A2A with John Titus


John Titus is the publisher of the YouTube channel, "Best Evidence". His recent works have included extraordinary documentaries on subjects such as The Financial Crisis and the lack of criminal prosecutions in the years since. His latest production, "All The Plenary's Men" will be released on Friday.

Most readers of TFMR are familiar with John's work. His documentaries have covered...

John's new production deals with the corruptive power held by the Bank of International Settlements and its agents. Its title is "All The Plenary's Men" and, once it's released on Friday, it will be embedded below.

Ahead of the release, it was great to visit directly with John about his work and I think you'll find this to be a fascinating and thought-provoking podcast.



Apr 28, 2017 - 4:00pm

TFM's theme song?

Lyrics could be adjusted.

Fred Dagg - We Don't Know How Lucky We Are
Fred Dagg - We Don't Know How Lucky We Are
Apr 28, 2017 - 3:35pm

VIX even more in red at the finish...0.61%

Anything to help the market.

Apr 28, 2017 - 1:49pm

All the Plenary's Men

Bwanksters! Accountable only to themselves. Actionable now?!

Crikey, that is astonishingly great work, John Titus!

All the Plenary's Men
Apr 28, 2017 - 11:43am


Excellent points. You're quite right, the global energy market is incredibly complex, very difficult to reduce to supply/demand simplicities. I can't say I fully understand EROI either. The best I can make of it is the way Steve puts it time and again. A century ago, 1 bbl of oil invested would get you 100 bbl return. Today, much less.

At the limit 1 bbl invested yielding 1 bbl return would be like digging a hole and filling it back in. Totally wasted effort. Hence, EROI has to be greater than 1. But what good is a bbl of oil if you can't do anything with it? EROI also requires energy invested in infrastructure, distribution, and the construction of equipment that can turn that energy into useful work, so in practice, EROI needs to be much greater than 1. Then, as Steve goes on to say, if we are to continue supporting social amenities, such as social security, healthcare, etc., EROI needs to be much much greater than 1.

Your question as to what was driving oil prices up in the '00's is a good one. Best I can figure is that with decreasing onshore discoveries to replenish supply, higher oil prices were required to justify, and indeed did justify expensive tight shale, tar sand, and further offshore oil exploration and development (with much less EROI).

Steve often points out that we are now borrowing big time from the future to offset the effects of ever decreasing EROI. Consequently, we are in such huge debt, we can no longer afford to continue subsidizing oil production. The industry is becoming less and less viable, and society has been adapting, lessening dependency on oil.

Okay, that is all well and good, but then why have oil prices gone down? Well, that is simple, because we have an excess supply of oil. Why is that? Well, demand is down. Why is demand down? Well, because the world economy isn't growing as fast as it was. But wait, the world economy is still growing, at least a little. So how can a decreasing growth rate account for such a massive oversupply?

Something else is at play. What could it be? Most likely, it seems to me, is the massive increase in oil development and production infrastructure in the decade of the '00's, especially in the U.S. (tight shale & offshore) and Canada (heavy oil & offshore).

The notion that SA and OPEC are responsible for the oil glut is pure propaganda. I've been pointing that out for years now. The oil glut is because of an at least 10% increase in supply from massive and expensive North American development and production infrastructure over the past 20 years.

That increase in supply forced SA and OPEC to cut prices to maintain market share.

That infrastructure was very costly, but now (for how long, I don't know) we have much more supply than we can consume (especially with decreasing economic growth), so price has gone down, and the multinationals that built all that infrastructure are losing money big time.

I'm not sure how Steve has been factoring the huge boom in NA infrastructure development, hence (temporary) oversupply, into his EROI projections though. We could benefit from low oil prices for quite some time so long as that infrastructure can be economically maintained and continues to produce.

Apr 28, 2017 - 11:39am

Smith mentions how we are living in segregated


I live in a 99.9% dem county and really feel odd 'man' out

and think of moving to a better balanced (is there such a place)

community and then perhaps I stay to voice some critical

thinking that isn't found easily here

(fwiw, I am an independent and don't know why everyone isn't:))

Apr 28, 2017 - 11:17am


Everybody is moving into TRAILERS....

Toby Keith - Trailerhood
Apr 28, 2017 - 11:03am

Canary re: competition... and perspective

yeah, but I bet they can't outsprint a bear.

Re: 0 K Obama speaking fee. I agree, it is obscene but not close to the trumpster's extravagant costs at taxpayer expenses:

"However, more than anything, his trips have cost taxpayers big time. CBS News reports American taxpayers spend more than $3 million each time Trump heads to the “Winter White House.”

Apr 28, 2017 - 10:48am

Thesis on Oil

Chiron, dont worry about (meant in a sanguine manner), Srsrocco might be right might be wrong, stick to stacking..

In critical and baffling situations, it is always best to return to first principle and simple action.
~ Winston Churchill ~

Apr 28, 2017 - 10:31am


I have tried to think about SRSrocco's thesis about EROI on oil and I can not understand it. There are so many undercurrents having to do with the price of oil that it is incredibly complex. When I read that article, I interpreted it as an extension of his major thesis concerning oil. I just don't understand it, but I do not think the whole commodity complex can be so simplified.

Banks are on the hook for a ton of loans that are tied to the price of oil. It makes sense to me that the price would be "pushed" up to ease their pain. But the supply/demand complexity of oil is weighing on that. They can push the price up, but then distressed drillers pump more oil, supply builds rapidly, and the global economy can't support the higher price.

