Total New Housing Under Construction
Economic Animal Spirits

Animal Spirits - Voluntary Quits. United States of America, Labor Economics and Statistics, 2016-2017

Data Dump:
State of Georgia, Congressional District Six (6)

Back in Isakson's Day

Bad Resolution - Tom Price's Former District

Unofficial Results From Special Election (Jungle Primary ) April 19, 2017

Party		Pol	Votes	%
	Democratic	Jon Ossoff	92,390	48
	Republican	Karen Handel	37,933	20
	Republican	Bob Gray	20,755	11
	Republican	Judson Hill	16,848	9
	Republican	Dan Moody	16,994	9
Total votes			193,483	100

Zip Codes: 30004, 30005, 30009, 30022, 30024, 30033, 30062, 30066, 30067, 30068, 30075, 30076, 30084, 30092, 30097, 30102, 30144, 30188, 30319, 30324, 30328, 30329, 30338, 30339, 30340, 30341, 30342, 30345, 30346, 30350, 30360

Cities: Alpharetta, Brookhaven, Chamblee, Doraville, Dunwoody, Johns Creek, Marietta, Milton, Mountain Park, Peachtree Corners, Roswell, Sandy Springs, Tucker

Counties: Cobb, Fulton, DeKalb, Cherokee (Former)

Note: I do not worry about politics anymore. However since this is in my front and back yard... I must post some information about the recent congressional race. I am a native of this district. That said, I know the sentiment that springs out of the three county areas. Cherokee is no longer in D6, but it was back in the day. DeKalb is more Dem and North Fulton and Cobb are heavily GOP. Cobb is a different GOP than Fulton, and Cobb's version of the GOP varies to a degree between East Cobb and West Cobb. Fulton is generally more of a power play or a position play - not a lot of outsiders can get a grip here because there is no shortage of established players - like most affluent enclaves. It is fair to note that demographically district six is not a fair representation of the state. Sentiment from Cobb and Cherokee counties are more representative of the entire state - to a degree - whereas North Fulton is a hyper affluent area (when compared regionally) and many are affluent democrats and moderate republicans.

Research Source: HCG Research Associates, Statistical Atlas

Details and info on non-english speaking referendums via Wikipedia. Make sure to donate to them. - CH


Description of proposed amendments - Wikipedia link


Proposal #
Article
Description of change


1
Article 9
The judiciary is required to act on condition of impartiality.


2
Article 75
The number of seats in the Parliament is raised from 550 to 600.


3
Article 76
The age requirement to stand as a candidate in an election to be lowered from 25 to 18, while the condition of having to complete compulsory military service is to be removed. Individuals with relations to the military would be ineligible to run for election.

4
Article 77
Parliamentary terms are extended from four to five years. Parliamentary and presidential elections will be held on the same day every five years, with presidential elections going to a run-off if no candidate wins a simple majority in the first round.


5
Article 87
The functions of Parliament are
Making, changing, removing laws.
Accepting international contracts.
Discuss, increase or decrease budget (on Budget Commission) and accept or reject the budget on General Assembly.
Appoint 7 members of HSYK
And using other powers written in the constitution

Article 89
To overcome a presidential veto, the Parliament needs to adopt the same bill with an absolute majority (301).


6
Article 98
Parliament now detects cabinet and Vice President with Parliamentary Research, Parliamentary Investigation, General Discussion and Written Question. Interpellation is abolished and replaced with Parliamentary Investigation. Vice President needs to answer Written Questions within 15 days.


7
Article 101
In order to stand as a presidential candidate, an individual requires the endorsement of one or more parties that won 5% or more in the preceding parliamentary elections and 100,000 voters. The elected president no longer needs to terminate their party membership if they have one.


8
Article 104
The President becomes both the head of state and head of government, with the power to appoint and sack ministers and Vice President. The president can issue decrees about executive. If legislation makes a law about the same topic that President issued an executive order, decree will become invalid and parliamentary law become valid.


9
Article 105
Parliament can open parliamentary investigation with an absolute majority (301). Parliament discusses proposal in 1 month. Following the completion of Discussion, Parliamentary investigation can begin in Parliament with a hidden three-fifths (360) vote in favor. Following the completion of investigations, the parliament can vote to indict the President with a hidden two-thirds (400) vote in favor.


10
Article 106
The President can appoint one or more Vice Presidents. If the Presidency falls vacant, then fresh presidential elections must be held within 45 days. If parliamentary elections are due within less than a year, then they too are held on the same day as early presidential elections. If the parliament has over a year left before its term expires, then the newly elected president serves until the end of the parliamentary term, after which both presidential and parliamentary elections are held. This does not count towards the President's two-term limit. Parliamentary investigations into possible crimes committed by Vice Presidents and ministers can begin in Parliament with a three-fifths vote in favor. Following the completion of investigations, the parliament can vote to indict Vice Presidents or ministers with a two-thirds vote in favor. If found guilty, the Vice President or minister in question is only removed from office if their crime is one that bars them from running for election. If a sitting MP is appointed as a minister or Vice President, their parliamentary membership will be terminated.


11
Article 116
The President and three-fifths of the Parliament can decide to renew elections. In this case, the enactor also dissolves itself until elections.


12
Article 119
The President's ability to declare state of emergency is now subject to parliamentary approval to take effect. The Parliament can extend, remove or shorten it. States of emergency can be extended for up to four months at a time except during war, where no such limitation will be required. Every presidential decree issues during a state of emergency will need an approval of Parliament.


13
Article 125
The acts of the President are now subject to judicial review.


13
Article 142
Military courts are abolished unless they are erected to investigate actions of soldiers under conditions of war.


13
Article 146
The President used to appoint one Justice from High Military Court of Appeals, and one from the High Military Administrative Court. As military courts are abolished, the number of Justices in the Constitutional Court reduced to 15 from 17. Consequently, presidential appointees reduced to 12 from 14, while the Parliament continues to appoint three.


14
Article 159
Supreme Board of Judges and Prosecutors is renamed to "Board of Judges and Prosecutors", members are reduced to 13 from 22, departments are reduced to 2 from 3. 4 members are appointed by President, 7 will be appointed by the Grand Assembly. Supreme Board of Judges and Prosecutors (HSYK) candidates will need to get 2/3 (400) votes to pass first round and will need 3/5 (360) votes in second round to be a member of HSYK.(Other 2 members are Justice Minister and Ministry of Justice Undersecretary, which is unchanged).


15
Article 161
President proposes fiscal budget to Grand Assembly 75 days prior to fiscal new year. Budget Commission members can make changes to budget but Parliamentary members cannot make proposals to change public expenditures. If the budget is not approved, then a temporary budget will be proposed. If the temporary budget is also not approved, the previous year's budget would be used with the previous year's increment ratio.[note 1]


16
Several articles
Adaptation of several articles of the constitution with other changes, mainly transferring executive powers of cabinet to President


16
Article 123
President gets power to create States.


17
Temporary Article 21

Next presidential and General elections will be held on 3 November 2019. If Grand Assembly decides early elections, both will be held at the same day. Board of Judges and Prosecutors elections will be made within 30 days of approval of this law. Military courts will be abolished once the law comes into force.


18
Applicability of amendments 1-17
The amendments (2, 4 and 7) will come into force after new elections, other amendments (except temporary article) will come into force once newly elected president is sworn in. Annulled the article which elected Presidents forfeit membership in a political party. This constitutional amendment will be voted in a referendum as a whole.

For the 13th week in a row...April 13 (Reuters) - U.S. drillers added oil rigs for a 13th week in a row, with the number of active rigs rising to near a two-year high, as energy companies boost spending on new production to take advantage of a recovery in crude prices. Drillers added 11 oil rigs in the week to April 13, bringing the total count to 683, the highest since April 2015, energy services firm Baker Hughes Inc said on Thursday. At this time a year ago, there were 351 active oil rigs. Much of the weekly gain can be attributed to Texas's Permian basin, which added eight rigs on the week. There are 339 active rigs in the Permian, located largely in the western part of Texas, 200 more than at this time last year.

From April 13th:
Bake Hughes : U.S. Baker Hughes U.S. Rig Count Weekly: Prior: 839.00, Actual: 847.00
Country: US Source: Bake Hughes Prior: 839.00 Actual: 847.00 Date: 13-Apr-2017 17:00:00
Frequency: Weekly Period: 14-04-2017 Relevance: Low URL: http://www.bakerhughes.com/

From April 10th:
(MT Newswires)
According to Goldman Sachs Research, if the US oil rig count stays at the current level, we estimate US oil production would increase by 490 kb/d between 4Q16 and 4Q17 across the Permian, Eagle Ford, Bakken and Niobrara shale plays; annual average US production would increase by 75 kb/d yoy on average in 2017. The yoy production would rise by 215 kb/d in 2017 if we account for the impact of the estimated remaining county-level well backlog being gradually brought back online between 4Q16 and 1H17. Last week, the US oil rig count continued its surge, up by 10.

From April 7th:
(HCG Research Associates)
For U.S.: 839, Change from last count: + 15, Change from last year: +396
US Baker Hughes Rig Count (Apr 7) W/W 839 (Prev. 824)
- US Baker Hughes Oil Rig Count (Apr 7) W/W 672 (Prev. 662)   US
Baker Hughes Gas Rig Count (Apr 7) W/W 165 (Prev. 160) 

China Currency Overview

The two yuan.

@ BBC: The "Renminbi" is the official name of the currency introduced by the Communist People's Republic of China at the time of its foundation in 1949. It means "the people's currency". "Yuan" is the name of a unit of the renminbi currency. An analogy can be drawn with "pound sterling" (the official name of the British currency) and "pound" - a denomination of the pound sterling. Something may cost £1 or £10. It would not be correct to say that it cost 10 sterling.

China has another set of codes for the FX markets.
CNY = onshore
CNH = offshore
The CNH doesn’t fluctuate within a tight band like CNY, and it is perceived to be free of China’s government control due to the trading taking place offshore in Hong Kong.

Fears that taking Scotland out of the EU would make growth and diversification of the Scottish economy impossible only help the fact that Scotland has a chance to make it on their own. This month they began the march towards a second referendum. Despite the UK vote to leave, Scotland's votes were 62% in favor of remaining, with a well represented voter base in every local authority area.

Despite the usual hospitality and whisky exports, Scotland's major exports include: Aerospace & Naval Systems, Barley, Automobiles, Business & Financial Services, Chemical Products, Computers, Computer Software, Electricity, Electronics, Fish, Confectionery, Oil & Gas, Pharmaceuticals, Renewable Energy, Scotch, Ships, Textiles, Timber, Water. There is a wide a diverse industry here. That aside Scotland supplies the UK with a tremendous amount of oil. Scotland also gets cut out of a lot of the oil revenues. Recent offshore oil findings maybe the largest discovered yet and deep water drilling is creeping back into the picture. If the new oil discovery is half as expected Scotland should have hundreds of billions for their population of 5 million. A 2012 report by the Scottish Government and led by Alex Salmond - who is a former oil economist in addition to the former first minister - stated:

• Oil & Gas is one of Scotland’s greatest industrial success stories, having transformed the economic well-being of the UK over the last 40 years. With as much as £1.5 trillion of oil remaining to be extracted from reserves around these islands, an increasingly buoyant export sector now reaching 100 different countries, and emerging opportunities to deploy the sector’s vast expertise in other offshore projects, the industry has a bright future.

 

• Scottish production increased by 21.4% compared to 2014-5, and accounted for 81 per cent of the UK total*
• In 2015-16, oil and gas fields in Scotland accounted for 96 per cent of UK crude oil and natural gas liquids (NGL) production, and 60 per cent of UK natural gas production*
• In 2015-16, the approximate sales value of oil and gas produced in Scotland is estimated to be £13.4 billion*
• The approx. sales value decreased by 23.5% compared to 2014-15, despite an increase in production over the year, due to sustained low prices*
• In 2015-16, operating expenditure (excluding decommissioning) on oil and gas production in Scotland is estimated to be £6.8 billion, down 6.7% compared to the previous year*
• In 2015-16, capital expenditure on oil and gas fields in Scottish waters is estimated to be £10.2 billion, down 17.6% compared to the previous year*

Also in 2012 Angus Armstrong mentioned:

• The Geneva agreement on natural resources under the sea dictates that they are divided by the median lines. Most people accept that the Geneva approach is the standard approach. Which gives Scotland 91% of revenues.

