L’Aquila G8 Summit underway right now – well continuing in a few hours and some info they are getting from the International Energy Agency and the continuing saga of financial and economic crisis in the US over toxic assets they are now going to replace with good ones and money and whatever those poor little bankers need – (after they’ve screwed everybody)


, , , , , , , , , , , , , , , , , , , , , , , , ,

my note-

technical difficulties

our apologies


IEA’s G8 Programme – Aiming at a Clean, Clever and Competitive Energy Future

Following up on its participation in G8 events during the past four years, the IEA has been invited by the Italian G8 Presidency to take part in the G8 Environment Ministers meeting in April, the G8 Energy Ministers meeting in May and the G8 Summit in July. See the official Italian G8 web site: http://www.g8italia2009.it for more details.

Attending the G8 Energy Ministers meeting, in Rome from 24-25 May, the IEA presented its analysis on the impact of the financial crisis on global energy investments (read executive summary). The Agency also provided a background paper on climate policy (read report).

At the G8 Environment Ministers’ meeting in Siracusa on 22-24 April 2009, IEA Executive Director Nobuo Tanaka presented a paper on presented a paper to the Ministers on the RD&D and investment needed to ensure that low-carbon technologies become viable, commercial technologies in the future. The IEA presentation emphasised that low-carbon technologies must play a key role in climate change mitigation. See Mr. Tanaka’s remarks, slide presentation and G8 paper.

The IEA G8 programme has identified new strategies for greater energy security and climate protection. IEA points to policies for speeding development and deployment of cleaner, more efficient energy technologies. The IEA has submitted a set of concrete policy recommendations for promoting energy efficiency that could reduce global CO2 emissions by 8.2 gigatonnes by 2030.

The IEA work focuses on: alternative energy scenarios and strategies; energy efficiency in buildings, appliances, transport and industry, including indicators; cleaner fossil fuels; carbon capture and storage; renewable energy; and enhanced international co-operation.

The IEA G8 programme was initiated following the G8 leaders’ request at their 2005 Summit in Gleneagles, Scotland.

Access the IEA Press Release following the G8 Hokkaido meetings.




Executive Summary of IEA suggestions 2008 – to G8 summit

25 Energy Efficiency Policy Recommendations by IEA to G82008
Executive Summary Size: KB
No. of Pages: 68
Download the PDF Type of Document: Paper
The IEA recommends that G8 leaders adopt and urgently implement this package of measures to significantly enhance energy efficiency. This package was developed underthe Gleneagles G8 Plan of Action, which mandates the pursuit of a clean, clever and competitive energy future.

Feedback, comments suggestions on this publication? Please contact us at this link.

[From – ]



Publications for Sale Publications/Surveys Free for Download
  • Renewables Information 2009 with 2008 data
  • World Energy Statistics 2009 CD-ROM service
  • Energy Balances of OECD Countries 2009 Edition
  • Energy Statistics of OECD Countries 2009 Edition
  • CO2 Emissions from Fuel Combustion, 2008 Edition
  • Natural Gas Information 2008 with 2007 data
  • Oil Information 2008 with 2007 data
  • Electricity Information 2008 with 2007 data
  • Coal Information 2008 with 2007 data
  • Energy Balances of Non-OECD Countries 2008 Edition
  • Energy Statistics of Non-OECD Countries 2008 Edition
  • Energy Prices and Taxes (quarterly) Quarterly publication
  • Oil, Gas, Coal, and Electricity (quarterly) Quarterly publication
  • Oil pdf, excel (view archive since 1999 )
  • Natural Gas pdf, excel (view archive since 1999 )
  • Prices pdf, excel
  • Electricity pdf, excel
  • (view archives)

  • Key World Energy Statistics 2008
  • Oil Market Report
  • Energy Statistics Manual
  • See all publications



    Welcome to the Oil Market Report online service.

    Each month, access to information on supply, demand, stocks, prices and refinery activity is available through the Oil Market Report online service.

