realtor buddy in Calgary is bracing for a downturn. But, as he said, he's made more money in the last 8 years then in his entire prior 26 year career as a realtor.
What bubble?
Don't forget pogey too, it's what the east coasters live on during the 40 weeks of the year when it's not fishing season.
Keep the lights on by building pipelines to nowhere like China builds cities that no one lives in. Hey it worked in China.
Even if they never pump oil in the pipelines, Canada will have a giant tublar water park stretching from coast to coast to prop up their tourism industry.
And on alternating days, they could pump all their sewage to Russia.
Agree... casualties will gradually surface over the next weeks and months...
Just look at the retail side: There are 4 million individual "investors" "trading" online according to Citi... And many of them thought they are geniuses over the last years.
"Free money on the CHF" "The have the 1.20 floor" "Just pick up the cash, no risk!" "Just make sure to put your 'stop loss'"... HA HA!!! Good one.
The banks and brokers are now scrambling to collect money to bring the individual account balances back to zero from minus 1'000 EUR, minus 10'000 EUR. or minus 100'000 EUR or minus 1'000'000 EUR. Can you imagine the guys making the phone calls? "Could you please wire us 500kEUR by end of January 2015 to get your account back to zero, please?".
Private bankrupcies will be soaring. And then we will see a more accurate picture in about 1-2 months.
Things will get really really ugly...
http://www.ft.com/intl/cms/s/0/8676c6c6-9d97-11e4-8946-00144feabdc0.html...
http://www.bloomberg.com/news/2015-01-19/bank-losses-from-snb-surprise-s...
I take it he meant fire not hire.
All the best jobs gettin' outsourced to ISIS, which is about to "inherit" the Saudi fields (too).
Well a natural policy responce to the epic disaster would be to consider QE4, cuz it clearly works so well...and of course for the Children
Yes! Bonds for all the children!
Rank Country External debt US dollars Date Per capita US dollars 1 United States 17,997,889,181,468.20December 7 2014
58,43716K layoffs = 160K layoofs by association and just keeps multiplying
Good Luck
Green shoots
We are really cooking with gas now ... Horse manure is a great source of methane.
Don't you know
The new "Normal."
it is unfortunate that good people got RIFed.
It's not like they can land at MCDonalds or Walmart which had been trying to hire people due to demand in those oil shale towns.
At least the North Dakotans can reclaim their towns.
This is not a problem. All of the new Community College Utopian Indoctrination Centers initiated by Obama's new agenda will be hiring and more than offset lost oil jobs.
You got to see the bigger picture here...
The spin doctor in chief will undoutedly interpret this as proof the economy is expanding even faster, with escape velocity just around the corner, in his address tonight.
What is sad is that these may well turn out to be the good ole days for many living in the not so distant future.
He will tell us all how great it is going tonight.
Don't forget to tune in..........
Increases in Cap Gains and Estate taxes. He puts it to the rich! Will he wear a superhero cape..........?
Don't be disappointed when he fails to announce a 15% sales tax on all goods and services sold in the US by Inverted Corps.........
They can build solar panels.
“What we see is that people are leaving their jobs because they are no longer job-locked,” House Minority Leader Nancy Pelosi (D-Calif.) told reporters after House votes Tuesday afternoon. “They are following their aspirations to be a writer; to be self-employed; to start a business. This is the entrepreneurial piece. So it’s not going to cost jobs. It’s going to shift how people make a living and reach their aspirations.”
“What we see is that people are leaving their jobs because they are no longer job-locked,”
Actually, they were locked out, not job locked, and a Sheriff's Deputy supervised all of them carrying their belongings out in a "Banker's Box" (how appropriate)
I do get a lot of emails from "resume writers". That must be the writing part?
And please don't forget the 50,000 jobs that are about to be axed in the American banking sector....
They waited untill after Christmas. Very thoughtful.
Well, at Christmas, the oil delusion was still in play- now, not so much-
Shit happens.
We work-force-managed some folks.
Right-sizing the organization.
Right sizing to top heavy.
BONUS TIME!
I have a solution. All Americans should agree to pay 100% more for gasoline and home heating oil. This will give jobs to Americans. I will call my scheme "Shared Sacrifice". Remember kids, it's only socialism when someone else is sucking from the tit. Oil folks have been sucking from the tit of non-market inflated pricing for 8 years. Times up!
