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It's Not Just Russia: Middle East In Freefall, Biggest Plunge In 6 Years
Dubai's Financial Market General Index is now down 40% since the peak in oil prices in June this year. For now, only Qatar is clinging to gains year-to-date as the rest of the Middle Eastern equity markets give up 30-60% gains from mid-year and tumble to negative. Dubai and Abu Dhabi alone are down over 8% since Friday. Saudi Arabia is down 7.3% today - the biggest drop in 6 years.
Saudi Arabia's worst day in 6 years
Year-to-date, Kuwait is now down almost 20% with only Qatar clinging to gains...
as All Middle Eastern equity markets have collapsed since oil peaked...
Charts: Bloomberg
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Legit vomiting camels.
http://hedgeaccordingly.com/2014/12/ex-madoff-manager-joann-crupi-senten...
Someone trying to buy the shit outta this dip though...
Yeah.. They're professional Dip-Shits!
Best technical reason to buy oil? Jim Cranium says it goes under $52.
Hmmm...
From Dubai to Dusell in just two months...
There has been a demonstrable 'glut' in global oil for several years. So why is this only now affecting the price of oil and oil producing countries (US included)?
A fascinating thought train.
The same thing that keeps Wile E. Coyote suspended in mid-air until he actually recognizes his predicament:
Temporary suspension of disbelief...
Muzz play both ends against the middle.
They take OUR free money AND the USSR 2.0's.
They're also heavily dependent on hush-hush weapons they get from Soviets bc we won't sell them the good stuff.
Some economic hitmen are having a field day right now. A fascinating thing about crashes. There will be some white knight that steps in at the last second, just before the world comes to an end, and buys up everything they can and saves the world... at 10 cents on the dollar. That is how it has been done in the past.
FGB
First panic is needed to fleece the taxpayers again. Once a massive transfer of taxpayer wealth goes shore up the losses from CASINO_08-14, they will ramp again. More cycles like this until there is an insurgency?
because the price of oil is defined by major banks speculation
Follow the Corzine
They all just need to get their own Feds like the U.S.
The S&P is about to turn positive, hmmm wonder who
is buying?
because there is always a bear market somewhere...
Who is going to collapse first - Russians or free-spending high-finance Middle Eastern oil producers holdong large debts?
Don't worry, the Chinese and the Russians will soon introduce a new world reserve currency backed by gold and oil...hahaha!
Keep on dreaming folks...
OFF TOPIC:
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Couldn't happen to nicer Friends of ISIS
This is what happens when you don't decrease supply when you are supposed to.
Pakistan: Taliban claim attack on military school, at least 125 dead including 84 children
I love the smell of volatility in the morning, smells like victory.
Just economic flesh wounds. Mere scratches. Like this current headline from CNBC:
US housing starts, permits fall; trend points to recoverydown down down -- but recovery!
Bullshit! It's Christmas season! Retail should be booming and could easily replace the loss from the oil glut! 70% consumer spending should save the world! Right?
And the religion of peace strikes again. 130 children dead....many headless ...in Pakistan school. All because that girl who the Taliban shot in the head two years ago just won the Nobel peace prize. The Religion of Peace also burned a teacher alive with gasoline in front of the students.
At least in Australia they killed that worthless, piece of shit Iranian.
Shhhhhhhh, you're not supposed to talk about their religion when referring to these animals. Their faith has nothing to do with the fact that they are savages.
And that fucking faggot of a President of ours won't even mention the name Taliban when he just now condemned the attack.
God....I just got a vision of him taking a strap on up the ass from the Wookie.
The wookie doesn't need a strap on. It has a pecker of it's own.
Gaaaaaahhh!!!!!
MIND BLEACH....I NEED SOME MIND BLEACH STAT !!!!!
Hey doc have you seen the obama girls lately? The older they get the less they look like mom and dad.
This isn't going to end well, that's for sure.
Less money for the savages, whats not to like?
I want them to set Charlie Manson loose on the House of Saud
You'd think that at some point those middle-easterners will start selling their positions in western markets for liquidities...
Also, you would think the collapsing price of oil will reduce the demand in U.S. dollars by foreign governments, curtailing the U.S. FED's ability to print to prop up the markets... and finance the U.S.'s massive deficit.
not true.
raw materials companies have huge debts in USD
it's amazing as i get older, things become more clear - ie the massive stk runup last week to new and fresh highs, just so peeps "in the know" can get short at the highest levels, ahead of this major "deflationary" skid we are in
You know what other Satanically evil, hook nose Middle East tribe is behind that one, don't you?!?
The Algonquin?
So, the saudis get a phone call from the US and get the command of bringing down tha house?
Something doesn't add up. And just after stopping QE. Who is behind the curtain? Could it just be plain deflation?
The Pope should call for a Cruscade.
Richard the Lionheart was correct.
BULLISH!!!!
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Is this the end of the ME oil wealth? As Armstrong pointed out, the spanish became rich from the New World gold and silver. Once that ran out it was over as they did not invest in their countrys future productivity. The ME is sorta doing that but considering their culture it will have the same result as the spanish.
Meanwhile, back in the good ol' USofA, BTFD is in progress.
SSDD. BTFDUMF.
saudis are doing it for the lulz
Appears Turkey has seen the light! Watching the USSA/EU attacks on it. 9 pages of the 10 page puzzle in place for the END OF USSA HEGEMONY.
Gee?... Ya think that action by Russia might be having some marginal impact on the Zionist Anglo-American "whore" in Riyadh?!!!
Dropping your own oil price by 40% when you are 20 years past your prime is nothing more nothing less than a clear act of desperation and insanity. Just like the U.S. giving away it's metal for moar QE and threatening everyone else with war if they don't "hand it over"...
All four of them are out to lunch with the porch light on and the windows and doors "open"!
Race to the bottom is on :
As Frederick II said to his advisor, in his fight with the Pope who had excommunicated him :
"I may end up below, which is a hotter place. But at least the company is better there than that of those saintly fools up above who drool 'God wills it' all day long!"
The Fed is very Popish these days and the Market a place for "God wills it " fools of all trades.
and everyone is in debt in USD or its derivative currencies
who could have thought ? how could that happen ?
Wife and I were strolling through Great Mall in San Jose (California, no Costa Rica) yesterday and walked into the Coach Outlet. The girls in there were handing out 50% off coupons on anything in the store, no limits, and 70% off clearance items. Last year there was a line of rubes qued up waiting to get into the store to get fleeced.
Coach sells Chinese counterfeits of their own goods.
This is what happens when you fuck a stranger in the ass Vladi.
Too funny. Silver at 15.75, gold 1197, Dow 164+
If it's cold this winter, they can always burn their Korans!
This is what they get for not making serious efforts to modernize and diversify their economies.
Anyone who thinks NA and Europe have screwed up gov'ts and economies should try living in a ME country for a few years.
No vision, no plan, no progress, no money to keep the streets and rivers clean, build a decent hospital, metro system, or highway, but plenty of money to build more mosques at home and fund their colonization efforts in NA and Europe. Utterly pitiful.
No entrepreneurs either. They're all rentiers, no innovation, no risk, no technical skills. They richly deserve to go back to being sand cowboys.
Monty-
You are exactly right!
These countries belived that a modern, First World society is a product they can run out and buy with their oil wealth, rather than the end result of a centuries long process. They think that they can circumvent that process by buying some toys and hiring Western experts to try and impart their expertise.
The country I've lived in has seen its oil wealth stolen for 60 years by their so-called 'leaders' who liberated them from the French. They would do well to learn from Shays' Rebellion, but it will never happen.