Wall Street Journal

Dave Collum's 2016 Year In Review - "And Then Things Got Really Weird..."

"Markets don’t have a purpose any more - they just reflect whatever central planners want them to. Why wouldn’t it lead to the biggest collapse? My strategy doesn’t require that I’m right about the likelihood of that scenario. Logic dictates to me that it’s inevitable..."

Deutsche Bank Settles With DOJ: Will Pay $3.1 Billion Civil Penalty

With analyst expectations/hopes in the $2 to $5 billion range (against the initial $14 billion fine), Deutsche Bank said it has reached settlement with US authorities to pay a $3.1 billion civil penalty (and provide $4.1bn in releief to consumers). Removing considerable uncertainty about Deutsche's capital position, one wonders how much this remarkably low-ball settlement had to do with Donald Trump's current loan re-negotiations with the "world's most systemically dangerous bank."

Who Won The 2016 Oil War?

Heading into the New Year with oil prices above US$50, both OPEC and the U.S. shale industry are claiming victory in the latest oil war battle - and both expect to benefit from higher prices, but there can really only be one winner here.

What OPEC Cut? Iraq Is Boosting Its January Oil Exports By 7%

Iraq’s national oil company, the State Organization for Marketing of Oil, or SOMO, instead of cutting output, has plans to increase deliveries of its Basra oil grades by about 7% to 3.53 million barrels a day. This suggests that non-compliance with the Vienna OPEC meeting is practically assured.