Please come move to the Commonwealth of Pennsylvania. Despite the gas/oil fracking boom and pipelines into production facilities in place we pay one of the highest dollar per gallon rates for gasoline in the country.
Thanks Philadelphia ass holes.
http://www.fuelgaugereport.com/
Soon, the people of Texas were reduced to cannibalism, by the design of Leisure Suit Barry.
"Hahha, Reggie, the YTs are being eaten. Hahhaha!"
"America will soon be Venezuela, with Me in Charge!"
" Only Brown people, Muchkins?? Oh, I'm so Hard, Barry. Help me!"
If you are not brown they do not want you around. Well at least that is what I was told at my company last week.
Long on color enhancement studios???
I got a spray booth and we can make you brown in minutes. We in small bidness always be looking for new opportunities.
Bingo, being white in texas is no longer applicable.
I think texas job applications removed that box from the form. Whites will now have to check 'other.'
Perhaps the line should be further north but I see that if you draw a line from Houston to San Antonio and then to Midland - anywhere south of that line you can get by just fine speaking only spanish. Even a bigger change is that at times or at locations it is more difficult if you only speak english.
Sunday afternoon in the parks is not what it used to be at all. Some may laugh at the suggestion but the former owners are truely taking it back.
Last week it was Schlumberger which announced it would hire 9000
Um, shouldn't that read 'fire,' Tyler?
He must have meant "unhire"
I like that. A kinder, gentler word the noobs can use on mainstream to help people feel good about the decline of empire.
Spelling doesn't count for much on ZH.
you mean bettered
On the bright side, they'll now have additional time to watch reruns of The Beverly Hillbillies.
On the brighter side, maybe some interloping transplants will gtfo of Texas.
Correct!
As Moonbat Polosi said.... "More time to spend with their families and to go shopping" because people on unemployment generate $ in the economy.
EBT for all! It's a SNAP!
or go to Rick Perry rallys.
Editor....second sentence please. Did you mean hire or fire?
Got it...nicely done.
"man larry, green shoots and tax cuts. does it get any better?"
Second sentence...I think should be fire, not hire.
Second sentence, if only it were true...
Anybody got a Bernanke comment?
Bernanke still hasn't been able to sell his house. Green shoots, wall to fuckin wall.
"This is story of transitory"
Yes - the only thing that matters is the University of Michigan Confidence Index
Greenspan, Bernanke and Yellen have set things up nicely for a slide into another 'high confidence' great depression.
Other than "fuck you, Bernanke?"
Nah, I got nothing.
I live near Williston ND, the "Bakken".........it's receding quickly now; bores completed and fracking cancelled; care to buy one of the 26 hotels built here in the last 5 years ??
How much will you pay me to take it off your hands ?
Ouch.
I'm selling my whores in Williston, any takers? They be clean
How many of them do you have to gather to get a full mouth of teeth?
They are most certainly not clean. But anyway, how much per gash?
The lease owners were buying new pickup trucks and ATVs from their royalties.
The young punks from all over the US were coming with no college and making minimum 100k, blowing it on plane tickets home and 18K/yr mancamp memberships.
These aren't engineers or managers. These are people that will never make that kind of money again in their lives. Too bad.
It will take a few months for all these fracking shale companies to close down completely.
OPEC will need to hold the line for a while.
They need to hold the line for a few years to do any real damage to the industry. If oil shoots back up over the next few months it will be buisiness as usual in NA, if it sits low for years the infrastructure will start to rot and the people will move away.
So when do I open my wallet to pay for the bailout of the deriviates based upon this industry?
Soon! Very Soon!
You dont really think the tax on capital gains the Prez is proposing will really go to help the non-existant middle class do you? Your wallet is already missing.
So when do I open my wallet to pay for the bailout of the deriviates based upon this industry?
Relax arch
At this point you don't even need to be worried about being on the "hook"!
Put on your sailin shoes!
It's going to be no different than the S&L disaster. Heads they win, Tails you lose.
2015 is the year the US goes French and starts creating the national service once again.
Lets re-initiate the draft to occupy our youth !
So does this mean there will be NO FRACKING projects in UK, UKraine and Algeria?
