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The Role of Oil In Economy

Oil plays an important role in our current economic system. It is responsible for significant chunk of the global job market and it is traded significantly between countries and companies, making it a large part of the world’s imports and exports. Consumption of oil is at an all-time high.

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The World Energy Council, an alliance of over 90 countries, predicts this can go on for a quite a bit of time: 40 years at least. Some scientists disagree with this claim, though. They believe the Earth has reached “peak oil” status and any oil left will be quickly used up.

Researchers at the University of Maryland, for instance, predict that “production peak for conventional oil is likely before 2030″ and that it might peak as soon as 2020. If that turns out to be true, oil will play a much less significant role in the global economy: from imports and exports to job creation.

Right now, though, the research sides with the World Energy Council. We have at least 40 years before oil will need to be reconsidered as the world’s main energy source. Alternative sources, which most nations are slow to adopt, might have to be rapidly implemented all over the world.

If not, nations of the earth might face a loss of energy. The infrastructure people rely upon, from the highways and river dams to the ships and the airplanes, will not be able to function as they once did. In fact, the economy might face total collapse.

The Millionaire Mindset That Leads to Wealth

When it comes to making money, and becoming a millionaire, people tend to look into many different places. What needs to be kept in mind, though, is the millionaire mindset in which a person needs to, and should have, if they ever desire to become a millionaire.

The millionaire mindset is about money, but about the ability and thought about making that money. When it comes to mindset, it is very important to remember that a person needs to have a person to know that they will be successful. The millionaire mindset is less about the products and service a person or company provides, but is more in line with the person or company knowing that they will be a success. In order for a person to be successful, they must think they will be successful.

When a person thinks, as well as feels that they will be successful, that thought process will lead the person to make the actions needed to be that success. In terms of the millionaire mindset, a person who thinks that they will be a millionaire, will spend frugally, as a millionaire does, cutting out unnecessary things, in order to build and create their own wealth. Along with this, they will more likely do things in which they enjoy, which will create even more success with all of the things in which they wish to be a part of. Wealth starts with a mindset, and is the only way in which some one will build wealth.

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How The European Financial Crisis Is Affecting US Markets


Europe as an entity is the largest economy in the world with a GDP of $17.5 trillion in 2011 (US $15 trillion), and is the biggest trading partner of the US at almost three times that of Asia. The trade relationship is the biggest in the world and is driven by two-way investments. One third of trade is comprised of transfers between companies. What affects one, affects the other. It should be noted Europe is not a single country, but a currency union.

The catalyst for the European and US crises was the housing bubble and ensuing credit crisis. In addition, some European governments—mostly notably Greece—sidestepped best practices in coping with increasing debt and deficits creating national economic crises within the union. As a result of the weak EURO a lot of investors started to buy electronic money like bitcoins (

Since European and US banks are closely linked, US bank exposure to credit risks in Europe impacts unemployment due to lay-offs and acts as a drag on both economies. The financial relationship is made more complicated by arrangements between both economies involving complex financial instruments such as derivatives, hedge funds, and credit default swaps. Equity markets in the US are also susceptible to events in Europe and have reacted negatively to news as the credit crisis unfolded.

High unemployment rates in Europe have led to a weakening consumer market, which effects US exports. Big ticket items are particularly affected, such as auto sales and large appliances. The weakened dollar has counteracted slowing exports, but a strong Euro does not help exports for Europe’s manufacturing powerhouse, Germany.