Credible Economists Are Calling Fracking a Ponzi Scheme
Econintersect: A shocking charge has been leveled by American-German freelance journalist, historian and economicresearcher F. William Engdahl. He says the purported shale gas (and oil) revolution is a fraud because the costs exceed the output. Engdahl maintains that the entire shale energy boom is a new Ponzi scheme organized by the same Wall Street banks who created the mortgage securitization fraud that enabled the U.S. real estate bubble. The scheme depends on high production volumes. These are obtained initially but subside dramatically faster than for conventional wells, according to Engdahl. Only a few insiders know this and are fleecing gullible investors, he says. Engdahl indicates strong evidence of the fraud is provided by Chesapeake Energy (NYSE:CHK), the “premier shale gas exploiter“.
Fracking is a Ponzi Scheme (Wolfe Notes)
Deborah Rogers of the Energy Policy Forum: