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And The Biggest Winner From The Oil Price Plunge Is...

Tyler Durden's picture




 

"The Chinese, among others, seem to be responding to the lower oil price with additional demand," notes one tanker executive as Bloomberg reports the number of supertankers sailing toward China’s ports matched a record on Oct. 17 and is still close to that level now. The plunge in price has enabled China to add 35 million barrels to its inventories in the past three months as the nation fills its strategic petroleum reserves, OPEC said yesterday. Furthermore, though the oil slide is hurting nations from Venezuela to Iran - that depend on energy for revenues - ship owners serving the industry’s benchmark Middle East-to-Asia trade routes are reaping the best returns from charters in years as the slump drives down the industry’s single biggest expense. As one analyst notes, "we've seen the Chinese buying a lot from the Middle East and that’s really let rates cook." So it appears the Chinese, in the face of the worst growth and economy in years, are rational enough to buy more at lower prices (as opposed to the buy-more-because-stocks-are-at-all-time-highs Western investors).

 

A near-record 113 tankers are destined for China...

 

As Bloomberg reports,

At a time when China’s economy is growing at the slowest pace in decades, its oil imports are rallying. The world’s second biggest economy purchased 25.5 million metric tons a month in the January-to-September period, heading for a record year. Falling prices may add to those figures as winter approaches.

 

“The main traders, they are typically more active in the tanker market when prices have dropped,” said Moerkedal of RS Platou Markets. “When you look at chartering in the last couple of weeks China has definitely been one of the most active buyers of oil.”

 

...

 

While the oil slide is hurting nations from Venezuela to Iran that depend on energy for revenues, companies including airlines and cement makers are benefiting as their fuel costs decline. Ship owners serving the industry’s benchmark Middle East-to-Asia trade routes are reaping the best returns from charters in years as the slump drives down the industry’s single biggest expense.

 

The biggest tankers earned an average of about $28,000 last month shipping Middle East oil to Asia, Baltic Exchange data show. The last time they made more during October was in 2008. Rates averaged almost $20,000 since the start of January, heading for the best year since 2010.

 

...

 

“We’ve seen the Chinese buying a lot from the Middle East and that’s really let rates cook,” Erik Stavseth, an analyst at Arctic Securities ASA in Oslo whose recommendations on shippers returned 15 percent in the past year, said by phone Nov. 11. “With oil prices low going into winter, that’s likely to continue.”

 

The number of supertankers sailing toward China’s ports matched a record on Oct. 17 and is still close to that level now. The country added 35 million barrels to its inventories in the past three months as the nation fills its strategic petroleum reserves, OPEC said yesterday.

*  *  *
So like Russia and gold, China sees low-priced oil as an opportunity to build inventories.

*  *  *

The biggest concern, of course, is that this burst of activity is interpreted by the all-knowing-ones as some sustainable pick up in aggregate demand that "means" growth is back baby... and thus begins another mini cycle of mal-investment.

 

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Sat, 11/15/2014 - 20:54 | 5452894 Newsboy
Newsboy's picture

The Middle Empire takes the long view.

Sat, 11/15/2014 - 20:56 | 5452895 Publicus
Publicus's picture

China is preparing for World War 3 and the shutdown of the sea routes. Hence the shift to land routes from the Russian Federation.

Sat, 11/15/2014 - 21:03 | 5452911 BrocilyBeef
BrocilyBeef's picture

Damn. What the hell happened to the USA? Where is the vision?

Sat, 11/15/2014 - 21:05 | 5452919 Stuck on Zero
Stuck on Zero's picture

We filled our strategic petroleum reserve with oil when oil was $140/bbl.  Now we'll probably empty it at $50/bbl.

 

Sat, 11/15/2014 - 21:08 | 5452929 LetThemEatRand
LetThemEatRand's picture

It would be our version of the "Brown bottom," but more homoerotic.

Sat, 11/15/2014 - 22:16 | 5453099 knukles
knukles's picture

Yes.  American "allies" and her banking cartel knock prices of oil and gold down (for a whole bunch of convoluted reasons) the Chinese simply buy more.  They're better capitalists that their western counterparts.

Sun, 11/16/2014 - 10:41 | 5454063 Bangin7GramRocks
Bangin7GramRocks's picture

Are you talking about santorum? (If you don't get the joke, Google santorum.)

