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Jeff Gundlach: "If Oil Drops To $40 The Geopolitical Consequences Could Be Terrifying"
In a recent interview with FuW, DoubleLine's Jeff Gundlach explained his concerns about the oil market not being "unequivocally good" for everyone...
Question: The crash in the oil market is already causing jitters in the financial markets around the globe. What is your take on that?
Gundlach: Oil is incredibly important right now. If oil falls to around $40 a barrel then I think the yield on ten year treasury note is going to 1%. I hope it does not go to $40 because then something is very, very wrong with the world, not just the economy. The geopolitical consequences could be – to put it bluntly – terrifying.
What would that mean for stocks?
Gundlach is right historically...
Large and rapid rises and falls in the price of crude oil have correlated oddly strongly with major geopolitical and economic crisis across the globe. Whether driven by problems for oil exporters or oil importers, the 'difference this time' is that, thanks to central bank largesse, money flows faster than ever and everything is more tightly coupled with that flow.
So is the 45% YoY drop in oil prices about to 'cause' contagion risk concerns for the world?
* * *
Of course Gundlach is not alone in this rational concern...
"In its November 14, 2014 Daily Observations ("The Implications of $75 Oil for the US Economy"), the highly respected hedge fund Bridgewater Associates, LP confirmed that lower oil prices will have a negative impact on the economy.
After an initial transitory positive impact on GDP, Bridgewater explains that lower oil investment and production will lead to a drag on real growth of 0.5% of GDP.
The firm noted that over the past few years, oil production and investment have been adding about 0.5% to nominal GDP growth but that if oil
levels out at $75 per barrel, this would shift to something like -0.7% over the next year, creating a material hit to income growth of 1-1.5%."
-- Mike Lewitt, The Credit Strategist
Source: Bloomberg
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I hear ya. Lots of Chicken Littles everywhere and for a long time now. Personally, I think it's coming down soon (within 10 years or so?) but what do I know? Just my opinion: we have been encouraging consumption with debt for a while now, and many people got rich by getting the sheep to spend money. Much of the money came from debt, and much came from wages - well, almost ALL of it came from wages only because debt is 'future wages.' Wages must rise and keep up so the debt slaves can make minimum payments and run up more debt. At some point, wages can't keep up and we get a collapse of debt defaults. Once the sheep can't borrow any future income any more, those who are getting rich from them go find greener pastures... I'm not sure what that is yet. Either that, or they go bankrupt. And at some point, the government will finally say "sorry, we can't bail you out this time."
WOARLD WOAR 3
The resolve of mankind is tested in the seventh year.
in response to stoploss, that seventh year is a shemitah year, as was 2001, 2008 and now 2015. so you can be sure september will see Huge losses. I'm short 100%.
So they liked the supply-demand curve when the demand increased x% and the price incresased exponentially.
And they hate it on the downside.
Imagine that.
Fuck them!! I am enjoying the lower prices.
Who is they?
Gundlach is a smart man....when it comes to bonds.
We could see the 10yr reach 180 just like May 2013. Could go lower in yield to reach an all-time generational low.
Oil is a currency commodity and huge amounts of capital trade it. I don't know the support/resistance levels of oil. But if the 10yr closes below 2.06%, then next stop is 1.90 % in yield.
long TLT, SPXU, EPV
NoVa
"I don't know the support/resistance levels of oil"
I can tell you that if you tell me how GS is positioned.
I can tell you GS is a squid.
I did some consulting work for one of their equity investments which was in the oil pipeline business back in 2008, before oil plunged the last time. They knew exactly what they were doing - bought private companies on the cheap, hire guys like me to ready them for a S-1, then dump (er sell) the repositioned firms.
However - oil plunged BEFORE they could sell their oil cos & GS lost money - so, maybe GS is not in total control as ZH'ers conspirerize.
Nova
There's never, ever any such thing as control (as ALL actions have unintended consequences). What there is though, is massive influence on a scale that cannot be subdued.
