Showing posts with label 1816. Show all posts
Showing posts with label 1816. Show all posts

Saturday, February 24, 2024

February 24, 1824. Treaty With Tunis Amended.

As follows:

Whereas Sundry articles of the Treaty of peace and friendship concluded between the United States of America and Hamuda Bashaw, of happy memory, in the month of Rebia Elul in the year of the Hegira 1212, corresponding with the month of August of the Christian year 1797; have by experience been found to require alteration and amendment: In order therefore that the United States should be placed on the same footing with the most favored Nations having Treaties with Tunis, as well as to manifest a respect for the American Government and a desire to continue unimpaired the friendly relations which have always existed between the two Nations, it is hereby agreed & concluded between His Highness Mahmoud Bashaw Bey of Tunis, and S. D. Heap Esquire Charge d'affaires of the United States of America, that alteration be made in the Sixth, eleventh, twelfth and fourteenth articles of said Treaty; and that the said articles shall be altered and amended in the Treaty to read as follows.

ARTICLE 6th

If a Tunisian Corsair shall meet with an American vessel & shall visit it with her boat, two men only shall be allowed to go on board, peaceably to satisfy themselves of its being American, who as well as any passengers of other Nations they may have on board, shall go free both them & their goods; and the said two men shall not exact any thing, on pain of being severely punished. In case a slave escapes and takes refuge on board an American vessel of war he shall be free, and no demand shall be made either for his restoration or for payment.

ARTICLE THE 11th

When a vessel of war of the United States shall enter the port of the Goletta she shall be saluted with twenty one guns, which salute, the vessel of war shall return gun for gun only, and no powder will be given, as mentioned in the ancient eleventh article of this Treaty, which is hereby annulled.

ARTICLE THE 12th

When Citizens of the United States shall come within the dependencies of Tunis to carry on commerce there, the same respect shall be paid to them which the Merchants of other Nations enjoy; and if they wish to establish themselves within our ports, no opposition shall be made thereto, and they shall be free to avail themselves of such interpreters as they may judge necessary without any obstruction in conformity with the usages of other Nations; and if a Tunisian Subject shall go to establish himself within the dependencies of the United States, he shall be treated in like manner. If any Tunisian Subject shall freight an American vessel and load her with Merchandise, and shall afterwards want to unload, or ship them on board of another vessel, we shall not permit him untill the matter is determined by a reference of Merchants, who shall decide upon the case, and after the decision, the determination shall be conformed to.

No Captain shall be detained in port against his consent, except when our ports are shut for the vessels of all other Nations, which may take place with respect to merchant vessels, but not to those of war. The Subjects and Citizens of the two Nations respectively Tunisians and Americans, shall be protected in the places where they may be by the officers of the Government there existing; but on failure of such protection, and for redress of every injury, the party may resort to the chief authority in each country, by whom adequate protection and complete justice shall be rendered. In case the Government of Tunis shall have need of an American vessel for its service, such vessel being within the Regency, and not previously engaged, the Government shall have the preference on its paying the same freight as other Merchants usually pay for the same service, or at the like rate, if the service be without a customary precedent.

ARTICLE THE 14th

All vessels belonging to the Citizens and inhabitants of the United States, shall be permitted to enter the ports of the Kingdom of Tunis, and freely trade with the Subjects and inhabitants thereof on paying the usual duties which are paid by other most favored Nations at peace with the Regency. In like manner all vessels belonging to the subjects and inhabitants of the Kingdom of Tunis shall be permitted to enter the different ports of the United States, and freely trade with the Citizens and inhabitants thereof on paying the usual duties which are paid by other most favored Nations at peace with the United States.

Concluded, signed & sealed at the palace of Bardo near Tunis the 24th day of the Moon jumed-teni in the year of the Hegira 1239: corresponding the 24th of February 1824: of the Christian year; and the 48th year of the Independence of the United States; reserving the same nevertheless for the final ratification of the President of the United States by and with the advice and consent of the Senate.

