I am disgusted to see yet another story that the so-called ‘responsible main stream media’ are not covering. This issue does have potential implications and we should be actively assessing it. And, by the way, not all of us know Latin, it is a dead language, for all but The Church and willing savants, so please do us the courtesy of putting a translation in there. Thanks.

More likely, this act of benevolence is being viewed as a way for Russia to help secure a bridgehead for an advance into the Arctic regions to claim the vast hydrocarbon and other mineral deposits there. There is a growing sense of urgency in Russia about all of this. Oil companies are posting declines in production as onshore oil and gas fields are getting depleted. Oil revenues account for 60% of Russia’s budget, which has been calculated for 2009 on the basis of $70 per bbl. But if the price goes below that, the country’s petroleum windfall may be drastically reduced, and the budget could go into deficit. Energy experts say the Arctic’s continental shelf may contain up to a quarter of the world’s undiscovered oil and natural gas. “The use of these energy reserves is a safeguard for Russia’s energy security,” Russian President Dmitri Medvedev said. “It is our duty to our descendants. We have to ensure the long-term national interests of Russia in the Arctic.” Moscow’s latest saber-rattling — flying long-range bomber patrols toward the U.S. and Britain, launching planes from its sole aircraft carrier, redeploying the Russian fleet to the Mediterranean, engaging in war games with China and several central Asian nations — doesn’t mean the Cold War has returned. What it does signal is Russia’s willingness, emboldened by the oil wealth once again flowing to the government, to begin reasserting its historic role as a strategic counterweight to Washington The Above are experts from Time/cnn http://www.time.com/time/world/article/0,8599,1849705,00.html?xid=feed-c…

Mary, ya got that right—-oil—-for the EU, Japanese, or ourselves not to jump-into the frey? very odd, especially for the Japanese—-for them this is one golden opportunity—-

http://www.ft.com/cms/s/0/41392f38-9450-11dd-953e-000077b07658.html and http://news-rten.tis-www.com.ua/item-america-world_news-x-2230246.html I posted this section below on page one but I guess I saw this article too late to have anyone even notice. Sigh. Then after, I noticed that Dooley posted a bunch of American POV’s on the situation. Here is my CDN opinion. Here is an interesting site that has many articles about Iceland’s crisis. Also, please note that the American base they are talking about was abandoned by the USA in 2006. I guess they had their fingers in too many dikes. Canada is usually keeping a close eye on Russia. We have absolutely VAST borders with them. We are quite annoyed that Russia planted a flag on the ocean bottom in territory which has disputable sovereignty in the Arctic recently. It would seem it was to shock the American subs patrolling that area. You see, the opening of the Northwest passage which is distinctly Canadian yet disputed by the Bushites, and the melting of the ice cap is going to revolutionize the shipping industry and provide a massive new territory of untapped natural resources for all the countries up there who have rights to the continental shelf protruding from their various positions. Russia knows this, and Canada is well aware of it too. We have 10 years to map the ocean bottom, and then the games begin. Iceland is well-positioned to take fantastic advantage of this new growth in the region. McCain’s no dummy. He chose Palin because he or his smarty-pants strategists, want to draw focus to this region for a purpose yet unknown to us unsuspecting Canadians. People can claim she’s as dumb as a bag full of bear traps, but I for one am not fooled by the pageant-like presentation of this VEEP potential. Any people in her territory who have have run-ins with her say that she is not one to be crossed. Be afraid. Our “Bush” just got back in power. Many Canadians are shocked. They will do the largest construction deal in the history of the planet building new gas lines through Canada. We already have so much pipeline crisscrossing our nation that if you laid it end to end, it would reach the MOON. (fact, not a joke). In the past 2 weeks alone, two different bombs were set to blow it up in northern BC. It didn’t work though. They just found big craters in the ground left by the unsuccessful bombs last week. Those pipes are really built to withstand everything. We need to start with finding new technology. That is for sure. And ween ourselves off the big oil/gas guzzle. Thanks.

Amelie—Fording was bought out by Teck Cominco for $82 US cash plus about .25 Teck shares. Re my market results got a bit scuffed up but should end the end profitably and enjoy higher dividend income than in 2007. Been accumulating Canadian Oil Sands Trust and Diana. Bought both today for myself and the fiduciary accounts I manage. Canadian Oil Sands Trust is very special because 1-Owns about 38% royalty interest of a proven fully developed oil field the size of Florida in politically stable Canada. 2-It’s cost of production per barrel is $35 and change. The practical floor for oil prices is $55 per barrel because that’s what Saudi Arabia has to earn to support it’s government and highly subsidized economy. Venezuala and Russia need closer to $90 per barrel to meet their nuts. 3-Oil Sands created a significant tax shelter enabling it to pay above average dividends for 1-3 years after the 2011 Canadian tax reform abolishing income trusts goes into effect. 4-I think the ultimate value of Oil Sands is $200+. Diana is the best of the dry bulk shippers. Corporate policy is to pay out 100% of net income in dividends. The fleet is fully booked through the 1st quarter of 2009 with about 75% chartered at top prices through 2010 and beyond. Pays an 18% qualified dividend.