Sun, 11/16/2014 - 08:02 | 5453859 winchester
winchester's picture

simply cleaver

Sat, 11/15/2014 - 21:09 | 5452931 Whootie_who
Whootie_who's picture

Buy high, sell low.. but make it up with Volume...

Sun, 11/16/2014 - 15:51 | 5454803 jackstraw001
jackstraw001's picture

Our vision is now limited 2 year increments by the political class and 3 month increments by Wall Street. There is no long game anymore.

Sun, 11/16/2014 - 01:45 | 5453576 teslaberry
teslaberry's picture

i guess they figured oiut the u.s. was planning on closing the straights of hormuz RIGHT after the gulf state pipelines are laid over a destroyed syrian nation with a new western puppet regime. 

 

a wise man learns from others. china is wisening!. 

Sat, 11/15/2014 - 21:46 | 5453003 Urban Redneck
Urban Redneck's picture

In more ways than one... No one seems keen to mention that the Saudi Royal Family's Strategic Petroleum Reserve is located in China.

Unless there was some material adverse change between the planning and implementation phases (or the lawyers did something weird when drafting the JVs) - the King, or his designee, would stand to make money when oil is pulled back of the ground in China at a future date, regardless of whether they still maintain their control the oil fields in present day Saudi Arabia.

Sun, 11/16/2014 - 00:56 | 5453482 tired1
tired1's picture

Interesting statement about the reserves, it's the first I've heard of it. It seems like a risky move on SA's part. Can you provide some more details on why SA would feel the need to store reserves in China?

Sun, 11/16/2014 - 09:40 | 5453845 Urban Redneck
Urban Redneck's picture

Any SPR on someone else's sovereign territory is a risky move, but in the case of KSA it was always about risk mitigation. Prior to the US invasion of Iraq they were looking at another facility perhaps 3000 miles from where they pull it out of the ground (among others). Storing the oil elsewhere, instead of the less expensive option of just scaling back production, hedged the risk of domestic unrest, the US adventure in Iraq turning south or the Straight of Hormuz or other shipping bottlenecks closing, and any wrenches the Iranians could throw in the works.

Why they (not so suddenly) changed the site to China after the King's visit in 2006? I'm not sure since I had moved on, but the Chinese were buying more oil, and certainly had more cash to finance their side of the transaction. However, in addition to the straightforward commercial/financial rationale, there are also geopolitical advantages to China, not least of which is the decreased ability of US to implement regime change in China and throw a wrench in the backup plan.

Sun, 11/16/2014 - 11:49 | 5454185 bbq on whitehou...
bbq on whitehouse lawn's picture

If the King thinks he can get out in China as the world imploads, he and his family are in for a rude awakening. China will take those assets for a song.

Sun, 11/16/2014 - 12:38 | 5454282 Urban Redneck
Urban Redneck's picture

Ignorant fools don't get to play at that level. The phrase "Break a deal, face the wheel." comes to mind- while the options are not as vulgar as in the Hollyhoax version, they are equally unappealing from a strategic standpoint. Like I said, the cheaper SPR option for entry level players is to simply leave the oil in the ground and hope one doesn't get Q'Daff'd.

Sun, 11/16/2014 - 11:11 | 5454113 Urban Redneck
Urban Redneck's picture

There is a huge amount of information (excluding signed contract copies) in the free public domain, but because it doesn't make for simple CNBS headlines, or help the Wall Street energy analcysts with their short term trade recommendations, at lot of the news stories tend go straight down the memory hole. But there are some people who do respectable jobs of analyzing the situation and aggregating various details for posterity (the people who have all the details almost never share, and when they do, it is always selective and always to advance a specific course of action, just like everywhere else).

http://www.jamestown.org/single/?tx_ttnews%5Btt_news%5D=3930

http://www.bakerbotts.com/file_upload/documents/ChinasNewEnergy.pdf

https://www.google.com/search?q=saudi+arabia+china+strategic+petroleum+r...

Sun, 11/16/2014 - 09:43 | 5453983 post turtle saver
post turtle saver's picture

wow, the biggest winners in commodity price slumps are consumers... color me shocked and amazed

of course this benefits China and _no one else_... hurr durr

Sat, 11/15/2014 - 21:05 | 5452912 Kirk2NCC1701
Kirk2NCC1701's picture

I made this (some say 'astute') observation over a month ago...