(Signed) S. D. HEAP

Charge d'affaires of the U. States of America at Tunis

(Seal of MAHMOUD BASHAW.)

(Seal of HASSAN BEY.)

The immediately prior treaty, from 1816, read:

Treaty of Peace and Amity, concluded between the United States of America and the Dey and Regency of Algiers.

The President of the United States and the Dey of Algiers being desirous to restore and maintain upon a stable and permanent footing, the relations of peace and good understanding between the two powers; and for this purpose to renew the Treaty of Peace and Amity 1 which was concluded between the two States by William Shaler, and Commodore Stephen Decatur, as Commissioners Plenipotentiary, on the part of the United States and His Highness Omar Pashaw Dey of Algiers on the 30th of June 1815.

The President of the United States having subsequently nominated and appointed by Commission, the above named William Shaler, and Isaac Chauncey, Commodore and Commander in chief of all the Naval Forces of the United States in the Mediterranean, Commissioners Plenipotentiary, to treat with His Highness the Dey of Algiers for the renewal of the Treaty aforesaid; and they have concluded, settled, and signed the following articles:

ARTICLE 1st.

There shall be from the conclusion of this Treaty, a firm, perpetual, inviolable and universal peace and friendship between the President and Citizens of the United States of America on the one part, and the Dey and subjects of the Regency of Algiers in Barbary on the other, made by the free consent of both parties, and on the terms of the most favoured Nations; and if either party shall hereafter grant to any other Nation, any particular favor or privilege in Navigation, or (commerce, it shall immediately become common to the other party, freely, when freely it is granted to such other Nations, but when the grant is conditional, it shall be at the option of the contracting parties, to accept, alter, or reject such conditions in such manner as shall be most conducive to their respective interests.

ARTICLE 2d

It is distinctly understood between the contracting parties, that no tribute, either as biennial presents or under any other form, or name whatever, shall be required by the Dey and Regency of Algiers from the United States of America on any pretext whatever.

ARTICLE 3rd

Relates to the mutual restitution of prisoners & subjects and has been duly executed.

ARTICLE 4th

Relates to the delivery into the hands of the Consul General of a quantity of Bales of Cotton &c and has been duly executed.

ARTICLE 5th.

If any goods belonging to any Nation with which either of the parties are at War, should be loaded on board vessels belonging to the other party, they shall pass free and unmolested and no attempt shall be made to take or detain them.

ARTICLE 6th.

If any citizens or subjects belonging to either party shall be found on board a prize-vessel taken from an enemy by the other party, such citizens or subjects shall be liberated immediately and in no case, or on any presence whatever shall any American citizen be kept in captivity or confinement, or the property of any American citizen found on board of any vessel belonging to any Nation with which Algiers may be at War, be detained from its lawful owners after the exhibition of sufficient proofs of American citizenship and American property by the Consul of the United States, residing at Algiers.

ARTICLE 7th.

Proper passports shall immediately be given to the vessels of both the contracting parties on condition that the vessels of War belonging to the Regency of Algiers on meeting with Merchant vessels belonging to the Citizens of the United States of America shall not be permitted to visit them with more than two persons besides the rowers; these only shall be permitted to go on board, without first obtaining leave from the Commander of said vessel, who shall compare the passports and immediately permit said vessel to proceed on her voyage; and should any of the subjects of Algiers insult or molest the Commander or any other person on board a vessel so visited, or plunder any of the property contained in her, on complaint being made to the Consul of the United States residing in Algiers, and on his producing sufficient proofs to substantiate the fact, the Commander or Rais, of said Algerine ship or vessel of War, as well as the offenders, shall be punished in the most exemplary manner.

All vessels of War belonging to the United States of America on meeting a cruiser belonging to the Regency of Algiers, on having seen her passports, and certificates from the Consul of the United States residing in Algiers; shall permit her to proceed on her cruize unmolested and without detention.

