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Venezuela Default Probability Has Never Been Higher; Maduro "Working To Raise Oil Prices"
With OPEC slashing demand expectations to 12 year lows, oil prices have re-cratered today putting further pressure on socialist-utopia Venezuala which needs $121/bbl to break-even. Credit risk for the South American nation has exploded today to record highs - implying a 93% probability of default and President Maduro has taken to the airwaves to calm a benefit-needy nation... tensions are mounting...
Default risk has gone vertical...
As bond prices and black market FX crash further.
President Maduro explains:
- *MADURO SAYS VENEZUELA WORKING TO SOLVE `ECONOMIC CRISIS'
- *VENEZUELA WORKING TO RAISE OIL PRICES: MADURO
- *VENEZUELA OIL COSTS ABOUT $12/BARREL TO PRODUCE: MADURO
- *U.S. HYDRAULIC FRACTURING NEEDS $60/BBL OIL: MADURO
- *VENEZUELA'S 2015 BUDGET BASED ON $60/BBL OIL: MADURO
- *MADURO SAYS GUARANTEES NEEDED RESOURCES FOR ECONOMY IN '15
- *MADURO SAYS THERE WILL BE `PROBLEMS' WITH DOLLAR INCOME
- *VENEZUELA MUST `OPTIMIZE' USE OF EACH DOLLAR: MADURO
* * *
We would do well to remember what happened earlier in the year as deadly protests were only calmed down by promises of generous redistibution of wealth from government coffers... that promised cash is not there any more...
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We should bring socialism to America. It appears to be working.
Export more toilet paper.
So long gold... The Goldman boys will be along shortly to relieve you of that burden...
Clearly, Venezuela has no Kevin Henry with a joystick that he can just yank back on.
Holy shit, Kevin, can you adjust that thing so it isn't so sensitive? This one hurt my neck.
Maduro! Get the money from your buddy Putin!
Why Americans are always interested in other countries' defaults?
Cause its usually us they're defaulting on.
VENEZUELA MUST `OPTIMIZE' USE OF EACH DOLLAR: MADURO
Which means: "Use it for toilet paper and then spend it..."
VENEZUELA WORKING TO RAISE OIL PRICES: MADURO
Yes. He could cut Venezuela's production to zero. That might bump the world price a little.
Heard Corzine has a big position in Venz bonds......8 lives left, why not
Venezuela has a lot of natural resources. If it had an open economy, floating exchange rate, limited government, property rights, it would not be 95% dependent on oil.
They have huge aggregate suitable for concrete and asphalt. Beaches, labor, jungles, all could be earning foreign exchange.
Fucking shame, the real problem is no one wants to work, bankers exploit this laziness by pushing socialism and the accompanying debt.
Really all this is, people who are lazy and want to sit back doing nothing, living off oil and blaming rich people for their troubles. Meanwhile the money printers rip them off blind and none of them can figure put the rip off.
I guess when they get hungry they will work, but don’t bet on it. Most will sit back and starve while blaming the rich. I think most forgot what work is.
It could be that it costs more money to work than it does not to work, therefore the smart ones in the society don't work and the dumb ones try to make it on their own. Would you be an entrapreneur in Venezuela if you had the start-up capital? Not bloody likely.
zerozulu
Fishing in a sea of nonsense?
This might help:
Dubaibanker: “… while Russia has almost no foreign debt and China keeps giving advance payments to Russia while China just supported Venezuela and Argentina with billions in cash.
Saudi has now changed sides and is on the other side of the team where Russia, Iran, Venezuela already have a seat. They must be welcoming Saudi with both their arms!
The price of oil has a lot more to decline, because the main reason is to bankrupt US and all its shale oil companies..."
http://www.zerohedge.com/news/2014-11-28/price-oil-exposes-true-state-economy#comment-5496545
break the bank/dolla> stop the madness...
rejoice, tis the season to lie, kill & cheat, cheers merica.
maybe sa is tired of being gamed?
A socialist utopia UTTERLY dpendent on the sale of a single commodity to pay for... pretty much everything. Oh, and they couldn't make ends meet even when oil was $100/bbl.
It really doesn't get any more delicious than that. I think Chavez is actually still alive and waiting to be magically "resurrected" shortly after Maduro is ripped limb from limb out in the streets of Caracas.
Before this is all over, I suspect Maduro will wish he'd lost the election...
You left out the fact they had a 90% margin at $100. Wow...
Watch for the $20 ramp short squeeze.....that should wipe out most of the HFT for good
I bet you the US wll go first.
gone, just your lingering thoughts...
Dick Bove just said that JP Morgan is not in trouble.
Look out below!
Are you shitting us? Because that is my Hindenburg Omen.
Maybe he meant "not in trouble with the government"... which is just what everyone in the joint says every day.
ain't it crazy what a little central planning and globalization can do to a resource rich nation?
He also said you should disregard all the fines and legal fees, because they are nonrecurring.
Bwahahahahahahahah.
"Well, there was this one-off crime here... and this one... and another over here..."
Crap, I missed that one.
Was just on Fox Business.
I almost split a gut laughing.
"Just ship hat ten cent a gallon gasoline to the USA Maduro and ws won't have any trouble.
Or my name ain't Dick Bove.
Got it phucker?!!!!!...
We Socialized some folks.
We liberated working hours to some folks.
"We should bring socialism to America. It appears to be working."
