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Well Thank God That At Least The Price Of Gasoline Is Under Control...

Tyler Durden's picture





 

Following a barrage of letters from sellside "economists" who used the strawman of lower gasoline prices as the catalyst for either keeping their Q3/4 GDP projections, and in some cases even hiking them, we wonder: after looking at the chart below (which shows the price of NY gasoline), are we going to get some tiny, very modest retractions?

We doubt it. After all, the new strawman for GDP growth will be that Greece now has to tear down and rebuild its partially burned finance ministry. Just think of the externalities to a interlinked, globalized economy. One decrepit building in downtown Athens has to be worth at least 25 basis points to US GDP alone.

And most ironically, after destroying Morgan Stanley's rates desk in the past two weeks, the 30-5 breakeven compression trade is now set to make someone else rich. Alas, it will not be Morgan Stanley.

 


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Wed, 06/29/2011 - 14:53 | Link to Comment nope-1004
nope-1004's picture

Release the hounds!!!  Add more oil!!!!  Must win next election.

LOL.  Good thing inflation is under control.

 

Wed, 06/29/2011 - 15:02 | Link to Comment Greeny
Greeny's picture

QE3 is here and swap lines are open ;)

Wed, 06/29/2011 - 15:35 | Link to Comment SheepDog-One
SheepDog-One's picture

Forget QE3, not going to happen in the form you equity crackheads expect in the form of free Hefty bags of crack rocks from Ben. Its over, and youve been warned so dont cry when equities go cold turkey.

Wed, 06/29/2011 - 15:33 | Link to Comment Greeny
Greeny's picture

Yeah, I'm feel like crying already :))) Thanks..

Wed, 06/29/2011 - 15:46 | Link to Comment SheepDog-One
SheepDog-One's picture

You will be one morning soon, and it will be too late theyve already chained the casino doors shut from the outside.

Wed, 06/29/2011 - 21:24 | Link to Comment TwoShortPlanks
TwoShortPlanks's picture

I've been saying QE3 won't happen for months; but I've noticed more normalcy bias on ZH Blog than on Wall Street or Main Street. The QE3 Gods wil not deliver!
Next bubble will be in PMs...a 'Real'bubble this time, not a rumour. They'll let it inflate, then collapse. That'll cause havoc in Asia and Europe.

The deregulation of the deregulation is already being done.

Wed, 06/29/2011 - 16:46 | Link to Comment iLoveMisesToPieces
iLoveMisesToPieces's picture

You think the banks are going to let their balance sheets be deflated?

Wed, 06/29/2011 - 18:40 | Link to Comment boiltherich
boiltherich's picture

As opposed to what?  You think they are going to stand by and watch their assets get inflated away into irrelevance?  Remember their assets equal their debts, thanks to Luca Pacioli.  I mean just curious here.  I think what will be likely is that you and I will continue to get screwed and the moment there is a let up in the ass ripping they will just fob a few trillion more on the bankers.  If it seems to have gone a bit quiet or not hurt quite as much for a while it is only because they are reaching for more lube. 

Wed, 06/29/2011 - 20:30 | Link to Comment disabledvet
disabledvet's picture

the "Fannie/Fred go nuclear" option via "taking all the real estate allegedly owned by the banks and financial institutions and governments" and marking THAT to market (with clean title.)  Perhaps this is what Obama has meant by "excessive lobbying"?  I must say in this sense i agree with The Morgan on this one:  "fly in on lear jet, discuss, leave."  perhaps a little chat with the media on his way out and he would be a true Morgan indeed.  Of course the media should want to talk to him first....

 

Wed, 06/29/2011 - 15:30 | Link to Comment Instant Karma
Instant Karma's picture

I tweeted this earlier today as well. Gasoline up 25 cents in 3 days. So much for THAT consumer tailwind.

Nice post on gold/silver by Martenson. Been accumulating about 2 years with similar rationale. Didn't know supply growth so constricted. More upside Than I thought.

Wed, 06/29/2011 - 15:31 | Link to Comment SheepDog-One
SheepDog-One's picture

Obama finding the real world reality bites.

Wed, 06/29/2011 - 16:47 | Link to Comment Confucious 222
Confucious 222's picture

Obama experiencing unrequited reacharound despair. Too bad, so sad.

Wed, 06/29/2011 - 18:48 | Link to Comment RockyRacoon
RockyRacoon's picture

Sorry I missed that tweet.  I'm sure both of your followers were aghast.

Wed, 06/29/2011 - 23:04 | Link to Comment Instant Karma
Instant Karma's picture

Fuck You.

Wed, 06/29/2011 - 23:01 | Link to Comment Instant Karma
Instant Karma's picture

Fuck You.

Wed, 06/29/2011 - 23:06 | Link to Comment Instant Karma
Instant Karma's picture

Fuck You.

Thu, 06/30/2011 - 01:17 | Link to Comment Bananamerican
Bananamerican's picture

hey ik, give peace a chance....

Thu, 06/30/2011 - 04:07 | Link to Comment Instant Karma
Instant Karma's picture

I opted to begin responding IN KIND. But, the triplicate response was a technical glitch. I'll get the hang of it.

Thu, 06/30/2011 - 04:43 | Link to Comment ZeroPower
ZeroPower's picture

haha well done

Wed, 06/29/2011 - 16:03 | Link to Comment Innocent Bystander
Innocent Bystander's picture

I’m bored so here is a thought for the astute minds on ZH,

Act I àrelease stock from SPR (miniscule) -->bring down price-->

ActIIà buy back 100X volume at reduced price--> reload for the next shock and awe pre election

Act IIIà firm up $$ crash oil Obam's handler are happy in 2012.

It may not be just China stocking up at these low prices you know.. you a lot of strange acronyms ESF, GS JPM.. I don’t know what they mean..

 

Wed, 06/29/2011 - 21:14 | Link to Comment Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Whenever you see initials describing government, quasi-government or Wall Street firms just picture in your mind a pack of Hannibal Lectors but more evil!

 

Tuco Benedicto Pacifico Juan Maria Ramirez

Wed, 06/29/2011 - 20:41 | Link to Comment doesmybuttlookf...
doesmybuttlookfatinthis's picture

Timber!!!! Oh I mean rebmiT.

Fri, 07/01/2011 - 02:55 | Link to Comment rcintc
rcintc's picture

What happened to Transitory?

Wed, 06/29/2011 - 14:47 | Link to Comment vast-dom
vast-dom's picture

Crude should at VERY least be at $112 a barrel; more at high $120s. Given global conditions etc.

Wed, 06/29/2011 - 14:53 | Link to Comment SheepDog-One
SheepDog-One's picture

I agree. But Jeethner says 'Dont worry, banks are well experienced at dealing with these kind of things'.

Whew.

Wed, 06/29/2011 - 15:00 | Link to Comment Sabibaby
Sabibaby's picture

There's an over abundance of crude oil on the market hence the need to store it off shore in tankers. On top of that, the Strategic Petroleum Reserve is being tapped to drive home the over abundance and I'm not sure anyone knows why the SPR is being tapped but it could be because the oil is going stale and needs to be used right away.

Wed, 06/29/2011 - 15:08 | Link to Comment DonnieD
DonnieD's picture

Stale? I thought it took a couple million years to make oil. Hopefully Obama checked the Born On Date before releasing it.

Wed, 06/29/2011 - 15:11 | Link to Comment Sabibaby
Sabibaby's picture

I just googled it, apparently it turns back into dinosaurs.

Wed, 06/29/2011 - 15:12 | Link to Comment DonnieD
DonnieD's picture

That would be cool.

Wed, 06/29/2011 - 15:19 | Link to Comment tmosley
tmosley's picture

That's why you need to change your oil every 3000 miles or THIS COULD HAPPEN TO YOU:

http://www.youtube.com/watch?v=ucjEy7UhyUU

Wed, 06/29/2011 - 15:36 | Link to Comment SheepDog-One
SheepDog-One's picture

Velociraptors.

Wed, 06/29/2011 - 16:21 | Link to Comment firefighter302
firefighter302's picture

LMAO.. very good.

Wed, 06/29/2011 - 18:17 | Link to Comment Superslam
Superslam's picture

In that case, I'm going long on Triceratops futures. 

Wed, 06/29/2011 - 21:09 | Link to Comment Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Oil is not a "fossil" fuel.  Web search it.  Do you think 10% of the earth's dinosaurs migrated to Saudi Arabia to die?!

 

Tuco Benedicto Pacifico Juan Maria Ramirez

Thu, 06/30/2011 - 14:00 | Link to Comment fallout11
fallout11's picture

100 million years ago the middle east was a fetid swampland filled with giant ferns. Learn your geology. Or your petrogeology. Or your paleontology.

Wed, 06/29/2011 - 15:14 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

.......because the oil is going stale and needs to be used right away.

Yup! Like fine vintage wine, once the cork is popped and the pressure is released it's use it or lose it.

I can only assume this "oil is going stale" comment is snark. Please, tell me it is snark.

Wed, 06/29/2011 - 15:25 | Link to Comment Sabibaby
Sabibaby's picture

Just keep telling the masses that the oil is going stale and they'll understand.

Wed, 06/29/2011 - 18:07 | Link to Comment Quantum Nucleonics
Quantum Nucleonics's picture

Oil doesn't go stale, it has a rather long shelf life.  In fact, like good wine, it gets better with age. (As long as it is stored properly, e.g. an underground salt dome)  You are thinking of refined petroleum products, such as gasoline.  They do go "stale" if not stored properly.  Actually, what happens is the lighter, more volatile molecules evaporate and the heavier stuff reacts with water.

Wed, 06/29/2011 - 21:06 | Link to Comment Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Let's audit the SPR.  Drop the Supreme Court of Indiana in the caverns.  If they all drown, there is oil.  If they don't drown just leave them there each with a pocket constitution which they can eat page by page as they each starve to death.

 

Tuco Benedicto Pacifico Juan Maria Ramirez

Wed, 06/29/2011 - 14:47 | Link to Comment SheepDog-One
SheepDog-One's picture

Thanks for the laugh Tyler, headline cracks me up.

Wed, 06/29/2011 - 14:55 | Link to Comment Long-John-Silver
Long-John-Silver's picture

Sometimes when I have little time to devote to non-profitable distractions I just read the headlines one after the other. It gives me a sense of how things are going (to hell).

Wed, 06/29/2011 - 14:52 | Link to Comment Long-John-Silver
Long-John-Silver's picture

Where are the daily margin changes when you need them? Last time I checked gasoline did not contain any Silver.

Wed, 06/29/2011 - 14:53 | Link to Comment FunkyMonkeyBoy
FunkyMonkeyBoy's picture

From inflation to deflation to inflation again in 15 minutes b*tches... God bless that bald headed jew puppet.

Wed, 06/29/2011 - 14:50 | Link to Comment SheepDog-One
SheepDog-One's picture

I guess the Shalomster was telling the truth- deflation to inflation back to deflation in 15 minutes or less.

Wed, 06/29/2011 - 15:23 | Link to Comment SMG
SMG's picture

The Fed chairman is working for the Lucifer worshiping Illuminati, who use the strategy of diversion to get away with all the bad stuff they do.   In reality it us (including all the Jewish people) vs them (the evil worshiping Oligarchy).

Wed, 06/29/2011 - 15:49 | Link to Comment bIlluminati
bIlluminati's picture

The Illuminati don't worship Lucifer. To quote a prominent Illuminatus:

"I don't worship Satan. Satan worships me."

Or, to use a book title, it's "Power vs. Market". And the powerful blame the market, while the sheeple baaah on cue. Previously, the price of oil was self-limiting, as when the price got sufficiently high, new and improved sources appeared. Now, people hope that windmills, solar power, and (revived for the occasion) cold fusion will save the day. The oligarchs laugh, until the sheeple get their pitchforks upon learning it's no First Circle for them. Those oligarchs who have earned Ninth Circle status may find it arriving early this cycle, as the can reached the end of the road.

Wed, 06/29/2011 - 15:04 | Link to Comment baby_BLYTHE
baby_BLYTHE's picture

4 out of the 5 previous Fed Chairmen. Demographically 2% of the population. Protocols?

Wed, 06/29/2011 - 15:13 | Link to Comment Clueless Economist
Clueless Economist's picture

Merely a coincidence.

Wait a second, who am I to speak, I am one of the brotherhood.

Wed, 06/29/2011 - 15:15 | Link to Comment baby_BLYTHE
baby_BLYTHE's picture

the Supreme Court is stacked too

So much for a Representative Republic, I guess

Wed, 06/29/2011 - 15:25 | Link to Comment Clueless Economist
Clueless Economist's picture

FACT SCOTUS is all Roman Catholic and Jew

Wed, 06/29/2011 - 16:02 | Link to Comment whstlblwr
whstlblwr's picture

Wow, you are kidding, you so smart to find that out. This Jew talk here is worthless. It just show to us you out of touch with life and stupid. Feel sorry you lost.

My wife Jew and she gorgeous and smart. I Christian, not as smart as her. Hope our baby will be like her.

Wed, 06/29/2011 - 19:06 | Link to Comment RockyRacoon
RockyRacoon's picture

Me Tarzan, you Jane.

Wed, 06/29/2011 - 15:30 | Link to Comment GOSPLAN HERO
GOSPLAN HERO's picture

Good point.

Wed, 06/29/2011 - 15:33 | Link to Comment SheepDog-One
SheepDog-One's picture

Protocols. Nice picture.

Wed, 06/29/2011 - 15:02 | Link to Comment PY-129-20
PY-129-20's picture

His religion has nothing to do with it. It's his job.

Wed, 06/29/2011 - 15:05 | Link to Comment baby_BLYTHE
baby_BLYTHE's picture

.

Wed, 06/29/2011 - 15:32 | Link to Comment Dr. Acula
Dr. Acula's picture

>[Bernanke's] religion has nothing to do with it

It could be related.

The ignorati often have a dogmatic, close-minded belief in central planning - whether by a God or by a state. The economy requires a mastermind to work properly. The universe must have been created by a thinking, acting being. There can't be rational structures generated by other kinds of processes, e.g. the spontaneous organization of an economy, the coordinating power of the market price mechanism, or the evolution of living organisms due to natural selection.

Wed, 06/29/2011 - 16:02 | Link to Comment Idisq
Idisq's picture

-1 Junk

Wed, 06/29/2011 - 15:39 | Link to Comment SheepDog-One
SheepDog-One's picture

And you dont get 'the job' unless youre in that 'religion'...actually not a religion at all, its the 13th tribe. Youre not from that....forget ever being a true Pigman.

Wed, 06/29/2011 - 16:05 | Link to Comment Terminus C
Terminus C's picture

Poor Robo...

Thu, 06/30/2011 - 05:42 | Link to Comment PY-129-20
PY-129-20's picture

You're wrong, Sheepdog. Just one example: McChesney wasn't a jew. Of course there is a link between the Jews and the banking industry. And I am not denying that. But this is a tradition dating back to the Middle Age, when jews often weren't allowed to join guilds and were the only ones that could raise interest, because Christians and Muslims couldn't do that for religious reasons.

With time some of them became powerful - and I am not denying that too. It wouldn't make any sense. Even Hannah Arendt, a German jewish philosopher, did research the role of jews in the banking industry and she shows how some of them used their power in politics, too. But this was also dangerous - if they weren't protected by the king or noblemen, they became easy targets.

Americans shouldn't do the same mistakes that Germans did. And by saying that: Do you really believe it could have not happened elsewhere? Certainly not in the way it developed in Germany - because this has to do with German culture - even death was an industry with figures to achieve and growth potential - as sad as it is. But you're wrong if you think that only Germans killed jews in WWII - French, Dutch, etc. -some of them had no problem with that, too.

I am just saying - don't point your anger at the jews, focus on the main reason here: it's central banking, it's corruption, a system built on fraud. We are - Americans and Europeans - at a turning point in our history.We need to end the big Ponzi here, return to reasonable and sound economics.

Wed, 06/29/2011 - 15:04 | Link to Comment vast-dom
vast-dom's picture

Why don't you call the Prez a nigger while you're at it you rascist shit for brains? 

 

I promise you if you were to make any racial remarks to my face I'd punt your ass so hard hiring lawyers post facto would be moot for you.

Wed, 06/29/2011 - 15:15 | Link to Comment Clueless Economist
Clueless Economist's picture

+666 your sarcasm is spot on.

Wed, 06/29/2011 - 16:18 | Link to Comment whstlblwr
whstlblwr's picture

I help vast-dom, but it wouldn't take much. These funkymonkey and clueless so feeble, one index finger in chest and they fall over. Who besides old farts cares about race anymore. Just feel sad their life almost over.

Wed, 06/29/2011 - 15:14 | Link to Comment Raymond Reason
Raymond Reason's picture

by "punt" you mean calling your attorney?

Wed, 06/29/2011 - 15:25 | Link to Comment Rodent Freikorps
Rodent Freikorps's picture

Drop-kicking is a lost art.

Thu, 06/30/2011 - 01:04 | Link to Comment Yen Cross
Yen Cross's picture

 In GB yes. However in Australia you're a Gambler.

Wed, 06/29/2011 - 15:28 | Link to Comment GOSPLAN HERO
GOSPLAN HERO's picture

We have free speech on ZH, comrade.

Wed, 06/29/2011 - 15:35 | Link to Comment vast-dom
vast-dom's picture

Precisely.

Wed, 06/29/2011 - 20:56 | Link to Comment Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Correct.  Let's enjoy it while we still can.  Let me see, fourth amendment gone, ninth amendment gone, tenth amendment gone.  First amendment on the rocks.  To all NSA, FBI, CIA, ATF trolls out there, have fun trying to take away the second amendment.  Pay up your insurance and kiss your family good bye!

 

Tuco Benedicto Pacifico Juan Maria Ramirez

Thu, 06/30/2011 - 13:15 | Link to Comment boiltherich
boiltherich's picture

You neglected to mention 13th amendment gone!

 

The Constitution, although never mentioning slavery by name, refers to slaves as "such persons" in Article I, Section 9 and “a person held to service or labor” in Article IV, Section 2. The Thirteenth Amendment, in direct terminology, put an end to this. The amendment states:

 

Section 1:

"Neither slavery nor involuntary servitude, except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place subject to their jurisdiction.

Wed, 06/29/2011 - 15:40 | Link to Comment SheepDog-One
SheepDog-One's picture

I'd make the same comments here, or to your face and not give a shit. If you saw me face to face, youd realize why.

Wed, 06/29/2011 - 16:01 | Link to Comment whstlblwr
whstlblwr's picture

They guy has nothing left. He must be so old it his only pleasure.

Wed, 06/29/2011 - 16:17 | Link to Comment whstlblwr
whstlblwr's picture

moved comment

Wed, 06/29/2011 - 16:46 | Link to Comment buzzsaw99
buzzsaw99's picture

the prez is jamie dimon's nigger bitch bitchez.

 

btw, before anyone calls me rascist let it be known that i voted for that black ass lying toby sob mofo.

Wed, 06/29/2011 - 18:48 | Link to Comment Freewheelin Franklin
Freewheelin Franklin's picture

 

the prez is jamie dimon's nigger bitch bitchez.

 

It's that Ugandan, I mean Kenyan, shlong, right?

 

Well, what the Hell. If Sarkozy is going to whore out his wife, Carla Bruni, to Obama to help his war efforts in Libya, it all evens out.

Wed, 06/29/2011 - 15:43 | Link to Comment lincolnsteffens
lincolnsteffens's picture

So let me fully understand. If a Jew does something negative it is because he his a Jew. If a Christian does something negative it is because a Jew made him do it. If a Muslim attacks a Jew,  a Jew made him do it. I think I am beginning to grasp this concept.

Let me go further with this. If a skin-head in rural Idaho, having never known a Jew or even heard of one in his county, travels somewhere to attack a Jew or blow up a Temple it is because the Jews would only let him have a pick up truck witha rusted out body and made sure only Jews and  Jew puppets kept all the nice pick up trucks that were in pretty good shape.

I get it now. You married an OK looking gal but as the years went by she got really obese and a bunch of her teeth fell out and her tattoos got really disgusting. Obviously it is because the Jews made her look that way.

Bless you my son for you will enter the Kingdom Of Heaven because of your purity of soul and morality. Just remember when you get to heaven and you see all those children of the prophet Mohamed with young virgins providing all they could want don't blame it on them that all the young virgins are taken and none left for you. It is your fault you did not kill babies women and old men of your own faith trying to kill one infidel acting on behalf of Jews.

You certainly are a bright light and thank you for bringing me to your blessed state of peace with the Lord.

Wed, 06/29/2011 - 16:02 | Link to Comment mick
mick's picture

I junked because there's no agree button.

Wed, 06/29/2011 - 18:51 | Link to Comment Freewheelin Franklin
Freewheelin Franklin's picture

The pick-up truck with a rusted out body came from Mexico with 3 draft choices to be named later.

Wed, 06/29/2011 - 16:38 | Link to Comment whstlblwr
whstlblwr's picture

FunkyMonkyBoy loves to hate THE JEW, he scared all powerful JEW rules world. You must be 80 years old. Who cares about Jew, Black, Gay, Muslim, Catholic but old out of touch?

Are you oil men? It's theory they want blame on Jew to make distraction.

Thu, 06/30/2011 - 01:32 | Link to Comment Bananamerican
Bananamerican's picture

learn our fucking language please.....

Thu, 06/30/2011 - 01:35 | Link to Comment morty_schatzberg
morty_schatzberg's picture

You live in cloud cuckoo land. Ethnicity matters, and denying it will bring about more bloodshed than this world has ever seen. Go ahead, live in denial, nature's a cruel bitch when it comes to maladaptive behaviors.

Wed, 06/29/2011 - 14:55 | Link to Comment etrader
etrader's picture

The Desk crew at MS are starting to make the BAC guys look good.....;-)

Wed, 06/29/2011 - 14:51 | Link to Comment YesWeKahn
YesWeKahn's picture

shoot, I forgot to fill my tank today.

Wed, 06/29/2011 - 14:51 | Link to Comment SheepDog-One
SheepDog-One's picture

Damn, looks like Robo is back on the bus again, no scooter fill up this week.

Wed, 06/29/2011 - 14:52 | Link to Comment Archimedes
Archimedes's picture

Really? A 25 cent swing in two days? Ouch!

 

 

Wed, 06/29/2011 - 14:56 | Link to Comment Golden1182
Golden1182's picture

That was the best "no brainer" trade of the month.

1. Obama releases the reserves

2. Price drops for a few days and heads right back up...

3.  Winning!!

Wed, 06/29/2011 - 22:21 | Link to Comment Hi Ho Silver
Hi Ho Silver's picture

Obama is just creating new ways to spend money. Every gallon released from the strategic reserve will cost three times more to replace than it originally cost. Libya. Government without a budget. AirForce1 for 100 mile jaunt. Marine1 for a 4 mile hop. Wifey doing it up in Africa. Shipping the presidential limo to europe just so it can get stuck at the embassy (wrecker fees are a bitch). Hussein is out of control and nobody is stopping him.  It's like watching a train wreck in slo-mo, and the engineer has sabotaged his own engine.

 

Cloward & Piven are proud, despite the old hag's claim that she's not.

Wed, 06/29/2011 - 14:54 | Link to Comment WakeUpPeeeeeople
WakeUpPeeeeeople's picture

Time to invest in a cat food factory. Looks like the Greeks are going to discover what it's like to come home to cat food for supper.

Wed, 06/29/2011 - 15:06 | Link to Comment carbonmutant
carbonmutant's picture

The Greeks on the islands have gone fishing...

Wed, 06/29/2011 - 15:00 | Link to Comment MolotovCockhead
MolotovCockhead's picture

May be throw another Osama into the sea will do the trick!!

Wed, 06/29/2011 - 15:34 | Link to Comment SheepDog-One
SheepDog-One's picture

Or throw an Obama into the sea.

Wed, 06/29/2011 - 17:38 | Link to Comment mynhair
mynhair's picture

... with concrete overshoes.  Can't have it shown for him to be a witch.

Wed, 06/29/2011 - 14:56 | Link to Comment BeerWhisperer
BeerWhisperer's picture
Jeff Rubin The IEA Wouldn't Deplete Oil Reserves If It Weren't Counting On Another Global Recession Read more: http://www.businessinsider.com/jeff-rubin-iea-recession-2011-6#ixzz1Qh1rmT5O

http://www.businessinsider.com/jeff-rubin-iea-recession-2011-6

Wed, 06/29/2011 - 20:47 | Link to Comment Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Interesting, but do you really think the IEA gives a shit at what price level they refill the reserves, if there really are reserves?  Hell no!  These are mindless bureaucrats who never baled hay, painted a house, halled drywall, picked weeds or met a payroll.  As an example, do you remember when the UK Prime Minister was selling the nations gold at $250 per ounce!  This may mark a long term bottom in crude prices!?

 

Tuco Benedicto Pacific Juan Maria Ramirez

Wed, 06/29/2011 - 14:56 | Link to Comment Mad Max
Mad Max's picture

Well at least I got ONE tank of gas at the IEA/SPR fire-sale price.  Shame the rest is going into China's version of the SPR.

Wed, 06/29/2011 - 16:01 | Link to Comment SheepDog-One
SheepDog-One's picture

Im going to hijack a tanker next, you with me? 

Wed, 06/29/2011 - 16:28 | Link to Comment Mad Max
Mad Max's picture

No, but two days ago I saw a truck that... well, you get the idea.

Wed, 06/29/2011 - 19:18 | Link to Comment RockyRacoon
RockyRacoon's picture

Don't worry about it.  I saw Mad Max and there were overturned gas tankers littering the highways for them to refuel their assorted vehicles of doom.

Thu, 06/30/2011 - 00:10 | Link to Comment Mad Max
Mad Max's picture

Watch it again.  Not so many gas tankers with any gas left in them.  Hence all the unpleasantness among those who were not "too big to fail".

Wed, 06/29/2011 - 14:58 | Link to Comment John McCloy
John McCloy's picture

Think about that...The fact that Greece has "temporarily" managed to secure another loan just to make payments on their debt (something which in financial markets would be seen as everyday continuity of normalcy) is now being used or should I say attempted to be used as a catalyst for higher EUR thus U.S. market?

    All this on a 4 vote margin and the beginnings of escalating riots not yet seen and the spotlight being shined on the next "sovereign" nation to force a bailout down their throats. Let us think about that for a second folks..especially those like Larry Fink who is spouting tiresome garbage like " I would be 100% in equities if my accountant would permit it". 

   All these head winds, worsening econ data, ending QE and jobless expiring of the 99 weeks rolls and some actually think this will all not end with a wealth destruction event that will have people Peter Panning out their windows? 

ok.

Wed, 06/29/2011 - 15:10 | Link to Comment qussl3
qussl3's picture

Shhh..... The bagholders are about to poke their heads out soon.

Dont fuck it up.

Wed, 06/29/2011 - 15:48 | Link to Comment SheepDog-One
SheepDog-One's picture

Theyve already chained the casino doors shut from the outside, the stampede and trampling mass deaths one morning soon will be hillarious to watch as Bernank cleans them all out.

Wed, 06/29/2011 - 15:10 | Link to Comment Franken_Stein
Franken_Stein's picture

 

The chain of future events and their timeline down to the minute has already been planned and been agreed upon at this year's Bilderberg meeting in St. Moritz.

The gameplan is there and will be executed step by step by TPTB in the coming weeks and months.

 

The question is: Will the sheeple behave according to plan ?

Or will they become rebellious and unpredictable ?

 

Wed, 06/29/2011 - 16:03 | Link to Comment Herbert_guthrie
Herbert_guthrie's picture

Rebellious and unpredictable?

Sounds like the type of personality on ZH.

The rest of em (especially in the good ole USA) aren't aware and really don't care.

Wed, 06/29/2011 - 16:28 | Link to Comment Ferrari
Ferrari's picture

Jesus! What a statement. And I can't say I disagree with you.

Thu, 06/30/2011 - 14:21 | Link to Comment fallout11
fallout11's picture

Sad but true!

Thu, 06/30/2011 - 13:17 | Link to Comment boiltherich
boiltherich's picture

would not be much of a plan if they can't count upon the reactions of the sheeple and fit those reactions into their strategy, in effect creating reactions as a predictable and manageable part of their scheming.  Can you say Syntagma Square?  If you can't gauge levels of reaction create levels of reaction of your own, the theater of it will stop true spontaneity and limit outcomes to what you set up. 

Wed, 06/29/2011 - 15:11 | Link to Comment dexter_morgan
dexter_morgan's picture

You are using thought and logic to analyze this situation, sir. Those things have no place anymore in the current 'reality'.

Wed, 06/29/2011 - 14:59 | Link to Comment wandstrasse
wandstrasse's picture

One decrepit building in downtown Athens has to be worth at least 25 basis points to US GDP alone.

Is Halliburton rebuilding it?

Wed, 06/29/2011 - 15:08 | Link to Comment speedy
speedy's picture

Don't be silly!  The Chinese will be rebuilding it!

Wed, 06/29/2011 - 15:20 | Link to Comment Silver Dreamer
Silver Dreamer's picture

They may not be rebuilding it, but they will supply the material.

Wed, 06/29/2011 - 15:35 | Link to Comment treemagnet
treemagnet's picture

I must say your avatar is annoying - its waaaay to small.

Wed, 06/29/2011 - 18:08 | Link to Comment Citxmech
Citxmech's picture

Look up "Sydney Moon" and you can get all the full-size pics you want [or at least you'll find a bunch, depending on your appitite].

Wed, 06/29/2011 - 15:55 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

Welcome, Speedy.  Please post frequently and never change your avatar.

Wed, 06/29/2011 - 20:43 | Link to Comment Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

If you've seen one, you've seen em both:)

 

Tuco

Wed, 06/29/2011 - 15:11 | Link to Comment Rodent Freikorps
Rodent Freikorps's picture

Boswau & Knauer are better known for building bunkers for dictators, aren't they?

Wed, 06/29/2011 - 15:11 | Link to Comment Bam_Man
Bam_Man's picture

More "price stability" compliments of the Federal Reserve.

Doing really well on the "full employment" mandate  too.

Thanks guys. Keep up the good work.

Wed, 06/29/2011 - 15:17 | Link to Comment Rodent Freikorps
Rodent Freikorps's picture

Heck of a job.

Wed, 06/29/2011 - 15:09 | Link to Comment russwinter
russwinter's picture

This is what the "risk on" trade looks like when Western Civilization as we know it has been saved by banksters and kleptocrats.

Wed, 06/29/2011 - 15:09 | Link to Comment astartes09
astartes09's picture

Couldnt we just have got away with saying we released a bunch of oil instead of actually doing it?

Wed, 06/29/2011 - 16:49 | Link to Comment daneskold
daneskold's picture

That is what is being done.  I don't remember the timeline exactly.

Isn't the auction in July with delivery in August?

IEA could just flip a few contracts and never even pump the physical.

Wed, 06/29/2011 - 20:38 | Link to Comment Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Very good point!  Hell, there's probably as much oil in those caverns in Louisiana or whereever in the hell they're supposed to be as their is gold in Ft. Knox.  What say you Odd Job??  What the hell ever happened to Pussy Galore?

 

Tuco Benedicto Pacifico Juan Maria Ramirez

Wed, 06/29/2011 - 15:10 | Link to Comment YesWeKahn
YesWeKahn's picture

There is a lesson to be learnd by Obama. If the debt ceiling isn't raised, the stock market will crash, but it will soon recover, so he should not worry at all.

Wed, 06/29/2011 - 15:27 | Link to Comment css1971
css1971's picture

no, bigger than that. It'll be the end of the financial system, the end of the nation, people jumping out of windows, tanks in the streets.

 

Just like Iceland.

 

 

Wed, 06/29/2011 - 15:18 | Link to Comment monopoly
monopoly's picture

No surprise to us here. Gas would not stay down for long.  And, looks like the Fed bent over again and is raising the fee charged on credit cards by a dime or so. V and MC jumping and halted. Anything to make sure the banks rule. Screw the retailer and the consumer. Gotta keep those perks perking.

Wed, 06/29/2011 - 15:18 | Link to Comment treemagnet
treemagnet's picture

Transitory bitchez!

Wed, 06/29/2011 - 15:19 | Link to Comment monopoly
monopoly's picture

Interest rates, tick, tick, tick.

Wed, 06/29/2011 - 15:31 | Link to Comment GOSPLAN HERO
GOSPLAN HERO's picture

Time to buy more PM, comrades.

I'm fondling 10 silver morgan dollars ... it's almost sex ... a fetish?

The feel of real money!

 

 

Wed, 06/29/2011 - 15:43 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

w/ morgans, ya prolly wanna spit, not swallow...

Wed, 06/29/2011 - 20:34 | Link to Comment Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

So that's how some coins get spotted!:)  I hope you at least kiss Lady Liberty of the forehead after you're done.

 

Tuco Benedicto Pacifico Juan Maria Ramirez

Wed, 06/29/2011 - 15:34 | Link to Comment monopoly
monopoly's picture

Don't you all agree that chart just gives you that warm and fuzzy feeling that the administration has every thing under control. Lets go spend now.

Steven Spielberg could not make this crap up. And he is good!

Wed, 06/29/2011 - 15:33 | Link to Comment Downtoolong
Downtoolong's picture

I just filled up my tank today. Grab it while you can. At least the gas price dip lasted longer than Goldman’s last oil price forecast. What’s the bid / ask on when they’re going to revise it again?

Wed, 06/29/2011 - 15:38 | Link to Comment Greeny
Greeny's picture

Booyah, Bitchez! :))) Rock and Roll!

 

Wed, 06/29/2011 - 15:42 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

slewie has reports that morgan stanley is using gasoline to put out the fire @ their rate trading desk. 

Wed, 06/29/2011 - 15:42 | Link to Comment GOSPLAN HERO
GOSPLAN HERO's picture

"Capital must protect itself in every possible way, both by combination and legislation. Debts must be collected, mortgages foreclosed as rapidly as possible.

When, through process of law, the common people lose their homes, they will become more docile and more easily governed through the strong arm of the government applied by a central power of wealth under leading financiers.

These truths are well known among our principal men, who are now engaged in forming an imperialism to govern the world. By dividing the voter through the political party system, we can get them to expend their energies in fighting for questions of no importance.

It is thus, by discrete action, we can secure for ourselves that which has been so well planned and so successfully accomplished."

- Montagu Norman, Governor of The Bank Of England, addressing the United States Bankers' Association, NYC 1924

Wed, 06/29/2011 - 16:36 | Link to Comment Dr. Acula
Dr. Acula's picture

He's an idiot.

His means to the end of protecting capital is self-defeating. Using "the strong arm of the government applied by a central power of wealth" and "imperialism to govern the world" means hampering the market, reducing the division of labor, disrupting the market price mechanism, reducing the ability to rationally allocate capital, and squandering capital on warfare.

This is like trying to get ahead of the Joneses by breaking into their garage and stealing their shit.

 

Wed, 06/29/2011 - 17:13 | Link to Comment GOSPLAN HERO
GOSPLAN HERO's picture

Banksters are clever, not idiots.

Wed, 06/29/2011 - 16:02 | Link to Comment Atomizer
Atomizer's picture

Let me be clear, if we just release another 30 million from SPR..

http://papundits.files.wordpress.com/2011/06/obamo-america-i-quit.jpg

Wed, 06/29/2011 - 16:07 | Link to Comment Texas Ginslinger
Texas Ginslinger's picture

I rode a bike to work every day last week. 

Truck had the week off.

Let it rise.

 

Wed, 06/29/2011 - 16:22 | Link to Comment 1100-TACTICAL-12
1100-TACTICAL-12's picture

I take you're one of them Austin bikers that wear the faggit biker outfit's.

Wed, 06/29/2011 - 18:32 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

the guy above me has no tact.  LOL.

   +++++ 5 +++++

+ slewie<^>schwinn +

 

Thu, 06/30/2011 - 01:14 | Link to Comment Yen Cross
Yen Cross's picture

 +1 Slewie Yen. That trading desk fire theseus is interesting. Must the widening curves in s/t notes via china realizing that Timmah isn't going to let the usd creep back up. China is going to have higher input costs for the forseeable future.

Wed, 06/29/2011 - 16:14 | Link to Comment ian807
ian807's picture

As I pointed out several days ago, 60 million barrels isn't even a day's supply for the world. Perhaps 3 days for the USA. There was just no possibility that an amount that small was going to have a long-term significant economic effect. It was a gesture, aimed at the Saudis, saying "We're prepared to move prices if you don't". What we've now told them in essence is, "We can't do squat. Our short-term economic fate is up to you. We're at your mercy."

Wed, 06/29/2011 - 17:53 | Link to Comment CrashisOptimistic
CrashisOptimistic's picture

There it is again.  Imagining that the Saudis are definitve.

They pump about 8.7 million bpd.

Russia pumps 10.1 million bpd.

You want to see where the power is, look well north of KSA.

Wed, 06/29/2011 - 16:19 | Link to Comment Seasmoke
Seasmoke's picture

dont worry, Obama is in charge

Wed, 06/29/2011 - 17:31 | Link to Comment Van Halen
Van Halen's picture

UNDERGROUND by Barack Hussein Obama
Under water grottos, caverns

Filled with apes

That eat figs.

Stepping on the figs

That the apes

Eat, they crunch.

The apes howl, bare

Their fangs, dance,

Tumble in the

Rushing water,

Musty, wet pelts

Glistening in the blue.

Wed, 06/29/2011 - 16:29 | Link to Comment Caveman93
Caveman93's picture

Too bad they used marble when building the Federal Reserve. Does not burn well.

Wed, 06/29/2011 - 16:34 | Link to Comment andyupnorth
andyupnorth's picture

Interesting... gas prices in Canada is still going down... shall we finally benefit from a continuing divergence of prices?

Wed, 06/29/2011 - 16:44 | Link to Comment zebra
zebra's picture

try controling the gas price in N. Ca., I dare you.

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