No passport shall be granted by either party to any vessels but such as are absolutely the property of citizens or subjects of the said contracting parties, on any presence whatever.

ARTICLE 8th

A citizen or subject of either of the contracting parties, having bought a prize vessel condemned by the other party or by any other Nation, the Certificates of condemnation, and bill of sale, shall be a sufficient passport for such vessel for six months, which considering the distance between the two Countries, is no more than a reasonable time for her to procure passports.

ARTICLE 9th

Vessels of either of the contracting parties, putting into the ports of the other, and having need of provisions or other supplies shall be furnished at the Market price, and if any such vessel should so put in from a disaster at sea, and have occasion to repair, she shall be at liberty to land and reembark her cargo, without paying any customs or duties whatever; but in no case shall be compelled to land her cargo.

ARTICLE 10th

Should a vessel of either of the contracting parties be cast on shore within the territories of the other, all proper assistance shall be given to her and her crew; no pillage shall be allowed. The property shall remain at the disposal of the owners, and if re-shipped on board of any vessel for exportation, no customs or duties whatever shall be required to be paid thereon, and the crew shall be protected and succoured until they can be sent to their own country.

ARTICLE 11th.

If a vessel of either of the contracting parties shall be attacked by an enemy party within cannon-shot of the forts of the other, she shall be protected as much as is possible. If she be in port she shall not be seized or attacked when it is in the power of the other party to protect; her; and when she proceeds to sea, no enemy shall be permitted to pursue her from the same port within twenty four hours after her departure.

ARTICLE 12th

The commerce between the United States of America and the Regency of Algiers, the protections to be given to Merchants, Masters of vessels, and seamen, the reciprocal rights of establishing consuls in each country, the privileges, immunities, and jurisdictions to be enjoyed by such consuls, are declared to be on the same footing in every respect with the most favoured nations respectively.

ARTICLE 13th

The Consul of the United States of America shall not be responsible for the debts contracted by the citizens of his own country, unless he gives previously, written obligations so to do.

ARTICLE 14th.

On a vessel or vessels of War belonging to the United States, anchoring before the city of Algiers the consul is to inform the Dey of her arrival when she shall receive the salutes which are by Treaty, or custom given to the Ships of War of the most favoured nations on similar occasions and which shall be returned gun for gun; and if after such arrival so announced, any Christians whatever, captives in Algiers, make their escape and take refuge on board any of the said ships of war, they shall not be required back again, nor shall the Consul of the United States or Commander of the said ship be required to pay any thing for the said Christians.

ARTICLE 15th.

As the Government of the United States has in itself no character of enmity against the laws, religion, or tranquillity of any Nation, and as the said states have never entered into any voluntary War or act of hostility, except in defence of their just rights on the high seas, it is declared by the contracting parties, that no pretext arising from Religious Opinions shall ever produce an interruption of the Harmony between the two Nations; and the Consuls and Agents of both Nations shall have liberty to celebrate the rites of their respective religions in their Own houses.

The Consuls respectively shall have liberty and personal security given them to travel within the territories of each other by land and sea and shall not be prevented from going on board any vessel they may think proper to visit; they shall likewise have the liberty to appoint their own Drogoman and Broker.

ARTICLE 16th

In case of any dispute arising from the violation of any of the articles of this Treaty, no appeal shall be made to arms, nor shall War be declared on any pretext whatever. But if the Consul residing at the place where the dispute shall happen, shall not be able to settle the same, the Government of that country, shall state their grievance in writing and transmit the same to the Government of the other, and the period of three months shall be allowed for answers to be returned, during which time, no act of hostility shall be permitted by either party; and in case the grievances are not redressed and a War should be the event, the Consuls and Citizens and Subjects of both parties, respectively shall be permitted to embark with their effects unmolested, on board of what vessel or vessels they shall think proper, reasonable time being allowed for that purpose.

ARTICLE 17th.

