International energy economist Leonardo Maugeri says that technology and new discoveries will increase crude oil production in the United States by 50 percent by 2020, discrediting the theory of "peak oil."

When the New York Times reported that the losses resulting from the failed trade made by JP Morgan Chase (JPM) earlier this year could reach $9 billion instead of the $2 billion initially reported, some said it didn’t matter while others called for more regulations. Few considered that such trades, and consequent losses, were inevitable and would likely continue because of the implied taxpayer backstop.

First, it should be noted that, contrary to JPM CEO Jamie Dimon’s statement that the trade was due to “errors, sloppiness and bad judgment,” and was “flawed, complex, poorly reviewed, poorly executed and poorly monitored,” the people in JPM’s London office knew exactly what they were doing. Furthermore, Dimon was aware of what they were doing, was warned in advance of potential losses, and did nothing about it.

Moody’s downgraded the credit ratings of 11 Brazilian banks on June 27. Some banks had reductions of a single level, but some went down three levels. This action was tied to the sovereign debt credit rating of the government of Brazil. 

General Motors' CEO Dan Akerson supports increasingly closer ties with the Chinese tyrants, explaining that it's good for business. "By Bob Adelmann"

A massive China-based conglomerate headed by a member of the nation’s ruling Communist Party announced last week the largest ever corporate takeover of an American firm by a Chinese company, sparking concerns among analysts about the regime’s projection of “soft power.” For more than $2.5 billion, the Dalian Wanda Group agreed to purchase U.S.-based AMC Entertainment Holdings — one of the world’s top movie theater chains — to create what will become the biggest cinema operator on earth after the merger.

Critics of the deal expressed alarm over the influence the deal is expected to give China’s totalitarian rulers within the U.S. and international film industry. As the second-largest movie-theater chain in America, Kansas City-based AMC owns or operates hundreds of cinemas in more than 30 U.S. states and at least five other nations. It is also the world’s largest operator of I-MAX and 3D screens.

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