I used to live on Cape Cod. The Vineyard Gazette published this news from its board minutes and it’s gone viral. Prepare for lights out folks!
https://www.mvtimes.com/2022/06/07/memorial-wharf-construction-still-not-completed/
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The term fossil fuel was just another manipulation by the powerful at the time…think about how hemp was banned from society for paper use by the newspaper baron. I hear what you are saying about bust but those could also just be small pockets that are artifacts of deeper wells or something. Not saying this is 100% just saying if you removed possibly trillions of gallons over decades there’s no collapse or sinkholes in those areas? And demand has increased exponentially over the decades. I just don’t believe it’s finite as they are telling us. Think about gas at $2 a gallon even at $4 that’s really a steal if you think about what it takes. Getting a substances from under the ground and turning it into gas that can propel a 2000 pound vehicle at 80 miles per hour with ease. How much is a 16 oz bottle of water these days, some of which are simply filtered municipal tap water so people have been paying over $8 a gallon for bottled water for years and haven’t cried a bit. Oil is not scarce or gas would be $20 a gallon or more just supply and demand, rather it is $5 and climbing because our dick head resident has cut off all means of production.
Kind of makes sense pegging the dollar to petro, then creating oil scarcity or surplus to control value, similar to then diamond trade, how diamonds are artificially propped up in value from manipulated scarcity.
It was done to prop up the US dollar.
When Nixon removed the US dollar from the gold standard, the dollar had nothing to back it up.
So, they worked a deal with the oil producing companies in the Middle East to only sell oil in US dollars and no other currency, in exchange for military protection of their oil fields.
THIS is why there is so much US involvement in the Middle East. This is also why the US economy remained strong long after the welfare state should have melted it down.
The US economy stopped growing in 1970. It grew if you include inflation as part of the growth, but real growth slowed way down or stopped in 1970.
This is when the welfare state (started by FDR in 1935, and accelerated greatly by LBJ in 1965) became such a burden on the economy that real growth stopped.
That is also when national debt started to soar.
The economy could continue the illusion of growth due to an artificially propped-up dollar because of the petro dollar, as well as massive borrowing and Federal Reserve money printing.
When there is no gold to keep the corrupt politicians from doing stupid things, then they do stupid things that will get them re-elected. Personal power is more important to them than oath of office.
Also, I read an article several years ago. No way to really verify, but the writer was very convincing because of the level of detail. He said that part of the petro dollar scheme was that Saudi Arabia would invest its oil profits in US bonds, thereby propping up the bond market.
In addition, the interest earned by SA that was not needed by them, would be "made available" for secret, black ops by the CIA. This would be a pot of money that was not just off-budget of the US Congress, but unknown to them, as well. The CIA could do literally anything with it.
This may be what funded the economic hit teams that John Perkins revealed in his book, "Confessions of an Economic Hit Man."
Diamonds are useful for cutting in to stuff and drilling. As jewelry? Completely useless.