I still can not find an answer as to why the price of oil shot up after 2003. It is almost as if that was a "crack up" boom of some sorts and something broke. I understand that the timing coincided with the invasion of Iraq, but there were wars before that and the price did not skyrocket like that.

Just trying to find some answers in all of this mess and I am at a loss as to where to turn. Thanks for your response. Your insight is always appreciated.

Apr 28, 2017 - 10:15am

Subscribe or login to read all comments.


Donate Shop

Get Your Subscriber Benefits

Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

Key Economic Events Week of 9/21

9/21 8:00 ET Goon Kaplan
9/21 10:00 ET Goon Evans
9/21 Noon ET Goon Brainard
9/21 6:00 pm ET Goon Williams & Goon Bostic
9/22 10:30 ET Chief Goon Powell on Capitol Hill
9/22 Noon ET Goon Barkin
9/22 3:00 pm ET Goon Bostic again
9/23 9:00 ET Goon Mester
9/23 9:45 ET Markit flash PMIs for September
9/23 10:00 ET Chief Goon Powell on Capitol Hill
9/23 11:00 ET Goon Evans again
9/23 Noon ET Goon Rosengren
9/24 1:00 pm ET Goon Bostic #3
9/24 2:00 pm ET Goon Quarles
9/24 10:00 ET Chief Goon Powell on Capitol Hill
9/24 Noon ET Goon Bullard
9/24 1:00 pm ET Goon Barkin again & Goon Evans #3
9/24 2:00 pm ET Goon Bostic #4
9/25 8:30 ET Durable Goods
9/25 11:00 ET Goon Evans #4
9/25 3:00 pm ET Goon Williams again

Key Economic Events Week of 9/14

9/15 8:30 ET Empire State and Import Price Idx
9/15 9:15 ET Cap Ute and Ind Prod
9/16 8:30 ET Retail Sales
9/16 10:00 ET Business Inventories
9/16 2:00 ET FOMC Fedlines
9/16 2:30 ET Powell Presser
9/17 8:30 ET Philly Fed
9/18 8:30 ET Current Acct Deficit

Key Economic Events Week of 9/7

9/9 10:00 ET JOLTS job openings
9/10 8:30 ET Initial jobless claims
9/10 8:30 ET PPI
9/10 10:00 ET Wholesale Inventories
9/11 8:30 ET CPI
9/11 9:45 ET Core CPI

Key Economic Events Week of 8/31

9/1 9:45 ET Markit Manu Index
9/1 10:00 ET ISM Manu Index
9/1 10:00 ET Construction Spending
9/2 8:15 ET ADP employment
9/2 10:00 ET Goon Williams
9/2 10:00 ET Factory Orders
9/3 8:30 ET Initial jobless claims
9/3 8:30 ET Trade Deficit
9/3 12:30 ET Goon Evans
9/4 8:30 ET BLSBS

Key Economic Events Week of 8/24

8/24 8:30 ET Chicago Fed Idx
8/25 10:00 ET Consumer Confidence
8/26 8:30 ET Durable Goods
8/27 8:30 ET Q2 GDP 2nd guess
8/27 9:10 ET Chief Goon Powell Jackson Hole
8/28 8:30 ET Pers Inc and Consumer Spend
8/28 8:30 ET Core Inflation
8/28 9:45 ET Chicago PMI

Key Economic Events Week of 8/17

8/17 8:30 ET Empire State Manu Idx
8/17 Noon ET Goon Bostic
8/18 8:30 ET Housing Starts
8/19 2:00 pm ET July FOMC minutes
8/20 8:30 ET Jobless claims
8/20 8:30 ET Philly Fed
8/20 10:00 ET LEIII
8/21 9:45 ET Markit flash PMIs July

Key Economic Events Week of 8/10

8/10 10:00 ET Job openings
8/11 8:30 ET Producer Price Idx
8/12 8:30 ET Consumer Price Idx
8/13 8:30 ET Initial jobless claims
8/13 8:30 ET Import Price Idx
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Unit Labor Costs
8/14 8:30 ET Cap Ute and Ind Prod
8/14 10:00 ET Business Inventories

Key Economic Events Week of 8/3

8/3 9:45 ET Markit Manu PMI July
8/3 10:00 ET ISM Manu PMI July
8/3 10:00 ET Construction Spending
8/4 10:00 ET Factory Orders
8/5 8:15 ET ADP employment July
8/5 9:45 ET Markit Service PMI
8/5 10:00 ET ISM Service PMI
8/6 8:30 ET Initial jobless claims
8/7 8:30 ET BLSBS for July
8/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 7/27

7/27 8:30 ET Durable Goods
7/28 9:00 ET Case-Shiller home prices
7/29 8:30 ET Advance trade in goods
7/29 2:00 ET FOMC Fedlines
7/29 2:30 ET CGP presser
7/30 8:30 ET Q2 GDP first guess
7/31 8:30 ET Personal Income and Spending
7/31 8:30 ET Core inflation
7/31 9:45 ET Chicago PMI

Key Economic Events Week of 7/20

7/21 8:30 ET Chicago Fed
7/21 2:00 ET Senate vote on Judy Shelton
7/22 10:00 ET Existing home sales
7/23 8:30 ET Jobless claims
7/23 10:00 ET Leading Economic Indicators
7/24 9:45 ET Markit flash PMIs for July

Recent Comments

by SteveW, Sep 25, 2020 - 9:56pm
by silverseeker, Sep 25, 2020 - 9:18pm
by Ronnie 666, Sep 25, 2020 - 8:41pm
by SteveW, Sep 25, 2020 - 8:24pm