    The OMR publication published each month can be found here on this website in pdf. Available along with it are over 3000 charts and graphs updated monthly. All of this is available to subscribers who choose to receive the Oil Market Report by email. The charts are available simultaneously with the release of the OMR. This web service is a perfect complement to the macro analysis in the report.

    Subscribers, please log in (to the left) for the very latest oil market information.

    Visitors, please see our free public access site. This information is available with a two week time delay.




    Visitors, please see our free public access site. This information is available with a two week time delay.

    (Which is the link immediately above)

    World Oil Demand Chart from 2009 through July 1 - International Energy Agency

    World Oil Demand Chart from 2009 through July 1 - International Energy Agency

    Highlights of the latest OMR
    dated: 11 June 2009

    Forecast global 2Q09 crude runs are raised 0.2 mb/d to 71.3 mb/d, as a result of higher April preliminary data in OECD countries, reports of high crude runs in China and marginally stronger global demand. But 3Q09 crude runs are forecast at 72.8 mb/d, representing an annual decline of 1.2 mb/d.


    The latest free issue of the full OMR



    Day One of the L’Aquila G8 Summit: the press conference

    Prime Minister Silvio Berlusconi during the press conference Prime Minister Berlusconi has summed up the first day’s proceedings at the Abruzzo Summit, stressing the agreement reached on fighting climate change, which is to be submitted to the G5 countries during the forthcoming sessions. The other topics on the agenda included the economic crisis and the need for new rules, development and food security.

    Summit Documents: the first day

    The G8 meeting in the Main Conference Hall 08/07/2009 A new page entitled “Summit Documents” is now available online in the “Summit” section of the website. This new item on the menu, the first item in the “Summit” section, will contain all of the Declaration and documents from the L’Aquila Summit in Pdf format ready for downloading and printing.




    The People Working on Our Behalf at the G8 Summit in L’Aquila, Italy right now – July 8 – 10, 2009

    Foto di famiglia G8

    High Resolution Download

    Da sinistra: il Presidente giapponese Taro Aso, il Premier canadese Stephen Harper, il Presidente degli Stati Uniti Barack Obama, il Presidente francese Nicolas Sarkozy, il Presidente del Consiglio italiano Silvio Berlusconi, il Presidente russo Dmitry Medvedev, il Cancelliere tedesco Angela Merkel, il Premier del Regno Unito Gordon Brown, il Primo Ministro del Regno di Svezia Fredrik Reinfeldt e il Presidente della Commissione Europea José Manuel Barroso durante la foto di famiglia nel primo giorno del vertice G8 a L’Aquila. SitoG8/ANSA foto: Maurizio Brambatti


    About Italy

    Welcome to Italy, and Welcome to Abruzzo

    Poppies on the Amiternum's Archaeological site background Many of the guests who will be coming to Italy during this year of the Italian G8 duty Presidency are already familiar with the country and its landscapes, its artistic heritage and the wide variety of cultures, dialects and aspects of the various italian regions. Many of them are admirers of the goods produced by italian creativity in sectors ranging from fashion to design and from machinery to traditional agricultural produce and leading-edge technologies. Connoisseurs of italian wine and cuisine, with their extraordinary variety of flavours and aromas, are also legion worldwide.

    For several reasons, however, Italy is also a country that faces a large number of hazards due to the forces of nature and the way the land has been managed.

    Around 40% of its population lives in highly seismic areas, and Abruzzo, the region that is to host the summit, was struck by a violent earthquake in April. The quake left 300 dead and razed a considerable portion of the architectural heritage of L’Aquila and the surrounding province to the ground.

    The italian G8 Presidency decided to move the Summit venue from its original site in Sardinia to L’Aquila, both as a sign of sympathy and support for the people of Abruzzo and to draw the world’s attention, at this time of hardship, to an italian region with a wealth of history, culture and natural beauty.



    G-8 leaders have ambitious environmental goals

    L’AQUILA, Italy (CNN) — Leaders of the world’s most powerful economies pledged to seek huge cuts in their greenhouse gas emissions at a summit in Italy on Wednesday.