If in the course of events a War should break out between the two Nations the prisoners captured by either party, shall not be made slaves; they shall not be forced to hard labour or other confinement than such as may be necessary to secure their safe-keeping, and shall be exchanged rank for rank; and it is agreed that prisoners shall be exchanged in twelve months after their capture and the exchange may be effected by any private individual, legally authorized by either of the parties.

ARTICLE 18th

If any of the Barbary powers or other States at war with the United States shall capture any American vessel and send her into any port of the Regency of Algiers, they shall not be permitted to sell her; but shall be forced to depart the Port on procuring the requisite supplies of provisions; but the vessels of War of the United States with any prizes they may capture from their enemies shall have liberty to frequent the Ports of Algiers for refreshment of any kind, and to sell such prizes in the said Ports, without paying any other Customs or duties than such as are customary on ordinary commercial importations.

ARTICLE 19th.

If any of the Citizens of the United States or any persons under their protection, shall have any disputes with each other, the Consul shall decide between the parties, and whenever the Consul shall require any aid or assistance from the Government of Algiers to enforce his decisions it shall be immediately granted to him: and if any disputes shall arise between any citizens of the United States and the citizens or subjects of any other Nations having a Consul, or Agent in Algiers, such disputes shall be settled by the Consuls or Agents of the respective nations; and any disputes or suits at law, that may take place between any Citizens of the United States and the subjects of the Regency of Algiers, shall be decided by the Dey in person and no other.

ARTICLE 20th.

If a citizen of the United States should Kill, wound or strike a subject of Algiers, or on the contrary, a subject of Algiers, should kill, wound or strike a citizen of the United States, the law of the country shall take place and equal justice shall be rendered, the consul assisting at the trial; but the sentence of punishment against an American citizen shall not be greater, or more severe, than it would be against a Turk, in the same predicament, and if any delinquent should make his escape, the Consul shall not be responsible for him in any manner whatever.

ARTICLE 21st

The Consul of the United States of America, shall not be required to pay any customs or duties whatever on any thing he imports from a foreign country for the use of his house and family.

ARTICLE 22d

Should any of the Citizens of the United States of America die within the Regency of Algiers, the Dey and his subjects shall not interfere with the property of the deceased, but it shall be under the immediate direction of the Consul, unless otherwise disposed of by Will. Should there be no Consul, the effects shall be deposited in the hands of some person worthy of trust, until the party shall appear who has a right to demand them, when they shall render an account of the property; neither shall the Dey, or his subjects give hindrance in the execution of any will that may appear.

ARTICLE ADDITIONAL & EXPLANATORY

The United States of America in order to give to the Dey of Algiers a proof of their desire to maintain the relations of peace and amity between the two powers upon a footing the most liberal; and in order to withdraw any obstacle which might embarrass him in his relations with other States, agree to annul so much of the Eighteenth Article of the foregoing Treaty, as gives to the United States any advantage in the ports of Algiers over the most favoured Nations having Treaties with the Regency.

Done at the Palace of the Government in Algiers on the 22d day of December 1816. which corresponds to the 3d Of the Moon Safar Year of the Hegira 1232.

Whereas the undersigned William Shaler a (citizen of the State of New York and Isaac Chauncey, Commander in chief of the Naval Forces of the United States, Stationed in the Mediterranean, being duly appointed Commissioners by letters patent under the signature of the President and Seal of the United States of America, bearing date at the City of Washington the twenty fourth day of August A. D. 1816. for negotiating and concluding the renewal of a Treaty of Peace between the United States of America, and the Dey and subjects of the Regency of Algiers.

We therefore William Shaler and Isaac Chauncey, Commissioners as aforesaid, do conclude the foregoing Treaty, and every article and clause therein contained, reserving the Same nevertheless for the final ratification of the President of the United States of America, by and with the advice, and consent, of the Senate of the United States.

