Under pressure from OPEC to make significant output cuts, Russia balked saying it was ready to freeze oil production at current levels, which it aruged is the equivalent of a cut: "According to our plans, (Russia's) oil output is going up next year. If we keep production at the current level we are making our contribution, for us that essentially means a cut of 200,000-300,000 barrels per day (in 2017)" energy minister Novak said.
Elite's use bad math and twisting of math to manipulate and confuse the public on a number of levels. They're betting on the public's poor math skills. They are experts in 'optical illusion' style presentations where 2+2=5 by some 'magic.' But mathematicians know, 2+2 is always 4, even in the multiverse.
In a quiet overnight session in which Japan was closed, European shares are mixed as financials and auto weigh, Asian stocks rise led by materials while S&P futures little changed against a backdrop of the continuing commodity rally with oil holding near $48 a barrel, up fractionally on the session.
Mr. Trump rather unfortunately may find that his chief task will not be the management of this Great Re-orientation, but more prosaically, fending off the headwinds which he will face as he hauls on the tiller of the economy. In short, there is a real prospect that his ambitious economic “remake” may well be prematurely punctured by financial crisis. These headwinds will not be of his making, and for the main part, represent the accumulation of an earlier monetary doctrine which will fetter the President-elect into a small corner from which any chosen exit will carry adverse implications.
"Although what India’s citizens are facing these days may seem a remote danger to most Westerners, it does demonstrate an important point: state-issued paper currency exists only at the sufferance of the State. It can be made worthless by decree."
"...who knows, maybe magic will happen. After all if the 2016 political season has proven anything it is this: Anything is possible... But buyers here with the S&P 500 near 2,200 seem to think that's a 100% guarantee. Best of luck..."
The past many months have carried a lot of noise about the coming crash, about a tipping point that may be fast approaching. The economics are simply giving way, and they can’t hold the illusion forever. Now that Donald Trump will be calling the shots, the money powers can usher in collapse if they wish, and have ready their scapegoat.
European and Asian stocks rose after the early scare from the latest Fukushima quake dissipated, with the global risk on mood spurred by another jump in crude, which was up 1% in early trading, with the commodity complex now enjoying its biggest three-day rally since May, after Nigeria signaled optimism that OPEC will agree a supply-cut deal next week in Vienna. S&P futures are up 0.3%, with the cash index set to open at new record highs.
"Things have not suddenly become awesome over the course of the past week... It is very easy to be sucked into the gushingly positive narratives and often unsupported narratives put forth by the financial media. This is particularly true when the move in asset prices can make minutes seem like days and hours seem like months. Excessive market valuations, weak internal measures, and a deteriorating backdrop has historically been a “wicked brew” for investor outcomes."
"We see the US economy moving into modest disequilibrium over the next 1-2 years, with an unemployment rate falling below its long-run sustainable rate and inflation rising above the Fed’s target. Looking ahead, overshooting means that the economy could begin to develop imbalances, increasing the odds of another downturn further into the forecast horizon."