Been there, done that...
saudis selling stocks to pay for body guards will make snakes in suits change their mind about oil
Given all the shit they've given him I can't understand why Putin hasn't had a few of the Saudi royal whacked. Pour encourager les autres.
Seems simple to solve, just move the decimals a few places to the right. Works great for the Fed all these years.
Yes, or the government gets itself off the hook by telling the population "Just get it from your neighbors, that's how we've been doing it all these years."
see what happens when the Fed stops printing money for a few months? bubbles pop. oil over $50 is a bubble. same as gold over 1200, silver over 20. and soon....stock bubble will pop too. will the fed printer be able to reflate all these bubbles? i seriously doubt it.
A president named after a cigar?
He uses it on an intern too.
What do you expect a man to do in a deflationary collapse?
Moar teevees for everyone. Am I not magnanimous with other people's stuff?
My platform is free booze and cigarettes.
An Obama phone? Who is that guy kiddin.
He must be working for the CIA or something.
Come to think of it...
Once again, the management appears to need changing...
Cue men in black suits in the middle of the night snatching Venezuela's gold for low interest loans in 3, 2, 1.
"Venezuela Repatriates $11 Billion in Gold Reserves"
And they only just got it back.
Sour grapes of wrath.
"Gold? What gold?"
[They got a loan from the Chinese, right? Since when do they pony up dough w/o collateral?]
70-point DOW recovery in 10 minutes!
"Free markets"!!!
RC LLC not even trying today
I'm sure Krugman has the solution.............
Whay does anyone listen to that crazy motherfucker anyways?????
http://www.nytimes.com/2014/12/05/opinion/paul-krugman-democrats-against...
High systemic impact measure?....
~//~
Open Board Meeting
Published on Dec 9, 2014
Federal Reserve's meeting on proposal for risk-based capital surcharges for systemic bank holding companies.
http://www.youtube.com/watch?v=eQTaTzzr96Y (49:12)
God forbid they just free the economy so people can make a living.
Some people would rather rule in hell than serve in heaven.
They just can't be talked out of it.
K-Hen deserves an old fashioned <golf clap> after that stick save.
He's still got it.
I'm wondering what this means for the baby boomers who moved there for their retirement. There would be a certain poetic justice to the whiniest U.S. generation having their retirement property stolen by a corrupt South American government looking to try to remain solvent.
I live in Colombia and I have not heard nor met anyone who has moved to Venezuela..noone...I know Venezuleans that have left...
How would you rate Columbia as a retirement destination for Americans and Northern Europeans?
There are half a million colombians in Venezuela and few venezuelans in the peaceful Colombia.
By the way ,the world record for toppling mini dominoes is 2000
And all of the King's horses,
And all of the King's men,
Couldn't put the Commie Socialist Revolution together again.
Yes ladies and gents!...
Welcome to the wonderful "balls-deep-to-anus" daisy-chain fuck' a thon courtesy of the Washington-London-Tel Aviv-Riyadh crib(s) that is making this spectacle for the rest possible!!!! Trust your instincts. They won't stop until they've all blown their loads to the last drop!
And jusr like great sex, banks that use their "guns" like that usually have big problems when it comes time to defending themselves after the biggest rape!!!!
As mentioned last Monday, 12/8 (5530170), Maduro needs to follow the 3 Step Program...
Step 1: Lease a large naval port to Russia and China, if you want to keep your oil, gold and freedom. Else the NY vultures and Squids will take over, strip all assets and take possession of all real assets that they desire. Including your beauty queens.
Step 2: Sell Oil for Gold or CNY.
Step 3: Wave your private parts in the direction of DC/NY.
Note: Be sure not to do this bass ackwards, or you won't like the results.
This would work!
Hes got about two months before its over for them....that is all...there will be no more cash for imports...so the shelves will be empty...and after that people get real pissed....real fast
How much does a ISIS member with a suicide vest standing next to a Saudi pipeline cost?
If he wants to work to raise oil prices there's his cheapest option.
The odds of oil prices significsntly rising any time soon are slim. There will be a bounce soon, as shown here, but it will be shot-lived...
http://www.globaldeflationnews.com/oil-light-sweet-crudeelliott-wave-upd...
to all those oil producing who engage in kommie activities, indirectly, (or directly) supporting terrorism, and any and all other activities against true basic capitalism..... (cronie & corrupt players excluded)
DRINK YOUR FUCKING OIL
Well that's every country on earth with oil covered.
fine... start drinking
crony & corrupt bankster backed players US and Saudi control this game and have manipulated prices down to make trouble for Ruskies and Iran-- like CIA torturers, they care nothing about collateral damage in Venezuela, Mexicor Norway or other oil producers. They care only about winning their shitty little pissing match and making the world safe for Central Bankster continued predation.
This is a classic example of the problem with all philosopher-kings, Preezy Obama and Grandmaster Putin included. No matter what impact the king has or what amount of good (or evil) he does, he does so by wrecking institutions that stand in his way.
Eventually some low-browed party hack takes over the throne and then there is nothing left to protect the people from an unfit ruler. When the man is the law rather than the servant of the law, this is always the result.
Why don't they just PRINT the money like America does?
(Scratchin' ma haid...)
What's with all the hot chick avatars? Get those bags back on your heads!
Tyler, where is the math quesiton? We need the math question.
Any pinkos out there have an idea how to save the Venezuela economy?
They appear to be screwed.
Maybe they could declare war on someone.
Is it true that "Maduro" means "Crazy shit" in Spanish?