Sunday, June 20, 2010

Weekend wrap up

I'm certain BP is trying to write the PR handbook on what not to do after an oil spill. After delaying measuring the oil leak flow for 2 months they've now said the worst case scenario is up to 20 times worse than their original estimates. Also, as the winds start to move the slick toward the Florida Panhandle their CEO is watching his $700k 52 ft sailboat race over the weekend? The big BP news this week will likely be -- Can they sell enough debt to stay afloat? This tug of war will continue throughout the week.

* This is a pretty good discussion on the economics of shale gas extraction. With natural gas plentiful and cheap, the rush to drill seems a little out of whack. I really can't see anyone in NYS allowing this to move forward because of the potential risk to the NYC watershed, but our state government doesn't inspire a great deal of confidence lately.

* Russia to scrap capital gains tax - In an economic textbook this seems like a good idea, but the corruption in Russia will still keep the largest investors from migrating to Russia.

* This is a crazy long video - something like 12 minutes - but it shows every nuclear test conducted on the globe from 1945-1998. All of that residual radioactivity might explain why you have a sudden urge to give away your money when you visit Las Vegas. The other shocking thing in this video is the insane number of tests the French have conducted over the years.

On a hopefully unrelated note, a bunch of the fringe military monitoring websites reported over the weekend that "12 American warships, among which one aircraft carrier, as well as one Israeli corvette, and possibly a submarine, have crossed the Suez Canal on their way to the Red Sea." The reportedly disrupted traffic through the canal for some time.


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