Geithner Says Not To Worry About Surging Oil Prices: "Central Banks Have A Lot Of Experience In Managing These Things"

Tyler Durden's picture

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Harmonious_Dissonance's picture

Fortunately my bunker is fully stocked: Silver, Gold, Ammo, Food...

the mad hatter's picture

TIMMAY U ARE A FUCKING IDIOT. HOW DO YOU SOLVE A PROBLEM OF SUPPLY WITH A PRINTING PRESS.

WHAT THE FUCK ARE YOU GOING TO DO? PRINT OIL?

 

kleptocracy, amerikan style.

TomJoad's picture

Why hasn't this dipshit been thrown out of a 40th story window yet?

 

Jump! You Fuckers!

nope-1004's picture

Benocide said a week ago that "the fears of inflation are largely overstated".

Timmay says today that "inflation can be handled".

Well, which is it?  Do we got none?  Or do we got some?

The idiots stealing US taxpayer money should at least get their story straight before being interrogated in separate rooms.

 

egdeh orez's picture

As the silver bears would say: "I just shit myself."

jus_lite_reading's picture

When they say, "we've got everything under control, don't panic" then you know the end is here. Game over folks. Things are spiraling out of control faster than I can watch with my eyes. Greek, Indian riots are spreading fast now...

Rick64's picture

This is coming from a guy that can't even do his taxes right. Watched all the fraud going on under his nose at the NYF, and said fundamentals were good. I have complete confidence in somebody like that.

jus_lite_reading's picture

Exactly! Timmay is another puppet.

boricuadigm-shift's picture

We can no longer say: "when the shit hits the fan".  The shit IS hitting the fan!

 

Brace yourself for impact.  From Jesse today:

"Hell is truly the inability to feel love, empathy, and compassion, knowing the price of everything, but the value of nothing.

Strange days, I am sad to say. Change is in the wind, and is starting to blow like a hurricane, as cycles come round again."

 

Cleanclog's picture

“The core of the American financial system is in a much stronger position than it was before the crisis,” he said. “We’re way ahead of any other major economy.”

Such an incredible f-ing LIE!  

Harmonious_Dissonance's picture

Agreed! Like when asked if his QE2 is causing global foodstuffs inflation Ben said: "I'm not sure I agree with your premise" same thing he said about housing price decline question on CNBS in 2006.

malikai's picture

Unrest => Oil shock => recession => less demand

High inflation => Raise rates => recession = less demand

Wash, Rinse, repeat.

Looks like round2 of the peak oil downward cycle. First is was peak demand, now it's perhaps peak exports, next maybe geological peak. There can be no printing out of this one.

Wildcards: Europe's 90ish day crude reserve, US's SPR, etc. They can and probably will be used to control the price during the shocks. Rationing/Driving controls are also quite possible. All you cats around in the early seventies could probably tell a little about how it may go down.

ceilidh_trail's picture

even plate numbers fill one day, the odd number plates fill on the others (at least that's how it was done on long island)

StychoKiller's picture

The Geithner has some shoe-catchin' in his future...

Chasecran's picture

"FIAT"=  "Fix It Again Timmy"

unwashedmass's picture

warms my heart to know Timmay has taken care of his friends and they don't have to worry....of course, me, one of the peasants,

i'm fucked.

not that this matters to anyone in the power elite. the only good peasant is a dead peasant, right?

jus_lite_reading's picture

WEST TEXAS NOW AT $100!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Hold on boys!

The ride has just begun!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

trav7777's picture

yeah, total LOL at the economists thinking their paper bullshit can "manage" the oil supply.  WTF, they're going to print up some production for us?

I can't completely castigate them, because before the production peak, lowered rates = more activity = more supply.  In a rough sense, the money supply over the previous century did throttle economic activity and oil production in a rough way.  This led idiot banker/economists to believe that they were really controlling the levers of everything.

What they forgot is that economies grew independent of CBs before said existed in various countries, on the back of energy supply growth.  Banking is really parasitism that inhibited growth a little or a lot depending upon what they did, but the aggregate supply of energy to do the doing was the driver of the macro trend.

i.knoknot's picture

i believe for short periods 'they' can manage perception, and for shorter, prop certain market sectors...

but when somebody actually wants delivery of a few barrels of oil, oz -s of silver, or bushels of wheat/rice...

wheeee wheee wheee, all the way home.

PAPA ROACH's picture

LOL, you sir have the comment of the year..........so far!  Fell out of my chair.

Alienated Serf's picture

BUT YOU CAN'T EAT OIL!@!@#!!!!

*disclaimer: this is not an actual assertion that oil is unrelated to food, I am well aware of the petroleum inputs of fertilizer and transportation among others.

batting500's picture

"Print Oil"

 

+1

 

Good luck

Problem Is's picture

"WHAT THE FUCK ARE YOU GOING TO DO? PRINT OIL?"

I am still laughing. That is fucking hilarious...

Note to Tyler: Quote of the day...

Quaderratic Probing's picture

   Just change these numbers to ones that work presto chango no more problem

 ( The secret is it's done by milking Unicorns who as you know produce oil )

 

 

U.S. Net Imports of Crude Oil and Petroleum Products (Thousand Barrels per Day)   Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec   1973 5,646 6,246 6,386 5,318 5,604 5,675 5,938 6,373 6,168 6,411 6,720 5,828   1974 5,164 5,013 5,078 5,736 6,247 6,122 6,283 6,114 5,881 5,954 6,612 6,436     1975 6,633 5,928 5,517 4,850 5,012 5,182 5,773 6,095 6,599 6,142 6,253 6,164   1976 6,558 6,471 6,502 6,373 6,144 7,262 7,641 7,162 7,728 7,338 7,712 8,168   1977 8,711 9,763 9,176 8,499 8,283 8,712 8,842 8,345 8,273 8,109 7,900 8,251   1978 8,076 7,911 8,232 7,406 7,218 7,709 7,947 7,881 8,559 7,845 8,443 8,786   1979 8,756 8,105 8,150 7,400 7,662 7,859 8,072 8,124 7,609 8,263 7,631 8,157     1980 8,048 7,386 6,879 6,672 5,987 6,240 5,727 5,873 5,682 5,781 5,859 6,272   1981 6,270 6,203 5,442 5,098 5,180 5,015 5,245 5,123 5,845 5,221 5,041 5,187   1982 4,502 4,003 3,602 3,593 4,008 4,624 5,149 4,386 4,624 4,374 4,958 3,746   1983 3,464 2,861 2,889 3,918 4,241 4,552 5,170 5,496 5,445 4,682 4,531 4,394   1984 4,855 5,111 4,461 4,717 5,212 4,618 4,871 4,312 4,588 5,179 4,733 3,947     1985 3,623 3,056 3,979 4,553 5,071 4,237 4,274 3,969 4,164 4,431 5,080 4,905   1986 4,714 3,800 3,980 4,589 5,676 6,206 6,256 6,300 6,375 5,597 5,771 5,881   1987 5,650 5,007 5,074 5,041 5,407 6,099 6,908 6,790 6,382 6,422 6,331 5,776   1988 6,296 6,392 6,110 6,594 6,655 6,301 6,471 6,572 6,833 7,098 6,997 6,719   1989 7,494 7,157 6,596 7,268 6,986 7,002 7,589 7,593 7,347 7,511 7,366 6,512     1990 8,488 7,577 7,084 7,097 8,144 7,944 8,353 7,794 6,514 5,768 5,918 5,252   1991 5,904 5,424 5,702 6,680 7,369 7,323 6,793 7,832 7,042 6,550 6,690 6,124   1992 6,568 5,975 6,156 7,155 6,939 6,989 7,550 7,470 7,330 7,603 6,877 6,602   1993 6,869 6,915 7,315 7,701 7,581 7,905 8,218 7,600 7,629 8,316 7,923 7,394   1994 7,066 7,657 7,638 8,100 8,284 8,438 8,902 8,597 8,802 7,791 7,707 7,655     1995 7,037 7,283 8,059 7,467 7,832 8,639 7,969 8,240 8,930 7,615 8,072 7,477   1996 8,294 7,342 8,225 8,453 9,116 9,043 8,876 9,090 8,038 8,792 8,220 8,404   1997 8,725 8,544 8,900 9,177 9,941 9,782 8,996 9,390 9,540 9,726 9,014 8,130   1998 8,994 8,988 9,087 10,057 10,051 9,939 10,651 10,252 9,636 10,011 10,078 9,365   1999 9,529 9,894 9,894 10,422 10,596 10,253 10,779 10,240 9,768 9,651 9,083 8,835     2000 9,134 10,133 9,893 10,427 10,559 11,107 10,688 11,099 10,841 9,998 10,201 10,958   2001 11,601 10,639 11,194 11,711 11,461 10,756 10,881 10,573 10,993 10,432 10,669 9,885   2002 10,228 9,729 10,345 10,876 10,859 10,873 10,785 10,752 10,059 10,931 11,242 9,828   2003 9,892 9,854 10,993 11,546 11,822 11,936 11,760 11,822 11,908 11,402 10,780 11,043   2004 11,266 11,612 12,325 11,730 12,323 12,491 12,490 12,598 11,715 12,360 12,417 11,804     2005 12,074 12,493 11,921 12,147 12,626 12,793 12,666 12,552 12,385 13,354 13,135 12,442   2006 12,737 12,289 11,734 12,039 12,965 12,918 12,596 13,442 12,937 11,810 11,651 11,556   2007 12,260 10,823 12,682 12,482 12,764 12,222 12,248 12,151 12,285 11,655 11,421 11,327   2008 11,949 10,812 10,791 11,593 11,109 11,252 11,073 11,064 10,239 11,545 11,160 10,751   2009 11,205 10,287 10,609 10,061 9,461 9,973 9,482 9,064 9,651 8,655 9,076 8,538     2010 9,352 9,136 9,480 10,119 9,731 10,066 10,123 9,973 9,519 8,692 8,542  

 

treasurefish's picture

Not yet!  I haven't had a chance to purchase the rifles I wanted!  

Maybe Geitner is referring to a new QEIII round?  We can prop this market for ever.  Stocks never go down!

Harmonious_Dissonance's picture

The central bankers can just OOZE the oil, no problem here folks:

http://www.youtube.com/watch?v=6bu-U4HX5aQ

ColonelCooper's picture

"Not yet!  I haven't had a chance to purchase the rifles I wanted! "

The Colonel finds that somewhat like saying, "I never got all the gold I wanted", or "I haven't slept with all the women I wanted", or "I never snorted all the blow I wanted".

Guns, money, women, drugs, did I miss anything?

 

 

WALLST8MY8BALL's picture

Please remain calm
Please remain calm

It's hard to tell the difference of a prophet from a crackpot
I wouldn't blame you if you'd rather stay in bed
We'd go smilin', we'd go down smilin'
Dancin' to the beat of a mother coming down, take it

Please remain calm
Please remain calm
Calm

This is a test of the emergency broadcasting system
This is a test, this is only a test
You can stand single file, put your head between your legs
You can stop drop and roll 'cause this is only a test, kick it

EvlTheCat's picture
Timmy And The Lords Of The Underworld

http://www.youtube.com/watch?v=dkKP9_uo25A&feature=related

 

This explains a lot about how Geithner makes decisions.

Downtoolong's picture

Don't forget to fill up the gas tanks in your cars while you're at it, before these higher crude prices roll through to the pump. It may be the best return on investment anyone can make this week. $4/gal gasoline now on the horizon. 

 

 

Ms. Erable's picture

Did just that on the way to the office this morning as I was thinking the same thing. ~$95 to fill the tank is probably the lowest amount I'll have to pay for the forseeable future. I did notice that the gas station had raised the price by .08 over night.

Yes, over night. As in one day.

Now I just need to remember to get another 50lb. bag of rice and a box of primers on the way home...

Downtoolong's picture

Don't forget to fill up the gas tanks in your cars while you're at it, before these higher crude prices roll through to the pump. It may be the best return on investment anyone can make this week. $4/gal gasoline now on the horizon. 

 

 

Triggernometry's picture

Don't forget water, medicine, and toilet paper. Yes toilet paper; think of what it would be like to go just one week without it, then think of the space one year's supply of toilet paper for one person takes up.

As for you bunker, while I appreciate you seem to be among the few actually preparing for the shit storm to come, unless what you call a bunker is actually a hardened structure(and good opsec will prevent you from disclosing such details) then you would do well to invest in portable survival resources.

Sure you could have one ton of lead(ammo) to protect one hundred pounds of gold and silver, but consider how long just one ton of water will last one person and that "bunker" starts to feel like a tomb.

Harmonious_Dissonance's picture

Prepared with all the items you describe. But, yes, you are correct that the bunker is short term solution only. Wait out the initial nightmare and then re-locate once the sheep have long since turned cannibal & the herd has become thinned to non-existant. Where to re-locate to is what no-one can prepare for.

http://www.youtube.com/watch?v=Hgq4w4dqKsU

1100-TACTICAL-12's picture

And these are the people running the show...WASF....

plocequ1's picture

Im doomed. Youre doomed, Were all doomed. Now go home and get your shinebox

razorthin's picture

I'll be stopping by Mom's later to grab a knife.  I hit a deer and his...what do you call it...yeah, hoof caught in the grill, and I need to hack it off.

pazmaker's picture

What a dipshit this guy is!   UNBELIEVABLE!

Turd Ferguson's picture

What a complete, fucking douchebag.

Id fight Gandhi's picture

Fucking cock suckers. Sure we can all aftord $100 fill ups

Herman Strandschnecke's picture

 No need for fill ups. We don't need no oil, we shall grease the cogs of our solar cars with goose fat.

 

Herman Strand Schnecke

ColonelCooper's picture

$188 into pickup this morning.  Nice.