Hidden Treasure: In endorsing the Bowles/Simpson Cat Food Commission's recommendations, President Obama has endorsed cutting Social Security payments by 3% (through mucking with the COLA formula) and pushing the retirement age to 69. Of course he didn't point out that's what 'deficit reduction' means, but it is.
Dry Spell: Citigroup's Heidy Rehman, who missed the memo on the shale oil and gas cornucopia and sounds just like one of those delusional peak oilers, says Saudi Arabia will stop exporting oil by 2030 – mainly because their internal consumption is rising quickly – at 9% a year – while their experienced oil fields continue their slow but inevitable decline. And the other Arab oil states face the same future. As do we all.