If you're going to burn down the world to prevent competition, activation energy is your friend. While you may occasionally lose some assets to a fire of your own fueling, you'll be okay as long as you can still kill the competition first.
Makes the GS story about breaking up JPM all the more interesting, no?
agree with ya.
GS probably got out of the investments a year or so ago when oil was $110 ish and shale / tar sands were going full tilt. the companies they bought supplied pipe to tar (Calgary) and shale (WVA PA) fields. I spent 7 months in Calgary - great city.
Nova
many rigs and lots of pipe on the market now according to Trade Quip--
Neptune in Pisces: OIL! OIL! OIL!....FOUND EVERYWHERE, BY EVERYBODY (UNTIL 2026)
Smart man? I'd say he's a common whore
How come airfares havent dropped?
Airlines are still trying to move into the black since air travel began....they are just trying to make a few bucks first...
....cheap flights to West Africa...Cheers!!
Hedged out six months to a year. Also, only four main carriers domestically. Whats the incentive to drop prices when your competition dosent?
Competition...... Lol, that's a good one.
How do you spell 'Oligopoly'?
What GS said about JPM applies to all sorts of US industries, including the airlines. Break them into a thousands little pieces, allow for price discovery and burning of deadwood, and you'll see a "Recovery you can believe on".
Where's a useful Executive Order when you need one? Obozo? [crickets]
1) as most tickets are sold 30-60 days out, i'm sure a good amount of fuel is hedged/prepurchased. oil has just cratered over the past 2 months, i'm sure you see you'll see it in fares in the next month or two, but not overly quick because 2) like gas stations, they are quick to rise prices, but slow to lower prices..maybe that buys another month or so. if oil stays lower, might see some great fares in late winter!
Great fares for our traveling pleasure!
If I wanted an anal probe I would flag down a ufo. Frankly I'm surprised so many still fly anywhere except on business they can't transact over the interwebz. One broccoli fart and you're under ARREST for disturbing the precious widdle flight crews.
Strange forces are stuffing jets into the Pacific without warning, radiation levels are going higher and higher, no s m o k i n g, no pen knives and a bunch of ugmo stewardesses, some of which are fudge packers.
What's not to like?
All of the 4 airline stewardesses look like Edith from All In The Family.
Disgusting.
Chuck Schumer is on it, no worries
I have a relative involved with fuel purchases for a major shipping company. They hedge out a long way, 6 months plus to protect against a huge price increase. It will take a while for the savings to make it to big companies like this.
There is no futures market for airline seats, if there were, airfares would be a lot lower by now.
Because airplanes are still full. Would you like the government to force them to lower prices, Comrade?
Although I didn't DV you, full airplanes may mean the opposite of what you think.
Airplanes are full when the economy is contracting, because the airlines change equipment to reflect expected load. About three times in the last six to eight months UAL has swapped out a 777 for a smaller, single-aisle plane at the 'last minute' (i.e. between the time I made my reservation and my departure date).
'If oil goes to $40'.....wait wasn't this all started to hurt Putin? Just ask Ogolfer, GS and JPM where they set the price.
Don't forget to mention the world's most important banking CEO, Yellen, she wants credit too.
What if you wanted to shift the blame for the oncoming economic collapse? Wouldn't you start pointing fingers at red herrings before the masses were able to connect the dots?
Getting the blame out there early, even if it is not the truth, has always been a political objective.
At least they have a new polar vortex to b blame the collapse in GDP on. I was afraid that it might not snow in winter this year.
Check out this awesome interactive weather map!
http://earth.nullschool.net
That's pretty cool, thanks.
Yeah, I've been watching this site since it was posted here last night. We're getting hit hard by Westerly winds and the temperature hasn't really started to drop yet here in the Peoples Republic of Maryland. The only drawback to watching the wind graphics is that it makes you feel even colder. Time to split more wood and stack it next to the wood stove. That always warms me up.
How did a Sandy Hook victim end up mourned as dying in the recent Pakistan school attack?