Scotland has the ability to position itself as a classic Europe-type economy - except one rich with oil money. They can have the pick of any industry from that footing, they can court whomever. If Scotland breaks from the UK they can do near anything they want. The economics are outstanding. The trade bloc choice would then be to join the EU or stay out like Norway.


* Source: Oil and Gas Production Statistics 2015-16, Scottish Government

Washington Post: How oil rich is Scotland?

UPS is adding more intermodel stations to China's mega Europe-Asia railway. The Atlanta-based parcel shipping giant recently added stations in China, Poland and Germany to its intermodel rail service between Europe and China. The London to Yiwu trip runs 12,000 km in 18 days. Rail is half the cost of air and take half the time as sea transport and the span is incredable. The railway crosses Belgium, France, Germany, Russia, Kazakhstan, Belarus and Poland, before coming through China.

• According to Railway Gazzettee: Changsha, Chongqing, Suzhou and Wuhan have been added in China, joining Zhengzhou and Chengdu. The additional locations have been chosen for their proximity to manufacturing, commercial and cultural centres in inland China. Duisburg and Warszawa have been added to the European end. The industrial Ruhr area of Germany provides access to rail, river, road and air transport, while Poland is a centre for e-commerce fulfillment, research and development and manufacturing. UPS offers full container and less-than-container-load services in both directions. Customs clearance is limited to China and European import/export countries, and security options include GPS tracking. Temperature control is available for sensitive cargo.

The long move by UPS is a smart strategy to increase market share and get a leg up on Amazon (NASDAQ:AMZN). It is no secret that mega-giant Amazon could move into the parcel shipment space and wipe out a good amount of U.S. domestic parcel business revenues through margin competition, free shipping and outright replacement. In addition FedEx (NYSE:FDX) has better metrics over the past few years - they have outperformed UPS - despite having numerous weak points. By increasing the international supply chain and freight capacity over the next two years, UPS will position their international parcel, supply chain and freight lines to outpace revenues generated from U.S. domestic operations. UPS received postive analyst rankings in January and February with an average price target of $115.29 per share. Merrill, Barclays, BMO and JP Morgan currently have the security listed at hold.

• This rail service is expected to save customers up to 65% versus air freight and improve time-in-transit by 40% versus traditional ocean freight service.The new rail service offers closed circuit TV monitoring during train transition, seal management, alarms and optional GPS container tracking. The customs clearance process has been simplified and is limited to China and European import/export nations. It also offers several other improved facilities that will provide customers with fast and cost effective shipping solutions. - Cindy Miller, President of UPS Global Freight Forwarding

More at Investing.com 

On 23 June last year, the people of the United Kingdom voted to leave the European Union. As I have said before, that decision was no rejection of the values we share as fellow Europeans...

Prime Minister’s letter to Donald Tusk triggering Article 50

Published 29 March 2017

The process in the United Kingdom

On 23 June last year, the people of the United Kingdom voted to leave the European Union. As I have said before, that decision was no rejection of the values we share as fellow Europeans. Nor was it an attempt to do harm to the European Union or any of the remaining member states. On the contrary, the United Kingdom wants the European Union to succeed and prosper. Instead, the referendum was a vote to restore, as we see it, our national self-determination. We are leaving the European Union, but we are not leaving Europe – and we want to remain committed partners and allies to our friends across the continent.

Earlier this month, the United Kingdom Parliament confirmed the result of the referendum by voting with clear and convincing majorities in both of its Houses for the European Union (Notification of Withdrawal) Bill. The Bill was passed by Parliament on 13 March and it received Royal Assent from Her Majesty The Queen and became an Act of Parliament on 16 March.