Oh boy, Haliburton has the blues!
Free 2 year college, lets barrack em at the colleges, the jails are full.
Having dodged the draft by joining the Air Force, I always preferred the use of the draft rather than having a completely volunteer military. The idea that draftees' families would present some restraining force to the adventurous desires of some presidents seemed like a good idea, just like they did with the misadventure in Southeast Asia. A further benefit, assuming one could not buy or cajole one's way out of it, was the bringing together of diverse segments of the population.
Any bets that Obama's daughters would never be drafted?
On a humorous note : the son of a rich Oligarch, brother to a president, got involved when young in a tragic accident with his GF at Chappaquidick.
Many years later as a senator he got caught in a "naughty" photo taken by a paparazzi where he was seen humping another man's wife on a yacht stationed out in Nice or St Tropez bay.
That long distance shot rang around the people's magazine's of the world some 30 years ago like a hot rod on a hotter jelly pod.
When you are born in purple you end up on a luxury yacht playing High Society games. This time round ten years from now maybe black on white if not black on black.
Who knows if they make the cut. Competition is very tuff at the top, and Tiger Woods can tell you about the tooth he just lost.
One of his colleagues at the time said. "I see the Senator has changed his position on offshore drilling."
Please learn your history. The tragic accident you refer to was actually a scientific experiment by the young scientist, Ted, to test his theory that pregnant women can swim. He discovered that they can't.
Would the draft really be a "restraining force"? Seems like the gov't enslaved the entire population to the tune of something like $130,000 per head - bailed out banks and friends while people lost their homes and no one has restrained shit.
And the clown is gonna stand up at the at the podium and tell us all how wonderful of a Job he's done. He promised you change, well you got it brother.
Yupper, a historic event for this administration, an undeniable truth.
And the Chinese are saying that thier rig building is down bigtime...orders cancelled and so forth....looks like the oil boom is stopping very quickly....in less than 6 months...and take warning ..that can happen in the stock market too...
Nah. oil is real. stock market is not real. most of us could live quite happily with no stock market. Not true of oil.
This is a good way for Baker Hughes to get rid of some employees as there are negotiations for Haliburton to buy out Baker Hughes.
Texas will be fine. We have many corporations moving their corporate offices to Texas due to the more tax friendly enviroment.
Those corporations are moving in to major metro areas. The vast rural areas of Texas aren't enjoying the influx.
Having the bottom line halfed in a couple months gives little latitude. Long collection agencies.
OPEC pulls the rug out from under the shale gig, the sites shutter up, EBT for everyone. Wheeee!
President Mom Jeans, The Fresh Prince of Bill Ayers, will get on the idiot box tonight and try to convince everyone that the US is steaming along at breakneck speed to "recovery".
Jesus fucking Christ. Keep stacking my friends, when the Euro blows how much further behind can we be?
Recovery from being drunken sailors via the route of being lethargic addicts riding the horse.
Broken record again...
Lafayette , La ...no fucking mountains , ocean, waterfront, parks, nothing , fucking retail and sugar cane fields , then all the oil and gas related companies ..
$265 a sq ft - for 1575 sq ft http://www.zillow.com/homedetails/10...14246975_zpid/
Who in the fuck can afford that nut every month plus insurance which is stupid high , anything South of I-10 is hurricane taboo..
Yes , we have a collage and healthcare but doubt that can afford that nut , except maybe highly trained surgeons...
Iknow to some on here that may not seem high , but last home i built in 2003 was 2k sq ft on half a acre for $85 a foot and was 2 hours east in a much nicer area of the state in Mandeville , La..2 miles from the lake !
Yes , prices may have gone up a bit on material , but not 300% and that house had all the trimmings as well...
$265 a fooot ......FUCK YOU ! you pay that you deserve what you get...for that kinda jack I better be getting something for the $$$$...
Here in Santa Monica, that house would be a goddamn steal. Real Estate is just asinine when you want to live with 8 million neighbors and crazy taxation
What happens next?...
If history serves us well this is looking like the complete reverse of that thing that happened in 1973 only with a lot fewer solvent banks and a really huge deficit that will never be paid back that we didn't have 42 years ago!...