Sat, 10/11/2014 - 13:05 | 5318327 Kirk2NCC1701

When someone -- even Tyler -- asks me to "look this way", I automatically start looking all around me.  I've seen enough Circus and Magic acts to know better.

Which is why I ask myself:  Quis Bono?  Which country has benefited the most so far from a very specific set of global events?  I.e., which country has benefited the most from Manipulated/Suppressed prices for Commodities, PM and Oil?  Which country has benefited the most from Russian sanctions?  Lemme think... cheap, cheap, cheap prices for commodities, PM and energy that a large population needs. Who could that be?

A:  China.  China.  CHINA.  I'd include India also, but that is more of a lucky coincidence for them, as they have little to no political or economic pull vis-a-vis the EU or the US. 

The US is driving Russia (and their resources and Mil tech) into the Chinese arms, and lets them buy oil, gas and PM at the proverbial Blue Light Special for quite some time now.  Of course the US does nothing that those "doing God's work" at GS don't want them to do.  Which tells me that GS is already deep, deep, deep into the Chinese system, so they can ride that gravy train also.  They're getting rich off America and China.  As are their brothers/cousins in Tel Aviv.  The Israeli Mafia isn't just running the West, they are digging and worming their way into the Chinese system, and doing their best to topple the intransigent "Putin & The Russians".

Sat, 11/15/2014 - 21:08 | 5452924 techstrategy
techstrategy's picture

China has strategic control and has had it since the G3 Central banks printed money to give to TBTF when they could have bought gold...  literally,  peg the currency to gold and China has to either take USD that will devalue,  or let its currency adjust. 

Sat, 11/15/2014 - 21:30 | 5452965 taitamco
taitamco's picture

They love watching Jane Fonda in the movie ROLLOVER !!!

Sat, 11/15/2014 - 21:14 | 5452938 10mm
10mm's picture

GS has its paws in the Shanghi Exchange.

Sun, 11/16/2014 - 01:48 | 5453581 teslaberry
teslaberry's picture

really? the israeli mafia is deep into china? 

what the fuck are you talking about, where do you get this shit?

 

israeli mafia??!?!!? are you implying that goldman sachs is israelis mafia or in some grand conspiracy with mossad?

 

this kind of shit just smacks of anti-semitism to me. hate on jewish goldmanite bankers all you want, and non-jewish goldmanites all you want------but just cause western banks have offices in hong kong you simply make the connection with some 'israeli mafia'/???

 

yea, that's anti-semitism right there. based on nothing but assertions and nonsense. 

Sun, 11/16/2014 - 07:51 | 5453849 COSMOS
COSMOS's picture

Dont run around calling people anti-ceramic punk.  We have had it with that BS

Sun, 11/16/2014 - 17:35 | 5455044 Iwanttoknow
Iwanttoknow's picture

Fuck off. Go to israhell.leave my country.yes, the russian mafia are Jewish.I can't in fisherman;s harbor.BTw,Meyer Lansky and Bugsy siegel were ieyetalians.

Sat, 11/15/2014 - 21:04 | 5452913 techstrategy
techstrategy's picture

Folks,  China is in control.   The USD still weaken significantly as soon as China loads up on oil and moronic traders stop selling gold.   Once they cannot paint the tape down on gold selling futures (if you didn't catch Greenspan and others saying gold is money,  your missing the true strategic context), China will let the RMB appreciate and start dollar inflation flowing...  and the inflation will be fast because China had plenty of physical gold and now oil. 

Sat, 11/15/2014 - 23:58 | 5453364 Greenskeeper_Carl
Greenskeeper_Carl's picture

"China will let the RMB appreciate and start dollar inflation flowing"
No, they won't. Their economy is just as much a house of cards as ours is. It rests almost entirely on making cheap shit and exporting it to the west. They need the RMB weak where it is. There is not going to be any kind of gold backed RMB either.

Sun, 11/16/2014 - 02:14 | 5453617 techstrategy
techstrategy's picture

Yes, they will.   And it will be gold reference price.   There will be done transactions on the margin.   It will all start with the biggest gold short squeeze of all time.   That will bring financial assets back into balance and repair CB balance sheets.   It will also improve household balance sheets around the world,  enabling consumption to restart (and kickstart in China).

