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To: russwinter who wrote (21806)	11/15/2004 3:41:09 PM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 110194

China to Build Strategic Oil Reserves there is an interesting discussion of China's oil strategy in Klare's book. basically, they are seeking out oil in every corner of the globe. they are also supplying arms to the likes of Kazakhstan (so are we) and are building a $10 billion pipeline for oil from that region. the Chinese also scored a coup with investments in Sudan, which was off limits to US due to Congress. China has handled some very big projects there. also, they are chumming up to Iran and running a pipeline from the Caspian Sea straight to Iran's southern coast to bypass our naval fleets in the Gulf. the idea is always to diversify suppliers, as well as supply lines, even at the expensive cost of $10 billion for a single Kazakh pipeline, which could be handled much more cheaply through existing Russian pipelines. the Chinese are obviously very concerned about their energy security in the future, and are paranoid that we may shut them off at some point as we attempt to colonize the entire Persian Gulf over the next five to ten years.

To: russwinter who wrote (21806)	11/15/2004 4:50:50 PM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 110194

another interesting thing i read (maybe in that Matthews article) was that there are a huge number of ships now on order, set to double the world's supply, so he expects Baltic Dry Index to tank.

To: russwinter who wrote (21806)	11/15/2004 4:54:47 PM
From: ild	Read Replies (1) \| Respond to of 110194

U.S. Pension-Agency Deficit Doubles in Fiscal Year Associated Press November 15, 2004 1:14 p.m. WASHINGTON -- The deficit in the government program that insures private pensions more than doubled this fiscal year to $23.3 billion, the Pension Benefit Guaranty Corp. announced today. The PBGC said that as of Sept. 30, it had $39 billion in assets on hand to cover $62.3 billion in pension liabilities, leaving it with a deficit of $23.3 billion. While that figure was more than double the $11.2 billion shortfall at the end of the 2003 budget year, agency officials said the amount of assets on hand would allow it to continue meeting its obligations for a number of years. However, PBGC Executive Director Bradley D. Belt warned that Congress should not delay in addressing financing needs at the agency. "With more than $62 billion in liabilities, it is imperative that Congress act expeditiously so that the problem doesn't spiral out of control," Mr. Belt said. He said the administration had put forward a set of pension-reform proposals last year and the deepening debt problem highlighted "the need for comprehensive reforms that ensure pension plans are better funded." The PBGC was created by the Employee Retirement Income Security Act of 1974 as an insurance agency for traditional "defined benefit" pension plans. In such plans, employers offer employees a pension based on a formula that normally takes into account the workers' years of service and salary earned during those years. Employers pay insurance premiums to the agency and in the event that an employer can no longer support its pension plan, the agency takes over the plan's assets and liabilities and pays promised benefits up to certain limits.