Done in the Chancery of the Consulate General of the United States in the City of Algiers on the 23d day of December in the Year 1816 and of the Independence of the United States the Forty First

[Seal] Wm SHALER

[Seal] I. CHAUNCEY


Wednesday, December 27, 2023

Subsidiarity Economics. The times more or less locally, Part XVI. And then the day arrived.

Our lifestyle, our wildlife, our land and our water remain critical to our definition of Wyoming and to our economic future.

Dave Freudenthal, former Governor of Wyoming/

 

December 3, 2023


Oil field, Grass Creek, Wyo, April 9, 1916

Snippets of news articles from this morning:
DUBAI, United Arab Emirates — Fifty oil companies representing nearly half of global production pledged to reach near-zero methane emissions and end routine flaring in their operations by 2030, the president of this year’s United Nations climate talks said Saturday, a move environmental groups called a “smokescreen.”

 Smokescreen it doesn't seem to be. That's a major commitment.  But not as big as this one:

DUBAI, United Arab Emirates -- The United States committed Saturday to the idea of phasing out coal power plants, joining 56 other nations in kicking the coal habit that's a huge factor in global warming.

U.S. Special Envoy John Kerry announced that America was joining the Powering Past Coal Alliance, which means the Biden Administration commits to building no new coal plants and phasing out existing plants. No date was given for when the existing plants would have to go, but other Biden regulatory actions and international commitments already in the works had meant no coal by 2035.

None of this should be a surprise.  This is where we've been heading for some time, and it's inevitable.  Indeed, I touched on this back in 2017 here:

Coal: Understanding the time line of an industry

And I cautiously dipped my toe in the water, wondering if Wyoming should ponder a fossil fuel free future here:

Lex Anteinternet: Issues In the Wyoming Election. A Series. Issue No. 1 (a). The Economy again. . . the extractive industries


And here:


Well, now it's coming.

Not that we'll accept it. We'll do anything but.  Our senior Senator in Washington will claim its part of Joe Biden's "radical green agenda", a radical agenda now sought after by the majority of people in the United States, and in the World.  He doesn't believe that, but it sells back home.  With a Republican Party in the state that was ready to boil Governor Gordon in WD40 for daring to say that Wyoming needed to look at a carbon-neutral future, he doesn't dare say anything else as it would imperil his position.  Our junior Senator will likely say nothing at all.

Well, the voices are getting too loud to ignore, and they include people in the oil industry and now even entire nations that depend on petroleum.  From the President, to the Pope, to the Governor of the state, the message is getting pretty clear.  We're going to have to figure out a post fossil fuel economy here.

Quickly.

But, we'll choose not to.  We'll pretend that somehow we can force others to consume the product that we wish to produce, as we've produced it for over a century and a half, and it's our economy.

That, however, isn't the way economies work.
Dear future generations: Please accept our apologies. We were rolling drunk on petroleum.
Kurt Vonnegut


On another topic, the current owners of Remington are closing the doors this week to its Ilion, New York factor.  The company had been headquartered there since 1816.

It'd gone through hard times in the past.  It nearly went bankrupt after World War One when the United States Government cancelled contracts for M1917 Enfield rifles overnight, leaving them with a large stock of unfinished and partially finished rifles.  The Wilson Administration proved to be quite bad at demobilizing.  

Remington, while profitable, had the very bad fortune to be bought by the aptly named Cerebus which focused on AR15 production and drove the company under. Our prior thread on it is here:


Cerebus is virtually a symbol of all that is wrong with corporate capitalism.  Named for the three-headed dog that mythologically guards the gates of Hades to contain the dead therein, it might well be recalled, at least since Dante included it, that the creature is in Hell and of it.

Remington's history was mostly associated, over its long existence, with hunting rifles.  That's what the company was founded on in 1816.  It did manufacture military arms on occasion, however.  For example, it was a large scale supplier of contract rifles for the Union during the Civil War.  It's widely admired by riflemen rolling block rifle had a military variant that was purchased by some states in preference to the Trapdoor Springfield series of rifles, and it was in fact better than the Trapdoor.  The rolling block was widely sold overseas as a military rifle.

