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Oil’s Boom-and-Bust Cycle May Be Over. Here’s Why

Harvard Business

could become the world’s largest oil producer in 2018, surpassing Saudi Arabia and Russia. output comes from fracking operations that have cut costs dramatically since slumping prices in 2014 forced dozens of companies into bankruptcy. Most major producers with large balance sheets will likely hedge their bets and attempt both.

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Shockingly Bad Fiscal Health of Chicago (and the Financial Engineering Chicago Uses to Hide that Fact)

MishTalk

The Corporate Fund is Chicago’s general operating fund. Chicago’s property tax revenues do not go into its general operating fund. Although most governments are required to balance their budgets on a cash flow basis each fiscal year, a structural budget gap can arise when recurring expenditures are greater than recurring revenues.