    The Group of Eight leaders said they would “join a global response to achieve a 50 percent reduction in global emissions by 2050 and to a goal of an aggregate 80 percent or more reduction by developed countries by that date.”





    BBC slide show G8 Summit in photos – 07-08-09 – Amazing.



    See below toward bottom of this post for some general info from this site about L’Aquila and the surrounding area – (before the earthquake, April 6).


    9 firms to run toxic assets program

    Among those selected: BlackRock and Invesco. Program will be kickstarted with $30 billion government investment.

    By David Ellis, CNNMoney.com staff writer

    NEW YORK (CNNMoney.com) — The government on Wednesday tapped nine financial firms to manage a scaled-down program aimed at helping the nation’s banks and said it would invest up to $30 billion to get it started.

    Among those selected to serve as asset managers of the so-called Public-Private Investment Program were BlackRock (BLK, Fortune 500), AllianceBernstein (AB), Oaktree Capital Management, Invesco (IVZ), Angelo, Gordon & Co., Marathon Asset Management, RLJ Western Asset Management, The TCW Group and Wellington Management Company.

    [ . . . ]

    “While utilization of legacy asset programs will depend on how actual economic and financial market conditions evolve, the programs are capable of being quickly expanded if these conditions deteriorate,” Treasury Secretary Tim Geithner, Fed Chairman Ben Bernanke and FDIC Chair Sheila Bair said in a statement.

    [ Etc. ]

    Treasury has said the program is intended to generate a return for private investors and protect taxpayers.

    Under the program, banks and other qualified firms looking to rid themselves of assets will sell commercial mortgage-backed securities and certain residential mortgage-backed securities issued before 2009 and originally considered ‘AAA’-rated by two or more recognized agencies.

    Each of the nine selected fund managers are required to invest a minimum of $20 million in firm capital in the funds they manage. At the same time, no single investor will be able to own more than a 9.9% stake in the PPIP funds.

    It remains to be seen how effective the program will be in helping shore up banks’ finances.

    [there’s more – but the next little bit says that a “key industry group” has long advocated for the program – gee, wonder who that is? – my note]


    First Published: July 8, 2009: 4:31 PM ET


    25 charged in $100 million mortgage fraud

    (also on CNN – and the news tonight)



    L’Aquila History and Region Information site – (not the most current – but very interesting and good information).

    Altitude: 714 m a.s.l — Population: ca. 67000 inhabitants — Zip code: 67100 — Phone Area Code: 0862


    province of L’Aquila, Abruzzo, Italy

    L’Aquila (surface area 466,96 kmq, about 67,000 inhabitants on the whole territory of the Commune, about 45,000 only the town and suburbs), the capital town of Abruzzi and of the Province of L’Aquila, is situated on the left bank of the Aterno River, at an elevation of 2,150 feet (655 meters), in a valley surrounded by the highest mountains of the Appennines, the Gran Sasso and the Velino-Sirente, 58 miles (93 km) northeast of Rome. For its geographical position in the middle of high mountains the city has long, cold winters and abundant rainfall throughout the year, even if autumn is the wettest season. L’Aquila is the main historical and artistic centre of Abruzzi, has an archbishopry and is renowned for its University, Musical Conservatory, Arts Academy, Theatre and Concert Society, National Museum of the Abruzzi and the ancient Salvatore Tommasi library.Formerly a center for handicraft and agriculture, L’Aquila has nowadays become primarily an administrative center for its large province and partly for the region (regional bodies are divided between L’Aquila and Pescara). The economy of the town is characterized by chemical, mechanical and farming industries, the production of wine, cereals, saffron and dairy products, traditional delicatessen and craftswork; the nearby mountains also offer facilities for winter sports and excursions.

    (more info on history and sites in the region found on this page – I don’t think it is the official site but it is a good one.)


    Credit as a basis of our economic foundation yields what we are experiencing now – it is wrong – Bernanke has it backwards, God help us


    , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

    A couple days ago, Ben Bernanke testifying before Congress stated that the bank failures of the Great Depression caused the economic failures of the system and quoted the study upon which his research was based.

