[ Conventional oil production peaked in 2005-6, so if a financial crash occurs, the net energy cliff will be much steeper on the other side, since new projects won’t get financed, and unconventional oil is very expensive to produce and will be unable to procure more loans. This is why I’ve included finance in category Peak Oil, because oil production is not only geological.
I just can’t keep up with all the banking fraud. Below are just a few of the 9 million google search results on “banking scandal” which can be found here, and “banking corruption” returns 48 million results!
With no reform of the banking system (and Wall Street) I don’t see how we can possibly avoid a crash worse than 2008. I was so outraged by the latest Wells Fargo scandal and the latest war on cash with negative interest rates that it’s hard to won’t happen soon (within the next 5 years).
Even if the financial system were 100% honest, conventional oil (90% of petroleum supplies) peaked in 2005, and that is why our economy stopped growing exponentially. Unconventional oil is barely filling in the gap. When conventional oil declines more than unconventional can replace it, who will lend money that can’t possibly be paid back? Every business depends on energy to grow.
Alice Friedemann www.energyskeptic.com author of “When Trucks Stop Running: Energy and the Future of Transportation”, 2015, Springer and “Crunch! Whole Grain Artisan Chips and Crackers”. Podcasts: KunstlerCast 253, KunstlerCast278, Peak Prosperity]
2016. Real reason Wells Fargo scandal should scare you (1.5 million unauthorized Wells Fargo bank and credit card accounts created on behalf of unwitting customers by bank employees hoping to cash in on new account bonuses means fraud is systemic). cnn.com
2016. Next Banking Scandal Explodes in Spain. wolfstreet.com
2016. One of the biggest scandals in Australian banking history? afr.com
2016. Europe’s Regulators Probe Banks as Shell Company Scandal Spreads. bloomberg.com
2016. Swiss private bank linked to Malaysia scandal. nypost.com
2016. UK Bank Scandal Costs Hit £39bn – Report. A study suggests that 60% of profit made by Britain’s biggest banks has been swallowed up to cover the cost of past mistakes. news.sky.com
2016. Big Banks Aided Firm At Center Of International Bribery Scandal. Unaoil relied on both banks as it cut deals with corrupt regimes. huffingtonpost.com
2015. Deutsche Bank to Pay $2.5 Billion Fine to Settle Rate-Rigging Case. New York Times.
2015. 3 Big Banking Scandals You Should Know About. thestreet.com
2015. Thousands protest in Moldova against $1 billion bank fraud. Reuters.com
2013 15 Recent Bank Scandals That Show Just How Powerless You Really Are. thoughtcatalog.com
2013. Another Banking Scandal. New York Times.
2012. Behind the Libor Scandal. New York Times.
2012. 10 Biggest Banking Scandals Of 2012. forbes.com
And 9 million more banking scandals (google search results) here
Consumer Financial Protection Bureau (which Republicans in Congress keep trying to shut down):
- September 8, 2016. Hundreds of thousands of accounts secretly created by Wells Fargo Bank employees leads to historic $100 million fine from the CFPB
- August 30, 2016. Consumer Financial Protection Bureau Monthly Complaints Snapshot Spotlights Bank Account and Service Complaints
- August 22, 2016. CFPB Takes Action Against Wells Fargo for Illegal Student Loan Servicing Practices
- Feb 25, 2016.New insights on bank overdraft fees and 4 ways to avoid them
- August 12, 2015. CFPB Orders Citizens Bank to Pay $18.5 Million for Failing to Credit Full Deposit Amounts
- October 9, 2014. CFPB Takes Action Against M&T Bank for Deceptively Advertising Free Checking
- June 11, 2013.CFPB Report Raises Concerns About Impact of Overdraft Practices on Consumers
2000. Whirlwind: The Butcher Banking Scandal. amazon book
1992. U.S. House of Representatives “Rubbergate”. amazon book