My advice to those in Washington that get paid to look the other way and are responsible for the choices in creating the unparalleled economic collapse we are now in?...
Cut your losses asap!... Detente for everyone! Or ELSE!
To the U.S. military. Your party has been over since 2004!
And if that one government that controls the other oil rich one in the same neighborhood that were largely responsible for the disaster that was 1973 tries another epic PR campaign that uses, airplanes, buildings and most importantly "bombs" to blame on someone else -thein indulge the both of them with the same!
Don't over think this. Get long guillotine manufacturing, beat the rush.
Don't over think this. Get long guillotine manufacturing, beat the rush.
"."
If you really want to cut your losses look to the military. All over the Union you have Fort this and Fort that which must cost an arm and a leg to operate on even a weekly basis. Then you've got an air force largely swanning about the empyrean doing lots of not very much aside from burning industrial quantities of premium priced aviation fuel, ditto various fleets dotted around the world taking care of who knows what business but up for trouble, which sooner or later they'll encounter.........sitting targets. Our politicians are mostly as crap as yours, but at a time like this it's worth remembering what our then Chancellor, Denis Healey said: "When you find yourself in a hole, stop digging". Seems like your lot have a shovel in each hand.........
what ZH fails to mention is that Baker is merging with Halliburton. They announced $2B of "cost cuts" months ago. They have a combined workforce of 150k. This is a good opportunity to make cuts and blame it on low oil prices, IMO. With the exception of HB & BH alot of these oil jobs will snap back when oil recovers. Which will be soon.
With the exception of HB & BH alot of these oil jobs will snap back when oil recovers. Which will be soon.
dZ
You are too funny! I'll leave it there.
Yeah. But you dont announce synergies for a merger and then cut another round and say it's additional cost cutting. So which is it? Were they previously announced as part of the $2bn in "cost cuts" or is this cutting deeper?
just providing liquidity to the job market.
Gee, once all the rig workers are unemployed, now will the useless paper pushers actually have to work for a living?
It's about fucking time. Fuck em.
I bet they all redneck republicans
This is a good opportunity to make cuts...
No, they're supposed to wait until a week before Christmas. They can't even stick to the freaking script anymore; where's the fun in that?
Schumberger is acquiring 45.65 persent of Russia's Eurasian Drilling (EDC)
going East...
...and here's a likely list of the other energy related corporations soon to follow in the Houston area alone, all told these companies have revenues of $512.3 billion:
Phillips 66 ($166.2 billion)
Conoco Phillips ($59.4 billion)
Enterprise Product Partners L.L.P ($47.7 billion)
Schlumberger ($48.6 billion) - yep already been there 9,000 FIRED = .0054 "fire ratio"
Plains GP Holdings ($42.2 billion)
National Oilwell Varco ($22.8 billion)
Baker Hughes ($22.3 billion) - yep already been there 6,000 FIRED = .0037 "fire ratio"
Apache Corp. ($16 billion)
Marathon Oil Corp ($15.3 billion)
Anadarko Petroleum ($14.5 billion)
EOG Resources, Inc. ($14.4 billion)
Kinder Morgan, Inc. (14.0 billion)
Cameron International Corp. ($9.8 billion)
FMC Technologies, Inc. ($7.1 billion)
Targa Resources Corp. ($6.5 billion)
Spectra Energy Corp. ($5.5 billion)
if we extrapolate the "average fire ratio" (AFR) based on already announced firings = 70.9/15,000 (revenues/firings) = .004726
Approximately 108,400 VERY HIGH PAYING jobs extrapolated might be lost in just the Houston area alone as the price of oil reaches $25 bbl.
Assuming all jobs cut are taken in the Houston area which is not the case obviously. Solve for variable x= # job cuts taken in the Houston area alone = unknown.
... so, Schlumberger fired 9,000, meanwhile, they broke Russian sanction and buys $1.7bn stake in Russia’s biggest driller >>> http://rt.com/business/224379-schlumberger-russia-oil-drilling/ ...
was cheap
...>>> "cheap"
... you mean reasonably-priced ...
... meanwhile, looks like the dam is breaking on the western alliance sanctions against Russia ... >>> "Europe to resume food supplies to Russia" >>> http://english.pravda.ru/news/business/20-01-2015/129563-europe_food_russia-0/ and here too ... >>> "Billion-dollar deal: Russia to sell space rocket engines to US company" >>> http://rt.com/news/223383-rd181-antares-rocket-engine/ ...
