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Archive for January, 2018


As much as I applaud the recent wave of allegations and stories of sexual misconduct perpetrated by members of my gender, some dating back decades, it is very disturbing how the ‘metoo’ movement is looking more and more like McCarthyism from the 1950’s. It is worth reading the following quote from Wikipedia. The parallels are eerie and should be cause for backing off a little and reassessing where this entire accusatory hysteria is going. The most recent victim of this j’accuse assault is the leader, since resigned, of Ontario’s PC party. His downfall brought about by nameless, faceless teenage accusers from a long time ago. Read and reflect.

“McCarthyism has taken on a broader meaning, describing the excesses of similar efforts. The term is also now used more generally to describe reckless, unsubstantiated accusations, as well as demagogic attacks on the character or patriotism of political adversaries. During the McCarthy era, hundreds of Americans were accused of being communists or communist sympathizers and became the subject of aggressive investigations and questioning before government or private industry panels, committees and agencies. The primary targets of such suspicions were government employees, those in the entertainment industry, educators and labor union activists. Suspicions were often given credence despite inconclusive or questionable evidence, and the level of threat posed by a person’s real or supposed leftist associations or beliefs was sometimes exaggerated. Many people suffered loss of employment or destruction of their careers; some even suffered imprisonment. Most of these punishments came about through trial verdicts later overturned, laws that were later declared unconstitutional, dismissals for reasons later declared illegal or actionable or extra-legal procedures that would come into general disrepute.”

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The Saudi Arabian state owned oil company Aramco is planning an initial stock offering for 5% of the company. They plan to raise $US 100 billion which, do the math, values the company at $2 trillion!! Now why would a country already awash in oil revenue even think about doing an IPO? Here’s what I think. Aramco does not need the cash infusion. The Saudis are looking 50 years down the road. They see a world moving more and more toward clean energy and away from oil. It’s happening all around us. Many countries have already declared their intention to ban combustion engines in automobiles and go electric. The shift is already happening.  Look at Tesla and its phenomenal growth.  And oil resources are finite. Sooner or later the billions and billions of barrels beneath Saudi sand will disappear. It is estimated that Saudi oil reserves will be exhausted in 70 years. So will the $120 billion per year in oil revenue. The Saudis are thinking let’s milk this cow for all its worth today, while we still have massive oil reserves. They reap a $100 billion windfall, give up a marginal slice of their state oil company and go laughing all the way to the bank. They build their cash reserves at the expense of us poor suckers in the west who think we are getting in on a good deal! And a couple years from now they will likely sell off another 5% for another $100 billion. And so on, effectively doubling their revenues while giving up very little. By the time everything is expensed on Aramco’s income statement, how much do you think will be left for those suckers who bought into the IPO? Your money will fund the future growth and prosperity of Saudi Arabia and its citizens. Don’t fall for this ruse. Keep your money in play in your own country!

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