20,000 Ebola cases later…
HR 428 sponsors to increase pressure for release of 9/11 Commission’s 28 classified pages
Don't fear. Our Lord and savior Ms Yellen will save us.
She's busy baking cookies right now.
Mr Yellen is having his wife Mrs Draghi do it, she's better at baking anyway.
"The geopolitical consequences could be – to put it bluntly – terrifying. "
well that's blunt.
how about 20$?
$20 oil would do wonders as the printers print, gold soars and the mining sector costs drop. Don't fear the reaper.
$10 are coming. Face it.
$10 silver and $250 gold will be here before that.
This assertion is less intelligent than your last post above! - I didn't think that was possible.
Lots of market analysts are starting to sound really scared. Good.
I think the new term is Market Misanalysts...
Just discussing with a client this morning about this exact thing - where in his industry - now prices offered for like services provided are coming down - quickly - as are "asking" prices. This stands to reason and should be everything we might expect and want. As he remarked - "I always thought there was somehting wrong with kids getting out of university making $120K (and not accepting anything less) - that which took me my whole life to earn and I am still not there."
He will get by - he can afford to move his operations $20/hr, and has the experience to rejig things to be even more competititive than that.
This is what its all about - movements in price, improvements in services and products provided.
Gotta love it.
I aint seeing shit for lower prices myself on anything. Gonna take a long while of low oil before that happens. At least 6-12 straight months of oil price declines before it transforms into deflation in the general economy. Nobody is too convinced so far that this isn't just some type of temporary speed bump.
its coming J0nx. assets will reprice first - followed by soft input costs. but, its coming.
Doubt it. Like to be wrong but doubt that I am. We will see.
I agree with you in some respects - I find it hard to believe - which is why I think it will happen, because as it will happen, nobody (like ourselves) will believe it is possible.
The fact of the matter is this whole shitty mess is man made. What's made by man can be undone by man. Fuck the system!
terrifying for whom?
The US financial Oligarchy probably; and Putin.
Putin is right; now the US Oligarchs and Putin have convergent financial interests that Saud has undermined.
When cronies fall out... you don't know who will first shout to the other : THIEF !
Crude has just dropped $20 in 30 trading days: Can you say $40 oil and Jan 23rd in one sentence?
So we get a reset. You just get new politicians and new bankers to bow down to. Then they send us serfs to war. So who really suffers?
Yeah, I'm terrified of paying $1.25/gallon at the pump. [/SARCASM]
I remember filling the tank and getting change from a $20!
I remember filling up for under $2.50. That would mark a great depression in today's dollars.
HA! I remember filling the 18 gal tank on my 68 Impala for $5 and geting change back.
I remember going to my local Jewel grocery store with a $100 and coming out with a cart full of food - last night the wife spent $100 for 2 loosely filled plastic shopping bags... How's that for cheap fucking oil???
hope you like all that gold you bought dropping to $500/oz. Notice how it can't get through $1200?
I'll love it. It will bring my average cost/ounce way down when I am buying 2 ounces and a bar of silver for what an ounce goes for nowadays. This recent drop in price does nothing to change a world awash in debt and controlled by central banks who only know how to print moar money to solve the problems their manipulations caused.
Then I can buy it twice as fast!
$500 an ounce plus $150 spot fee. Just like silver is $16 and a $6 spot fee. 30% spot fee? Seriously? Fuck that noise.
It's early yet, 1:11 pm EST Gold is at 1201.11 So much for your call...
Now 1:51 pm EST Gold @ 1203.57
I want $20.67 Gold.
I have quite a few projects on the back burner just waiting for a precipitous Gold Price decline.
I have bought Gold at $255. I have bought Gold at $400. I have bought at $700. I have been buying it for years. I also have been USING IT.
But that is what you do not get.
I just cannot take you seriously. Whom wants to buy at elevated prices? Whom wants to sell at depressed prices?
One purchases into declines and sells into advances. Buy low sell high?
But you seem to believe that people here will sell into declines?
That is only for fools.
That is just a receipe for realizing capital losses.
And at this point I believe that you are just trolling.