Today, therefore, I am writing to give effect to the democratic decision of the people of the United Kingdom. I hereby notify the European Council in accordance with Article 50(2) of the Treaty on European Union of the United Kingdom’s intention to withdraw from the European Union. In addition, in accordance with the same Article 50(2) as applied by Article 106a of the Treaty Establishing the European Atomic Energy Community, I hereby notify the European Council of the United Kingdom’s intention to withdraw from the European Atomic Energy Community. References in this letter to the European Union should therefore be taken to include a reference to the European Atomic Energy Community.

This letter sets out the approach of Her Majesty’s Government to the discussions we will have about the United Kingdom’s departure from the European Union and about the deep and special partnership we hope to enjoy – as your closest friend and neighbour – with the European Union once we leave. We believe that these objectives are in the interests not only of the United Kingdom but of the European Union and the wider world too.

It is in the best interests of both the United Kingdom and the European Union that we should use the forthcoming process to deliver these objectives in a fair and orderly manner, and with as little disruption as possible on each side. We want to make sure that Europe remains strong and prosperous and is capable of projecting its values, leading in the world, and defending itself from security threats. We want the United Kingdom, through a new deep and special partnership with a strong European Union, to play its full part in achieving these goals. We therefore believe it is necessary to agree the terms of our future partnership alongside those of our withdrawal from the European Union.

The Government wants to approach our discussions with ambition, giving citizens and businesses in the United Kingdom and the European Union – and indeed from third countries around the world – as much certainty as possible, as early as possible.

I would like to propose some principles that may help to shape our coming discussions, but before I do so, I should update you on the process we will be undertaking at home, in the United Kingdom.

The process in the United Kingdom

As I have announced already, the Government will bring forward legislation that will repeal the Act of Parliament – the European Communities Act 1972 – that gives effect to EU law in our country. This legislation will, wherever practical and appropriate, in effect convert the body of existing European Union law (the “acquis”) into UK law. This means there will be certainty for UK citizens and for anybody from the European Union who does business in the United Kingdom. The Government will consult on how we design and implement this legislation, and we will publish a White Paper tomorrow. We also intend to bring forward several other pieces of legislation that address specific issues relating to our departure from the European Union, also with a view to ensuring continuity and certainty, in particular for businesses. We will of course continue to fulfil our responsibilities as a member state while we remain a member of the European Union, and the legislation we propose will not come into effect until we leave.

From the start and throughout the discussions, we will negotiate as one United Kingdom, taking due account of the specific interests of every nation and region of the UK as we do so. When it comes to the return of powers back to the United Kingdom, we will consult fully on which powers should reside in Westminster and which should be devolved to Scotland, Wales and Northern Ireland. But it is the expectation of the Government that the outcome of this process will be a significant increase in the decision-making power of each devolved administration.

Negotiations between the United Kingdom and the European Union

The United Kingdom wants to agree with the European Union a deep and special partnership that takes in both economic and security cooperation. To achieve this, we believe it is necessary to agree the terms of our future partnership alongside those of our withdrawal from the EU.

If, however, we leave the European Union without an agreement the default position is that we would have to trade on World Trade Organisation terms. In security terms a failure to reach agreement would mean our cooperation in the fight against crime and terrorism would be weakened. In this kind of scenario, both the United Kingdom and the European Union would of course cope with the change, but it is not the outcome that either side should seek. We must therefore work hard to avoid that outcome.

It is for these reasons that we want to be able to agree a deep and special partnership, taking in both economic and security cooperation, but it is also because we want to play our part in making sure that Europe remains strong and prosperous and able to lead in the world, projecting its values and defending itself from security threats. And we want the United Kingdom to play its full part in realising that vision for our continent.