    The bank failures of the Depression were the “result of,” not the “cause of”. He has it backwards. And, we can see it in the situation we are confronting now which mirrors the system failure of the 1929 – 30’s.

    Excessive speculation which created a “false and counterfeit money supply” is the dominant factor that undermined the banks, stock values, company assets, wealth and the overall economy just as it is doing now.

    For the same reason that we have laws against counterfeit currencies and false securities being created to flood into the market, these speculative products were not an innovation – they were a crime. That experts couldn’t tell the difference between innovation and crime speaks to the distance that our educated professionals have from the living lessons of the Depression.

    The reason we don’t allow counterfeit money to be printed randomly and sent into the economy is because it devalues all the asset and currency values that relate throughout the economy.

    When “structured investment vehicles” (SIVs), “credit derivatives” (CDOs) and other exotic financial derivatives were created, they were not secured, not regulated, not collateralized properly, and not based on real substance as other currencies and securities. These are a counterfeit form of currency.

    Just as a bunch of $20 dollar bills printed up and sent into the marketplace distorts the money supply and the national / global monetary values, so has this extensive pool of falsely premised investment products (now considered, toxic assets) done the same thing.

    Entire companies, banks, investment firms, national treasuries and whole industries have been completely destroyed by this already, individual lives decimated, families and communities wiped out, and it is continuing to do so day by day, week by week, month after month.

    By re-packaging and re-selling these unrealistically valued investment / financial products as if they were a valid substantial asset, a total pool of money came to exist that does not in fact exist in reality. This speculative process has undermined every balance sheet it has touched from national treasuries across the world, to states’ budgets, and corporate asset values to the actual values of property, buying power, currency values and bank insolvencies.

    The specific reason that credit cannot be used as a basis of any strong, healthy economy is exhibited by the entire quantitative and qualitative experience we have now.

    Not only does it subject the broad spectrum of individuals and businesses to its inhumane strains of idiocy in decision-making, it also leaves everyone at the mercy of its continuing desire for profits at the exclusion of all else.

    Some of its drawbacks include that interest rates and borrowing conditions can be set without limit or common sense. Credit based economy commonly is responsible for the undermining of good healthy business models which occurs in every industry and business type. It insulates its decision-makers from the marketplace and from the direct consequences of their actions and it re-values assets, growth, possibilities and opportunities unnaturally with no basis in reality. It also represents a monetary supply whose currency is not valued by any responsible, prudent nor sensible authority.

    Each day and in every life threatening situation that is being caused by the insistence of the US financial community to set our foundation of economic value on credit rather than on fiscal responsibility and real currency, we are literally experiencing what happens when credit is that basis. This is what was learned from living experiences in the Great Depression that gave us the programs, laws, protections, agencies and initiatives which evolved from it.

    Many of those individual initiatives to protect our economy from excessive leverage, from excessive unbridled speculation, from the creation of false and counterfeit securities and currencies, and from the many and varied uses of money to manipulate property values, to manipulate corporate asset values and to undermine the real economy have been removed.

    So, here we are experiencing a failing economy with every indication it is a Great Depression with a greater magnitude than the last one in America and greater than every other such event across the world’s history.

    And, that is what the efforts of the last thirty years of our government’s decisions and our banker’s lobbying, our brilliant analysts and economists, our hedge fund managers and Wall Street investment banks have given us.

    The chances are very low that these people, all of whom profited from this and have lived in the luxury of kings and queens for all of this time and still do, are going to be in any part, the makers of solutions to this crisis. The more likely thing they will do is to find a way to continue this game until each and every person alive is using credit as the only currency of value so that money can continue to be harvested from the movement of money.

    Unfortunately, that means other real solutions will not be applied and other real solutions will not be sought and other real values will continue to be distorted and undermined until it all crumbles. Then the economy and its foundation must be rebuilt from a much more difficult position and after many, many, many business losses and depletion of resources have occurred. It is what is unfolding before us right now.

    – cricketdiane, 02-12-09

    %d bloggers like this: