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Well Thank God That At Least The Price Of Gasoline Is Under Control...
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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Release the hounds!!! Add more oil!!!! Must win next election.
LOL. Good thing inflation is under control.
QE3 is here and swap lines are open ;)
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.
Yeah, I'm feel like crying already :))) Thanks..
You will be one morning soon, and it will be too late theyve already chained the casino doors shut from the outside.
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.
You think the banks are going to let their balance sheets be deflated?
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.
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....
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.
Obama finding the real world reality bites.
Obama experiencing unrequited reacharound despair. Too bad, so sad.
Sorry I missed that tweet. I'm sure both of your followers were aghast.
Fuck You.
Fuck You.
Fuck You.
hey ik, give peace a chance....
I opted to begin responding IN KIND. But, the triplicate response was a technical glitch. I'll get the hang of it.
haha well done
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..
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
Timber!!!! Oh I mean rebmiT.
What happened to Transitory?
Crude should at VERY least be at $112 a barrel; more at high $120s. Given global conditions etc.
I agree. But Jeethner says 'Dont worry, banks are well experienced at dealing with these kind of things'.
Whew.
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.
Stale? I thought it took a couple million years to make oil. Hopefully Obama checked the Born On Date before releasing it.
I just googled it, apparently it turns back into dinosaurs.
That would be cool.
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
Velociraptors.
LMAO.. very good.
In that case, I'm going long on Triceratops futures.
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
100 million years ago the middle east was a fetid swampland filled with giant ferns. Learn your geology. Or your petrogeology. Or your paleontology.
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.
Just keep telling the masses that the oil is going stale and they'll understand.
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.
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
Thanks for the laugh Tyler, headline cracks me up.
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).
Where are the daily margin changes when you need them? Last time I checked gasoline did not contain any Silver.
From inflation to deflation to inflation again in 15 minutes b*tches... God bless that bald headed jew puppet.
I guess the Shalomster was telling the truth- deflation to inflation back to deflation in 15 minutes or less.
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).
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.
4 out of the 5 previous Fed Chairmen. Demographically 2% of the population. Protocols?
Merely a coincidence.
Wait a second, who am I to speak, I am one of the brotherhood.
the Supreme Court is stacked too
So much for a Representative Republic, I guess
FACT SCOTUS is all Roman Catholic and Jew
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.
Me Tarzan, you Jane.
Good point.
Protocols. Nice picture.
His religion has nothing to do with it. It's his job.
.
>[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.
-1 Junk
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.
Poor Robo...
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.
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.
+666 your sarcasm is spot on.
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.
by "punt" you mean calling your attorney?
Drop-kicking is a lost art.
In GB yes. However in Australia you're a Gambler.
We have free speech on ZH, comrade.
Precisely.
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
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.
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.
They guy has nothing left. He must be so old it his only pleasure.
moved comment
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.
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.
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.
I junked because there's no agree button.
The pick-up truck with a rusted out body came from Mexico with 3 draft choices to be named later.
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.
learn our fucking language please.....
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.
The Desk crew at MS are starting to make the BAC guys look good.....;-)
shoot, I forgot to fill my tank today.
Damn, looks like Robo is back on the bus again, no scooter fill up this week.
Really? A 25 cent swing in two days? Ouch!
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!!
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.
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.
The Greeks on the islands have gone fishing...
May be throw another Osama into the sea will do the trick!!
Or throw an Obama into the sea.
... with concrete overshoes. Can't have it shown for him to be a witch.
http://www.businessinsider.com/jeff-rubin-iea-recession-2011-6
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
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.
Im going to hijack a tanker next, you with me?
No, but two days ago I saw a truck that... well, you get the idea.
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.
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".
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.
Shhh..... The bagholders are about to poke their heads out soon.
Dont fuck it up.
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.
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 ?
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.
Jesus! What a statement. And I can't say I disagree with you.
Sad but true!
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.
You are using thought and logic to analyze this situation, sir. Those things have no place anymore in the current 'reality'.
Is Halliburton rebuilding it?
Don't be silly! The Chinese will be rebuilding it!
They may not be rebuilding it, but they will supply the material.
I must say your avatar is annoying - its waaaay to small.
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].
Welcome, Speedy. Please post frequently and never change your avatar.
If you've seen one, you've seen em both:)
Tuco
Boswau & Knauer are better known for building bunkers for dictators, aren't they?
More "price stability" compliments of the Federal Reserve.
Doing really well on the "full employment" mandate too.
Thanks guys. Keep up the good work.
Heck of a job.
This is what the "risk on" trade looks like when Western Civilization as we know it has been saved by banksters and kleptocrats.
Couldnt we just have got away with saying we released a bunch of oil instead of actually doing it?
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.
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
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.
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.
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.
Transitory bitchez!
Interest rates, tick, tick, tick.
Time to buy more PM, comrades.
I'm fondling 10 silver morgan dollars ... it's almost sex ... a fetish?
The feel of real money!
w/ morgans, ya prolly wanna spit, not swallow...
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
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!
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?
Booyah, Bitchez! :))) Rock and Roll!
slewie has reports that morgan stanley is using gasoline to put out the fire @ their rate trading desk.
"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
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.
Banksters are clever, not idiots.
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
I rode a bike to work every day last week.
Truck had the week off.
Let it rise.
I take you're one of them Austin bikers that wear the faggit biker outfit's.
the guy above me has no tact. LOL.
+++++ 5 +++++
+ slewie<^>schwinn +
+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.
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."
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.
dont worry, Obama is in charge
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.
Too bad they used marble when building the Federal Reserve. Does not burn well.
Interesting... gas prices in Canada is still going down... shall we finally benefit from a continuing divergence of prices?
try controling the gas price in N. Ca., I dare you.