Proposed principles for our discussions

Looking ahead to the discussions which we will soon begin, I would like to suggest some principles that we might agree to help make sure that the process is as smooth and successful as possible.

i. We should engage with one another constructively and respectfully, in a spirit of sincere cooperation

Since I became Prime Minister of the United Kingdom I have listened carefully to you, to my fellow EU Heads of Government and the Presidents of the European Commission and Parliament. That is why the United Kingdom does not seek membership of the single market: we understand and respect your position that the four freedoms of the single market are indivisible and there can be no “cherry picking”. We also understand that there will be consequences for the UK of leaving the EU: we know that we will lose influence over the rules that affect the European economy. We also know that UK companies will, as they trade within the EU, have to align with rules agreed by institutions of which we are no longer a part – just as UK companies do in other overseas markets.

ii. We should always put our citizens first

There is obvious complexity in the discussions we are about to undertake, but we should remember that at the heart of our talks are the interests of all our citizens. There are, for example, many citizens of the remaining member states living in the United Kingdom, and UK citizens living elsewhere in the European Union, and we should aim to strike an early agreement about their rights.

iii. We should work towards securing a comprehensive agreement

We want to agree a deep and special partnership between the UK and the EU, taking in both economic and security cooperation. We will need to discuss how we determine a fair settlement of the UK’s rights and obligations as a departing member state, in accordance with the law and in the spirit of the United Kingdom’s continuing partnership with the EU. But we believe it is necessary to agree the terms of our future partnership alongside those of our withdrawal from the EU.

iv. We should work together to minimise disruption and give as much certainty as possible

Investors, businesses and citizens in both the UK and across the remaining 27 member states – and those from third countries around the world – want to be able to plan. In order to avoid any cliff-edge as we move from our current relationship to our future partnership, people and businesses in both the UK and the EU would benefit from implementation periods to adjust in a smooth and orderly way to new arrangements. It would help both sides to minimise unnecessary disruption if we agree this principle early in the process.

v. In particular, we must pay attention to the UK’s unique relationship with the Republic of Ireland and the importance of the peace process in Northern Ireland

The Republic of Ireland is the only EU member state with a land border with the United Kingdom. We want to avoid a return to a hard border between our two countries, to be able to maintain the Common Travel Area between us, and to make sure that the UK’s withdrawal from the EU does not harm the Republic of Ireland. We also have an important responsibility to make sure that nothing is done to jeopardise the peace process in Northern Ireland, and to continue to uphold the Belfast Agreement.

vi. We should begin technical talks on detailed policy areas as soon as possible, but we should prioritise the biggest challenges

Agreeing a high-level approach to the issues arising from our withdrawal will of course be an early priority. But we also propose a bold and ambitious Free Trade Agreement between the United Kingdom and the European Union. This should be of greater scope and ambition than any such agreement before it so that it covers sectors crucial to our linked economies such as financial services and network industries. This will require detailed technical talks, but as the UK is an existing EU member state, both sides have regulatory frameworks and standards that already match. We should therefore prioritise how we manage the evolution of our regulatory frameworks to maintain a fair and open trading environment, and how we resolve disputes. On the scope of the partnership between us – on both economic and security matters – my officials will put forward detailed proposals for deep, broad and dynamic cooperation.

vii. We should continue to work together to advance and protect our shared European values

Perhaps now more than ever, the world needs the liberal, democratic values of Europe. We want to play our part to ensure that Europe remains strong and prosperous and able to lead in the world, projecting its values and defending itself from security threats.

The task before us

As I have said, the Government of the United Kingdom wants to agree a deep and special partnership between the UK and the EU, taking in both economic and security cooperation. At a time when the growth of global trade is slowing and there are signs that protectionist instincts are on the rise in many parts of the world, Europe has a responsibility to stand up for free trade in the interest of all our citizens. Likewise, Europe’s security is more fragile today than at any time since the end of the Cold War. Weakening our cooperation for the prosperity and protection of our citizens would be a costly mistake. The United Kingdom’s objectives for our future partnership remain those set out in my Lancaster House speech of 17 January and the subsequent White Paper published on 2 February.

We recognise that it will be a challenge to reach such a comprehensive agreement within the two-year period set out for withdrawal discussions in the Treaty. But we believe it is necessary to agree the terms of our future partnership alongside those of our withdrawal from the EU. We start from a unique position in these discussions – close regulatory alignment, trust in one another’s institutions, and a spirit of cooperation stretching back decades. It is for these reasons, and because the future partnership between the UK and the EU is of such importance to both sides, that I am sure it can be agreed in the time period set out by the Treaty.