By and large, however, it never invested heavily in military sales until the Great War, when the British first contracted with it to produce the rifle that had been intended to replace the SMLE, but adapted to .303 British.  The P14 was a major British rifle of the war, but its production ceased in 1917 when the US entered the war, and the same rifle was adopted to the .30-06 and used by the U.S. as the M1917 Enfield.  Remington's production capacity was so vast that somewhat over half of all U.S. troops in World War One carried that rifle, rather than the M1903, and it continued to be used into World War Two.  But the experienced badly burned Remington and nearly left it bankrupt. After that it was extremely reluctant to make military arms, and it only reluctantly took to producing, ironically, M1903s during the Second World War when the government again needed help.  No original Remington arms were invented for the war as Remington didn't try to undertake that as a project, although it did make a continual series of changes in the M1903 which resulted in the M1903A3, nearly a new rifle in some ways.

After the war and into the Cold War, Remington didn't bother with military arms.  It wasn't a contractor to the M14 like H&R was.  It didn't try to enter a rifle into light rifle contests, like Colt did with the AR15 and Winchester did with its M1 Carbine derived competitor.  That all changed when Cerebus bought the company in 2007.

Cerebus also bought the AR15 manufacturer Bushmaster, which was highly regarded in that field.  By 2012 Remington was making M4 Carbines for the Army.  It leaped wholesale into the "America's Rifle" baloney with a hunting variant of the AR15.  It reentered the pistol market, which it had not been in since a brief foray after the Civil War, with a version of the M1911 pistol.  Cerebus didn't seem to understand what it was that Remington actually made.

Indeed, it was telling that a brilliant move by Remington to introduce a fairly cheap 98 Mauser hunting rifle, the 798, came in 2006, the year before Cerebus bought the company, and it quit offering it in 2008, the year after.

In name, it still exists, but now it's headquartered in Madison, NC.  It was the oldest manufacturer in the United States at the time of its bankruptcy, and it died a victim of American capitalism.

December 13, 2023

Governments gathered in Dubai agreed to the:

transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science."
and; 
accelerating efforts towards the phase-down of unabated coal power" and for "tripling renewable energy capacity globally and doubling the global average annual rate of energy efficiency improvements by 2030.

This is a major action, if the committing countries are able to stick to it.  Environmentalist will complain that it is too little, too late, but as economists have shown in the past once efforts are made to really commit to a goal, it tends to be reached much more rapidly than anticipated. 

In Wyoming, where the Governor has been taking flak by noting that Wyoming will have to transition away from a carbon based economy, this is going to result in howls of derision, including claims that its part of a "radical green agenda" and "impossible".  It's neither.

December 14, 2023

We can’t reverse market trends, but we can be prepared. Blaming OSMRE — or, more ridiculously, President Biden — only provides another distraction as Wyoming politicians continue to whistle past the graveyard, averting our attention from planning for our future — a new lower-carbon economy that is coming whether we like it or not.

Bob LeResche former Alaska Commissioner, former Executive Director of the Alaska Energy Authority, in the Casper Star Tribune, December 14, 2023.

I used the same phrase, "whistling past the graveyard" here recently at least twice.

But some, it would appear, are not:


This will likely spark outrage in certain quarters of Wyoming, particularly in the GOP far right.   There were howls of derision concerning Governor Gordon's statements that Wyoming needs to plan for a carbon neutral future.  But that future is coming.  Moreover, what this demonstrates is that there are quarters of Wyoming, and Wyomingites, who see things much differently.  

Fremont County does have an interesting mix of residents, people who have retired there, people who have moved there (which includes everywhere else in Wyoming now), people who work in oil and gas (and live mostly in Riverton), people involved in outdoor industries, and residents of the Reservation.  Lander is the county seat, and borders the Reservation, but it is not an oil town.  The same resolution would likely pass easily in Jackson, maybe Pinedale, and Laramie. Cheyenne?  It might.