Sun, 11/16/2014 - 12:05 | 5454218 bbq on whitehou...
bbq on whitehouse lawn's picture

7 billion people in the world, does it matter if 350 million of them lose all of their dollar assets?
Commodity prices would need to rise if you want the billions of farmers to have enough money in their pockets to buy Chinas stuff. How long could artificial commodity prices stay high if they are flooding the market with commodities. 10 years at most. Then the bust of billions of over extended farmers the world over impload and you have a great Global depression.

Sat, 11/15/2014 - 21:12 | 5452925 ekm1
ekm1's picture

that is 6 days of chinese consumption

 

China buying oil has nothing to do with the price. It has everything to do with china trying to dump USD reserves as fast as it can.

 

China will buy oil at any price for as much storage as possible.

 

Issue is the suppliers: Saudis have been reducing supply for 3 years already and I predict they will cut faster now.

They reduced the price by reducing supply in order to trigger storaged oil to be dumped and retake control of the market.

Also, they would harm Iran by doing that.

Sat, 11/15/2014 - 21:32 | 5452970 taitamco
taitamco's picture

anyway, much easier to load many super tankers in a decreasing price pessimistic market

than when price are high and everybody is ready to jump in the "bullish trend".

Better let the market fill your bids ...than going after the asks.

 

For that kind of elephant in the room it's about what you CAN do vs. what you WANT to do.

Anyway, they LOVE IT!

Sat, 11/15/2014 - 21:33 | 5452973 taitamco
taitamco's picture

anyway, much easier to load many super tankers in a decreasing price pessimistic market

than when price are high and everybody is ready to jump in the "bullish trend".

Better let the market fill your bids ...than going after the asks.

 

For that kind of elephant in the room it's about what you CAN do vs. what you WANT to do.

Anyway, they LOVE IT!

Sat, 11/15/2014 - 22:02 | 5453061 Urban Redneck
Urban Redneck's picture

China is already rehypothecating those USD reserves, they own the short end of the UST curve, and they are lending USD at tiny spreads to short term LIBOR at the long end of the curve to sub-prime governments of even minor strategic value that aren't feeling the love from Barry. For a strategic bigwig BFF like Vlad, I don't see why they wouldn't float him a few hundred billion for 20 yrs at 3m +0 if he asked.

Sat, 11/15/2014 - 22:43 | 5453160 ekm1
ekm1's picture

My view is that china wants simply to get rid of them. Recycling them is of no interest to China, just my view.

 

They could easily sell USTs, but they'd get USD for them.

How do they get rid of USD?

 

Buy anything real around the world, if the buyers are willing to sell.

Sat, 11/15/2014 - 23:36 | 5453305 swmnguy
swmnguy's picture

The Chinese have been running an Empire of one flavor or another since my European ancestors were living in mud huts.  They aren't Johnnies-Come-Lately to this, and it's only absurd American hubris (and not a little racism) that produces the attitude that somehow they've just learned about Capitalism, money, power, and all the trappings of Empire.

Indeed, the Chinese have so much collective historical knowledge of Empire that they know better to use their military to create and maintain their own.  They understand when aggression is self-defeating, and when minding one's own business is the most devastating thing one could do to a rival.

They've found themselves in an inconvenient period of weakness for a couple hundred years, and they have the grasp of history and the attention span to realize that power ebbs and flows.  They're starting to flow now, but as a residual effect of the climb out of weakness, they're stuck with a huge stack of fiat US Dollars that have value today but might not have any tomorrow, at least for them, and possibly for anyone.

So yes, they're going to do what anyone with a stack of US Dollars should do right now.  Trade them for anything tangible and useful.  Not recklessly, because that might cause alarm and alert others to the fleeting value of those Dollars.  Best to prolong the period in which the Dollar does have value, especially if one has a lot of them to get rid of.

It's so simple, it takes very intelligent and educated people to not see it.

Sun, 11/16/2014 - 08:44 | 5453898 Bohm Squad
Bohm Squad's picture

"It's so simple, it takes very intelligent and educated people to not see it."

Growing up, I was told, "Engineers are so smart, they're stupid."  Needless to say, I'm in the same boat as you and EKM - they're swapping USD's for "more useful things"...slowly and methodically.

Sun, 11/16/2014 - 12:22 | 5454254 bbq on whitehou...
bbq on whitehouse lawn's picture

This time there are things called ICBMs, something other crashing empires didnt have to force trade. You may not want US dollars for trade but you Need them or else there will be no trade for anyone.
Even if its debt that has no value because it will not be monitised.
ITs not there yet but that day may be comeing.