The task before us is momentous but it should not be beyond us. After all, the institutions and the leaders of the European Union have succeeded in bringing together a continent blighted by war into a union of peaceful nations, and supported the transition of dictatorships to democracy. Together, I know we are capable of reaching an agreement about the UK’s rights and obligations as a departing member state, while establishing a deep and special partnership that contributes towards the prosperity, security and global power of our continent.

Copy @ 10 Downing Street - PM's Office

Total US Coal Jobs: 65,971 (Total in 2015) & 74,931 (Total in 2014). Representing a -12.0 change. Source: EIA Coal Job Survey. I am not the bad guy here, just the voice of economic realism. Coals jobs are not coming back. If you see that as a downside then the upside is that coal is at least back in the vocabulary of the American news media. That should lend to more activity in the industry.



source: tradingeconomics.com

• The Economics Are Against The Jobs: Coal is simply not cost-competitive with other fuels in generating electricity — primarily cheap and plentiful natural gas as a result of the shale gas revolution, which has resulted in massive displacement of coal-fired generation by highly efficient, natural gas-fired combustion turbines. Coal has declined from its historically dominant position — from 2000 to 2008, coal supplied about 50 percent of U.S. power generation — to the point where, this year, for the first time, natural gas (with 33 percent of electricity generation) will outstrip coal (with 32 percent) as the U.S.’s primary electricity source, a transition that has occurred far more quickly than anyone thought possible. In addition, the cost of renewables, both wind and solar, continues to decline, and utilities are increasingly integrating these carbon-free sources of generation into their portfolios, to the exclusion of coal plants. In 2015, wind and solar power represented two-thirds of all new electricity-generating capacity in the United States, and in some parts of the country they are cheap enough to compete with natural gas. @ Yale Environment

“My administration is putting an end to the war on coal,” Mr. Trump said in remarks ahead of the official signing at the Environmental Protection Agency, repeating a campaign slogan in which he promised to bring back mining jobs. @ WSJ

High Grade Copper (Prices Since '67)

The whisper is turning into a loud clapping sound...Copper is back. Fine. Granted. Will it propel oil?

Seems the answer is yes. As of 1:37PM we are at $2.6310 (F:HG). Gold is ticking higher from the POTUS GOP healthcare snafu.

Last Chart from Ole Hansen, Sako Bank

In this day and age you can burn and lose cash at alarming rates, while breaking laws (not just breaking, out right colluding) and still take out a loan larger than most can comprehend and pay a coupon at 5% a year. That is America. That is capital markets. God bless it so long as it does not explode and effect anyone.

Uber Technologies Inc. has raised $1.15 billion from a new high-yield loan, according to a person familiar with the matter, as the ride-hailing company stockpiles cash to ward off regulatory and competitive threats around the world. The new leveraged loan, Uber’s first, brings the amount raised in debt and equity to more than $15 billion and helps its existing shareholder base avoid stock dilution. Uber will pay a yield of about 5% on the leveraged loan, this person said. The Wall Street Journal first reported last month that Uber hired banks to issue debt of up to $2 billion with a yield of 4% to 4.5%. Uber’s loan was arranged by four banks, with Morgan Stanley leading and Barclays PLC, Citigroup Inc. and Goldman Sachs Group Inc. participating, according to the person. See @ WSJ

The LA Times compared it to a "junk bond"

Airbnb did a similar deal despite losing over $100M. Losing tremendous amounts of money does not matter when you are risking it all on what? How on earth can Uber or Airbnb ever get more valuable? The short answer is that - unless we are surprised - it will not.

"Airbnb Inc. secured a $1 billion debt facility from some of the largest U.S. banks to help the home-sharing company develop new services and fund growth initiatives, people familiar with the matter said. The debt deal was led by JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. Airbnb, last valued at $25.5 billion, has watched Uber Technologies Inc. raise more than $11 billion in cash and debt. That number could climb by at least $1 billion when Uber, worth almost $68 billion, closes its latest debt financing" @ Bloomberg