... all these sanction-breaking by the western alliance might have something to do with this ... >>> "Russia says food import ban could end only if West lifts sanctions — minister" ... >>> http://itar-tass.com/en/russia/772183 ... and this ... >>> "Russia may lift food import ban from Greece if it quits EU - Russian agriculture minister" >>> http://itar-tass.com/en/economy/771688
cheap purchased at below real eavalue
stronger than reasonable
...and here's a likely list of the other big energy related corporations soon to follow in the Houston area alone, all told these companies have revenues of $512.3 billion:
Phillips 66 ($166.2 billion)
Conoco Phillips ($59.4 billion)
Schlumberger ($48.6 billion) - yep already been there 9,000 FIRED = .0054 "fire ratio"
Enterprise Product Partners L.L.P ($47.7 billion)
Plains GP Holdings ($42.2 billion)
National Oilwell Varco ($22.8 billion)
Baker Hughes ($22.3 billion) - yep already been there 6,000 FIRED = .0037 "fire ratio"
Apache Corp. ($16 billion)
Marathon Oil Corp ($15.3 billion)
Anadarko Petroleum ($14.5 billion)
EOG Resources, Inc. ($14.4 billion)
Kinder Morgan, Inc. (14.0 billion)
Cameron International Corp. ($9.8 billion)
FMC Technologies, Inc. ($7.1 billion)
Targa Resources Corp. ($6.5 billion)
Spectra Energy Corp. ($5.5 billion)
if we extrapolate the "average fire ratio" (AFR) based on already announced firings = 70.9/15,000 (revenues/firings) = .004726
Approximately 108,400 VERY HIGH PAYING jobs extrapolated might be lost in just the Houston area alone as the price of oil reaches $25 bbl.
Assuming all jobs cut are taken in the Houston area which is not the case obviously. Solve for variable x= # job cuts taken in the Houston area alone = unknown.
*sorry for the accidental double post
Look on the bright side, less fracking means fewer earthquakes and less spoiled groundwater.
Why did they blame this on the "new" economics? Were these in addition to the synergies with Halliburton?
These layoffs should lower the unemployment rate some more.
Soon enough unemployment rate is negative and lots of people are doing multiple jobs. Oh...wait...nevermind.
The new normal... same as how these numbers will show up as offsets in the next unemployment report... or is that the wrong word? Statistical adjustment, seasonal adjustment, birth/death adjustments.... or just reality adjustment?
For a little context, anybody remember this?
www.ml-implode.com
For some job data behind what happened there:
www.bls.gov/opub/mlr/2010/12/art1full.pdf
Bubbles are bubbles regardless of what's behind them. Tulips anyone?
Supply and demand will eventually straighten this one out and it will be ugly. Until then, it's fun to bitch about it online and pretend it's the end of the world.
What is a shit rope?
Even the Hopes and Dreams are being layed off. https://fortune.com/2015/01/20/dreamworks-animation-begins-layoffs-numbe...
Odd that the inital reaction to the 'beats' by SLB, HAL, and BHI was so positive -- yes, they beat on earnings, but a lot of those earnings were in the US and are now in the past. So how do they duplicate or grow earnings? They can't. And expecially they can't when they are chopping thousands of workers. Perhaps the idea is that they can cut expenses faster than their drilling contracts are cancelled?
In completely unrelated news:
Despite sanctions, Schlumberger Ltd, the world’s largest oilfield services company, will acquire a 45.65 percent stake in the Russian Eurasia Drilling Company for approximately $1.7 billion.
Does Jamie Gorelick former FNM ethics executive still work for Schlumberger?
I don't see any mention of Alaska on ZH. If things are bad in Texas I'm guessing they're really hurting up north? Anyone have a line on this?
Iroquois Prophecy - After the white and red serpent reduce each other, the black serpent will conquer.
I read this to mean that the cold war will bring the NATO allies and all the Communists to a capitalistic capitulation to the Islamic caliphates as we are witnessing now. Although it is but one of many possible futures.
900,000 more layoff coming. This is just the Start..... TIPPSY CABOOM,