What about Evanston?

Well, probably, maybe, not, but Evanston is mad at the Wyoming Department of Transportation's plan to put in a semi tractor/trailer parking lot that will hold over 350 trucks and trailers during emergencies.  They don't like it, even though not all that long ago, almost any Wyoming Interstate highway town would have just shrugged their shoulders and figured that some of those truckers would at least order pizzas while stranded.

December 15, 2023

Global coal demand, on the other hand, was at an all-time high last year, due to use in developing countries.

General Motors is closing two plants and laying off 1,300 workers.

Closer to home, it's clear that Governor Gordon, who will not be running for office again (too bad) feels himself free to speak what he really believes.

Gov. Gordon Agrees Climate Change is Real, Says Decarbonizing the West is Possible

On national TV and in Idaho workshop, Gordon promotes his ‘all of the above’ energy strategy

This is of course going to get him a lot of criticism, including the class "he's a RINO" by people not realizing that they're the ones who are departing from the traditional Republican mindset.

December 18, 2023

All new cars in Canada must be zero emissions starting in 2035.

December 27, 2023

10,000,000 Americans will receive raises with boosted state minimum wages on January 1. The new rates apply in 22 states.

December 28, 2023

From the AP:

MEXICO CITY — Mexico launched its army-run airline  Tuesday when the first Mexicana  airlines flight took off from Mexico City bound for the Caribbean  resort of Tulum.

Also, from the AP:

So far in 2023, Americans have bought a record 1 million-plus hybrids — up 76% from the same period last year, according to Edmunds.com. As recently as last year, purchases had fallen below 2021’s total. This year’s figures don’t even include sales of 148,000 plug-in hybrids, which drive a short distance on battery power before a gas-electric system kicks in.

Last Prior Edition:

Subsidiarity Economics. The times more or less locally, Part XV. The 2% solution?

Wednesday, July 1, 2020

The march to receivership.


Along with all the other cheery news going on, there's been an increasing number of companies file for bankruptcy.

Chesapeake Energy, a major player in Wyoming, has filed for bankruptcy this past week.

The current economy has been extremely hard on oil and gas companies, a byproduct of oversupply. That's only partially attributable to the Coronavirus pandemic.  A downward trend in petroleum consumption was already ongoing prior to the disease and then the Russia/Saudi price war created a disastrous situation for the petro companies.

In addiction to Chesapeake, Lillis Energy, Covia and Sable Permian have also filed during the past week.

Aeromexico, a Mexican airline founded in 1934, also has.  Airlines have been in particular trouble in the Covid Recession due to the massive decrease in travel.

Another business likely impacted by a lack of travel due to the pandemic was Cirque du Soleil, the dance company, which also filed for bankruptcy this past week.

NPC, which owns the Pizza Hut and Wendy's franchises, filed for Chapter 11 protection this well.

Remington Arms, which has been in financial trouble for some time, is looking at taking bankruptcy.  The firearms industry has been volatile for some time and even though sales have been strong, and right now are very strong, changes in technology and the switch of emphasis in longarm sales from game fields to military style weapons has been hard on Remington.

Remington is the oldest firearms manufacturer in the United States, dating back to 1816.  In an interesting twist to the story, the company is likely to be sold in receivership and the likely buyer is the Navajo Nation which has recently been expanding its economic holdings, to include the acquisition of a coal mine in Wyoming.


Thursday, July 12, 2018

The summer that wasn't.

Great, two days of mild heat (seriously, 90s in July is normal, not abnormal) followed by, once again, torrential rains and freezing weather.

None of which keeps the people who are near the thermostat from turning it down to Absolute Zero.  After all, it's summer so it must be hot.

Not this summer.

Feels like 1816 . . . which by the way was only 1 to 2 degrees colder in most of Europe (and hotter in Urasia) than normal.