Sorry if this rambles on, but had a lot on my mind when reading the report.

The report is exactly what one should expect from organizations like Banks or Government; lots of info, lots of potential problems but little in the way of solutions.

IMO, the reason that Canada and the rest of the world is, and could experience financial hardship, is centred within one sentence of this article, shown in the conclusion summary:

“While it is clear that those at the Bank have access to all of the necessary facts, they lack the understanding needed to prescribe real solutions to the problems and as a consequence they are likely to persist for much longer than they need to.”

This statement also applies to Governments, not just Banks. The development of the world marketplace has been moving much faster than the understanding of it, and this has been so since the abolition of the gold standard. Why? - because nations, and particularly the U.S. has an unlimited capacity to produce FIAT money, unlimited supply of new ideas, and by doing so, they do not solve the understanding of the problems, but manage to delay the inevitable for a later date, hopefully for someone else to solve.

Just refer back to what happened last week when Wikepedia and others, decided to put a stumbling block before congress. Congress thought it had the answer, and left to its own device, could have caused great harm to the flow of freedom of information. Did they think it through? Not thoroughly, but they were prepared to act even though they did not thoroughly understand the whole situation.

And their reasoning?

No time! too many influential people being affected and we need to show we understand, when in actual fact, they do not understand.

And how about this report from

Newsmax.com

1. EPA Threatens North Dakota Oil Boom

Oil production in North Dakota has boomed to the point that the state now produces nearly as much oil each day as OPEC member Ecuador.

But a decision by the Environmental Protection Agency (EPA) could bring a halt to the boom that has virtually eliminated unemployment in North Dakota.

The state now has 200 rigs pumping 440,000 barrels of oil daily in the Bakken shale formation, according to the Heartland Institute. The state’s unemployment rate is holding at just 3.5 percent, with many oil industry jobs paying more than $100,000 a year, and “we have 18,000 jobs looking for people,” North Dakota Republican Rep. Rick Berg told The Hill.

“If our country’s GDP grew at 7 percent, as it does in [my] state, most of our problems would be over in two years.”

The North Dakota legislature is using some of the state’s oil revenue to fund $1.2 billion in infrastructure improvements, including roads and schools. Public schools will receive $340 million in oil-related revenues over the next two years, and oil money will pay for a disaster relief fund and a reduction in property taxes.

Also, the legislature has ordered that 30 percent of the funds from the state’s 6.5 percent oil extraction tax be sent to the state’s Legacy Fund, which cannot be touched until 2017, when accrued interest will become available for spending.

One reason for the boom: “The regulatory environment was already low in North Dakota, certainly better than California’s and some other oil-producing states,” said Brett Narloch, executive director of the North Dakota Policy Council.

“As we move forward with oil production, I expect the business environment to get better."

Most of the Bakken shale production is occurring on private land, but analysts and state legislators fear the EPA may still seek to shut it down, the Institute reported.

The federal agency is currently investigating hydraulic fracturing (fracking) production techniques, which are used in shale oil production.

Narloch said: “If the EPA decides to ban fracking, that shuts down the entire industry since so many of the wells operate by that procedure. It would kill this once-in-a-lifetime opportunity.”

Comment:

Does the U.S. really understand fracking, both the upside and the downside? Why the intervention at a time when the U.S. needs both jobs and local energy supply?

Same with the Alberta Oil Sands.

Yes, there are problems. Yes there are solutions being worked on, but you do not throw the “Baby out with the Bathwater”, as regulators seem to want to do to justify their own importance.

In Summary.

The world is heading for a social brick wall, and doesn’t understand, but thinks it can survive if enough regulations are put in place.

Got news for the regulators!

Your importance and your jobs will suffer long before you find any solutions.

People need to eat.

People need to feed their children.

Good Luck to all!