- Shale operaters Goodrich, Oasis Petroleum cut spending for 2015 as oil slides (Reuters)
- Greece to hold elections in January if president vote fails (Reuters)
- Norway’s Shock Rate Cut Drives Krone to Lowest Since 2009 (BBG)
- ‘Severe Downturn’ Threatening Norway, Central Bank Governor Says (BBG)
- Russia’s Fifth Rate Increase Fails to Halt Ruble Slide to Record (BBG)
- SNB Says Deflation Risks Increased as Franc Cap Maintained (BBG)
- China eases bank lending restrictions, PBOC targets 10 trillion yuan in loans for 2014 (Reuters)
- Mobius Says China’s Bull Market Is Just Getting Started (BBG)
- How Wal-Mart Made Its Crumbling China Business Look So Good for So Long (BBG)
Revelations From The Torture Report – CIA Lies, Nazi Methods And The $81 Million No-Bid Torture ContractSubmitted by Tyler Durden on 12/10/2014 21:02 -0400
The U.S. government justifies all of its militaristic and other interventions overseas using this false narrative that it holds some sort of moral high ground. It should now be abundantly clear to everyone that this invented ethical position is a total fabrication. I can summarize my thoughts on this entire matter with the following: "If you're part of status quo, you can get away with anything. Murder, torture, theft of trillions. Until top guys are jailed it won't stop."
A dispassionate look at the week ahead.
You almost have to step outside of economics, even out of the financial world as a whole, to pose what is the most elementary question about our economy today. That can’t be right. The most elementary question is not how we can achieve growth, it’s whether we need growth, and what we would need it for that is important enough to destroy our entire societies and economies for.... We’re in dire need of fresh blood and smart new ideas to clean up the mess the present ideologies and their puppets and puppetmasters have created.
Perhaps those sub-$50 Bakken prices tell us pretty much where global prices are ahead. And then we’ll take it from there. With 1.8 million barrels “that nobody needs” added to the shale industries growth intentions, where can prices go but down, unless someone starts a big war somewhere? Yesterday’s news that US new oil and gas well permits were off 40% last month may signal where the future of shale is really located. But oil is a field that knows a lot of inertia, long term contracts, future contracts, so changes come with a time lag. It’s also a field increasingly inhabited by desperate producers and government leaders, who wake up screaming in the middle of the night from dreaming about their heads impaled on stakes along desert roads.
What we experience today is completely contrary to the German (maybe not the U.S.) understanding of the role of the Central Bank. The ECB has now assumed a role not only to protect the value of our common currency against inflation but also to take action as if it is responsible to create economic growth and full employment with instruments like money printing, zero interest rates and unlimited investments in bonds which the free market is rejecting... Is it really worth it to increase the already heavy burden of public debt, which our children must service someday, by accepting even more debt in a vain effort to increase public demand? Let’s instead be happy with zero GDP growth, zero inflation and zero growth of public debt! That could be a more rational solution.
Once upon a time, the only place where a western fighter jet could come within meters of a Russian MiG was on Top Gun. However, according to a video released earlier today by the Norwegian Armed Forces, that is no longer the case. In the clip, a Russian MiG-31 "suddenly cut in front of one of two Norwegian aircraft sent up by NATO to intercept Russian aircraft in international airspace north off Norway. “What the hell,” says the Norwegian F-16 pilot in the video, as he dodges the MiG-31 passing him at a distance estimated to be closer than 20 meters (65 feet)."
Following last week's holiday-shortened week, which was supposed to be quiet and peaceful and was anything but thanks to OPEC's shocking announcement and a historic plunge in crude prices, we have yet another busy week of macroeconomic reports to look forward to.
“Rags to Riches” Much Easier In Scandinavia than America
Is the oil cartel impotent? Is the price of oil going to fall further? What to expect from tomorrow's OPEC meeting.
Brent Plunge To $60 If OPEC Fails To Cut, Junk Bond Rout, Default Cycle, "Profit Recession" To FollowSubmitted by Tyler Durden on 11/24/2014 11:11 -0400
While OPEC has been mostly irrelevant in the past 5 years as a result of Saudi Arabia's recurring cartel-busting moves, which have seen the oil exporter frequently align with the US instead of with its OPEC "peers", and thanks to central banks flooding the market with liquidity helping crude prices remain high regardless of where actual global spot or future demand was, this Thanksgiving traders will be periodically resurfacing from a Tryptophan coma and refreshing their favorite headline news service for updates from Vienna, where a failure by OPEC to implement a significant output cut could send oil prices could plunging to $60 a barrel according to Reuters citing "market players" say.
Chris Martenson is an economic researcher and futurist, specializing in energy and resource depletion, and co-founder of PeakProsperity.com. As one of the early econobloggers who forecasted the housing market collapse and stock market correction years in advance, Chris rose to prominence with the launch of his seminal video seminar, The Crash Course, that interconnected forces in the economy, energy, and the environment that are shaping the future, one that will be defined by increasing challenges as we have known it. Chris’s insights are in high demand by the media as well as academic, civic, and private organizations around the world, including institutions such as the U.N., the U.K. House of Commons, and the U.S. State Legislatures. So with that we’d like to welcome Mr. Chris
Unbeknownst to many, America is gripped in a saline shortage that is "Potentially related to the flu season." A shortage, which according to the ISM is now in its 10th month. That must have been some flu season. Then again, counting back from October, the first month when there was a saline shortage was in January of this year, when incidentally there wasn't much if any major flu outbreak as most people were staying home and away from the infamous Polar Vortex. Yet one key event did take place just around January of 2014. The WHO reminds us what: "On 26 December 2013, a 2-year-old boy in the remote Guinean village of Meliandou fell ill with a mysterious illness characterized by fever, black stools, and vomiting."
While east Ukraine, aka the Donetsk Republic, was voting over the weekend in what the west pre-emptively classified as another sham vote as its outcome would merely push east Ukraine even closer to the Kremlin, Russia was busy conducting its most comprehensive Nuclear preparedness drill in recent history, one involving the entire "nuclear triad" consisting of strategic bombers; submarines and an the ICBM shown below on Saturday morning.
- Fed set to end one crisis chapter even as global risks rise (Reuters)... you mean, for the third time?
- Insider-Trading Probe Focuses on Medicare Agency (WSJ)
- He's sorry: Rajoy Apologizes as New Wave of Graft Allegations Hits Spain (BBG)
- China could 'punish' Hong Kong over protests, says ex-HK central bank chief (Reuters)
- Dubai Insists the Boom is Not a Bubble This Time Around (BBG)
- Bank-Data Sharing Accord Expands Push to Find Tax Cheats (BBG)
- Deutsche Bank Sinks to Third-Quarter Loss on Legal Costs (BBG)
- Kim Jong Un Executes 10 Officials for Watching Soap Operas (BBG)
- French drugmaker Sanofi sacks CEO Viehbacher (Reuters)