Crude Back At $100, Highest Since June 15, Going Much Higher Courtesy Of European Monetization Start

Tyler Durden's picture

Courtesy of the IEA which earlier loudly announced 'No More SPR Releases' (although like the ECB earlier announced it would not accept defaulted Greek debt as collateral only to reneg, this is total bullshit), and another massive taxpayer funded iteration of EFSF monetization-infused moral hazard, crude is back to $100. Since the EFSF will very soon be expanded to over $1 trillion and since this is nothing less than Europe's version of QE, and paradrops money that just like the Fed's own daily POMOs will ultimately find its way into the market, as holders of toxic Greek debt shift their assets into risk holdings, we expect crude to surge to $110, then $120, then $130 and so forth until another global depression has to be called in. And, naturally, the same with every other hard asset that can not be diluted.