Sun, 11/16/2014 - 09:52 | 5453998 Urban Redneck
Urban Redneck's picture

I can't speak to what the leadership of the Party wants, but when Chinese commercial banks are lending at less than their own borrowing cost, it is not their own deposit base (or even PBOC printing press proceeds) that they are lending. When a lot of people write about Chinese UST holdings (particularly when they use the word "reserve") they often leave impression that those treasury securities just sit idly doing nothing on PBOC's or SAFE's balance sheet.

I didn't pull that rate out of thin air, and even with 50-100 bps of management and commitment fees I don't know of any commercial banks in China that can (officially) borrow that cheaply, much less lend that cheaply.

Sat, 11/15/2014 - 21:10 | 5452932 Kirk2NCC1701
Kirk2NCC1701's picture

And here's the same theme that I posted on another ZH article earlier today...

Sat, 11/15/2014 - 12:28 | 5451771   Kirk2NCC1701  

Speaking of "Just Observing" things... I observe that all this "Russian Sanctions" and Commodity Price Dumps help one country in particular:  CHINA!

Funny how the MSM, nor ZH seems to pick up on that obvious and glaring fact.

If I didn't know better (because "Russia and China are BFFs", right?), I'd almost suspect that the West is simply driving Russia into China's arms.  That's one heck of a Takeover -- via the Backdoor, it seems.  Time will tell if this hypothesis has any legs.

Sun, 11/16/2014 - 12:40 | 5454284 bbq on whitehou...
bbq on whitehouse lawn's picture

China is important because the US made it important by offshoring production. This production in China will be offshored again to other cheaper locations and then what will China sell to the world?
The technology is avalable for any country to become a cheap dirty production center its just the will to under cut China that is not there. Mainly because China needs commodities to produce stuff. A big market for commodities helps the small contries sell what they mostly produce.
China is UNWILLING to continue as the US water boy, so China is moving away from the dollar leaveing the rest of the world wondering who will they sell their commodites to if the game is up.
Some are moveing into position to be the NEXT water boy like India if they are able an willing to do so. India my just have other plans since if China no longer wants the US dollar why should India take it.

Sat, 11/15/2014 - 21:13 | 5452935 NOZZLE
NOZZLE's picture

Truth be told, when the Chinese buy oil they have to pay for it, you buy another share of Sheeeeetpotle at the all time high, you buy it on margin.  Given that, what are most rational humans tempted to do, spend for tomorrow or spend for today.  

$669 a share or 52 times earnings for a fucking taco stand, they will write passages in books about this idiocy 50 years from now. 

Sat, 11/15/2014 - 21:19 | 5452942 Woodrox
Woodrox's picture

firestix

Sat, 11/15/2014 - 21:20 | 5452943 Kirk2NCC1701
Kirk2NCC1701's picture

<-- China is BFF1 with Russia, while duping the US (and Ziocons are sucking up to new Host)

<-- China is BNF2 with USA, while duping Russia (and Ziocons are deceiving China and using the Divide & Conquer strategy)

 

Of course I tend to favor Door #3: "China is only looking out for China", while playing The Game with all the key players (Multilateral brinksmanship)

1. BFF = Best Friends Forever.  2. BNF = Best New Friend.

Sat, 11/15/2014 - 21:27 | 5452959 kchrisc
kchrisc's picture

How does one say "blue-light special" in Chinese?

How ever you say it, there is a blue-light special on oil and gold going on in aisle 5.

An American, not US subject.

Sat, 11/15/2014 - 21:27 | 5452961 taitamco
taitamco's picture

 

And cherry on the Chinese cake, they pay for oil GETTING RID OF self destroying USD likely to turn into toilet paper in the long run while oil has an intrinsic value to run a country: A blessing for China!

Furthermore, when  listing the agreements & contracts signed between Russia and China, congratulations to Europe and USA. Smart move trying to anchor Ukraine to Europe..:(  

Everything goes: infrastructure, LNG, AIIB, BRIC Bank, more currency swaps taking USD out of the equation....you name it!

 

Sat, 11/15/2014 - 21:35 | 5452980 luckylogger
luckylogger's picture

Buy at 80 and sell at 40......

That will work out well...

these tankers are floating storage also because you just do not turn off an oil feild...

duh.......

Sat, 11/15/2014 - 21:57 | 5453040 starman
starman's picture

China is learning very fast! To fast!

Sat, 11/15/2014 - 22:02 | 5453056 TeethVillage88s
TeethVillage88s's picture

Prelude to war? After 9 years of high prices over $4 a bbl, and high supply since 2008... prices just came down in 2014.

Sure, helps to increase national reserves for every one.

Sat, 11/15/2014 - 22:17 | 5453103 Bunga Bunga
Bunga Bunga's picture

Will the Chinese still have money left, when oil price hits $10?

Sat, 11/15/2014 - 23:47 | 5453330 swmnguy
swmnguy's picture

Depends.  Will the US consumer still be able to buy anything?  Will US corporations have either collapsed entirely, or repatriated all their manufacturing operations to the US?

I'm going to say, "Yes, the Chinese will still have money left, when oil price hits. $10."  Now, if the price of oil ever gets to $10 again, I have no idea what the price of anything else might be, priced in Dollars.  Could be damn near anything, at that point.

Sun, 11/16/2014 - 00:24 | 5453423 limacon
limacon's picture

Buffett said it : buy all of an undervalued asset if you can .

Of course , if clathrates come on-stream soon , they will sit with a worthless sludge .

 

See 

http://andreswhy.blogspot.com/2013/04/petroleum-price-and-clathrates.html

Sun, 11/16/2014 - 04:55 | 5453750 hedgiex
hedgiex's picture

Is it not common sense that when you hold a stack of fiat US papers and when there is a currency war going on and the global oil cartel not holding with each producer dumping to protect their own economies that you diversify into some commodity that you can stockpile and use ?

Is it rocket science that the Chinese cannot compute that the price they pay is near or lower than cost of production plus logistics price and not some market prices fueled by credit ?

The more that price discovery of commodities goes awry in the paper markets, the better it is for those who are in physicals to indulge in "MR MARKET TANTRUMS".

Sun, 11/16/2014 - 09:39 | 5453973 Kina
Kina's picture

China saw that with the Ukraine-Russia that you cannot trust Europe and US allies to honor contracts and that they will make sanctions against them if so ordere by the US.

 

They saw what was attempted with Russia, and so plan to make themselves immune as possible to US attempts to supress it, to create wars in which they can then assert sanctions.

 

The  US would love Japan and China to get involved in a war. Beware.

Sun, 11/16/2014 - 12:26 | 5454261 disabledvet
disabledvet's picture

I thought Putin was solving China's energy problem.

Sun, 11/16/2014 - 10:26 | 5454044 Hubbs
Hubbs's picture

i love the comments already said about China spending it's dollars on this oil. what a way to kill two birds with one stone. get rid of dollars (and turning the Petro dollar weapon right back at the US) and getting oil which can surely be used.

instead of building ghost cities, China just needs to build more reservoirs.

...and long stabil

Sun, 11/16/2014 - 10:50 | 5454074 Haloween1
Haloween1's picture

Wouldn't be surprised to hear the US is dumping oil from it's SPR now, after topping it off in 2008 at $140/barrel.

Sun, 11/16/2014 - 14:54 | 5454627 besnook
besnook's picture

which .gov serves the people? the one that executes corrupt officials or the one that rewards them?

Sun, 11/16/2014 - 11:38 | 5454165 Chuck Knoblauch
Chuck Knoblauch's picture

The U.S. plan against the Far East is to change their culture.

Get them addicted to Western vices.

An excellent plan except everyone knows what's going on.

Selling Globalism to the Chinese by selling America out.

Good plan, but they know.

 

Sun, 11/16/2014 - 14:14 | 5454518 besnook
besnook's picture

a centrally planned economy is working well in china and russia and did in japan for more than 100 years. is the chaos of distorted markets in the western anarchic market systems responsible for the demise of western economic systems and culture?

Sun, 11/16/2014 - 14:42 | 5454593 Chuck Knoblauch
Chuck Knoblauch's picture

Those who suffered under Communism should be angry.

Take you vengence by ^&**)&% a Rothschild.

Sun, 11/16/2014 - 14:49 | 5454614 Burticus
Burticus's picture

Perfect opportunity for the Chinques to convert a trillion (too many) paper/electron FeRNs into real oil and gold!

Do NOT follow this link or you will be banned from the site!