Motherfucking Lord of the Green Beevers! You should pay the same as everyone else in Europe. They should roll in a goddamn tax in your country. To pay all these poor bastard Oil drillers. $1.25 per gallon - just Crazyland over there.
Oh come on! You cannot seriously downvote me! Be a little bit more sympathetic to your common European Utopianist.
Or, pay $4 at the pump and oil is still $20. Youre just picking up the bill for thier losses.
These guys are flipping out no matter what happens. Too high they short and flip out when it keeps going up. Too low they go long and flip out when it keeps dropping. Then they make up some stuff to explain why everyone should flip out.
long term cocaine use has that effect
This is a win win win for the US.
As the USD goes to 90 ... 100 ... 120 ... bankruptcies here and abroad will sky-rocket.
The "TBTF" US banks can then run around the globe foreclosing on and confiscating assets (previously) owned not only by Americans - but also the assets formerly owned by foreign citizens and foreign governemnts.
The US military may have to assist the bankers in seizing all the private property in Venezuela, Brazil, Russia, and "Europe."
I wish i were an international bankruptcy lawyer !!
"The US military may have to assist the bankers in seizing all the private property in Venezuela, Brazil, Russia, and "Europe."---
Is this the same U.S. military who have seen their benefits and incomes screwed over by the uselees fucking bankers and their puppets in D.C.?
Yeah, good luck with that.
Before the US military heroes leave for Russia, remind them to kiss their families goodby since they will never see them again.
They would have to orchestrate one hell of a false flag to convince enough of them to do that.
even those who are gung ho for war wouldnt be caught dead at their local Army Recruiting Center....
Madcow - I appreciate your gallows humor.
Apparently some on here don't see it :)
The drop in oil prices is going to leave many a banks trading desks getting margin calls. The question is, as per trading, which banks are the ones long? Because those are the ones to short....
How is that if no one is long oil anymore?
Yes they could have been stopped out and will show major losses on their Q1 2015 statement.
better hope it's not your bank then since their losses are now yours, bail-ins are the law now
I'm long snake oil.
Most ' at risk ' are WFC and C ..... per Barrons
http://blogs.barrons.com/stockstowatchtoday/2014/12/18/wells-fargo-citigroup-most-at-risk-from-lower-oil/
Oil producing countries have had ample time to diversify while the going was good...all eggs one basket...fuck 'em.
How diversified are you? Got five jobs?
One job...
Many many transferable job skills.
Just hope they transfer to someone that wants to pay you, skills mean nothing without demand for them.
Hope......got nothing to do with it.
Lest you forget who was buying the majority of the gold for the last 10 years.
http://www.zerohedge.com/news/2014-12-15/why-russia-and-china-are-buying...
This is what happens when there is a serious case of groupthink, and the only opinions you allow are those that are of the group.
Anyone who bought a Nissan Leaf could see this day coming....
Do we know who that person or business was that bought oil at the very peak back in July 2008?
I think we should interview them and see how they feel now.
Kind of like the people here who were buying silver at $50 and gold at $1900 and who have been buying it all the way down. Silver is the real joke though, it's just been left for dead no matter how much gets bought and how little is produced.
Nothing like that at all. And if you understood real v. nominal values, you would retract that statement.
Real is what you get when you sell, nominal is what you pay. The people here believe in nominal prices and keep paying too much for something that could have been had for $5 not that long ago.
Real is what you get when you sell, nominal is what you pay = Huge Fail, and an answer I might see on an econ 101 exam from a student that never attended the class.
Economics has nothing to do with reality and actually making money or doing business. That is why you fail to understand what I just told you.
holy jesus... you are annoying the fuck out of everyone.
I do business every day fuck stick. It is you who doesn't know what the fuck they are talking about. And because you have been wrong on every post - doesn't by some miracle make you right. Sorry. It just doesn't. The nominal price of gold has nothing to do with buy/sell/ fuck whatever. Its the most retarded thing anybody has ever said on this site EVER.
$10 silver/$250 gold = $50 silver/$2,000 gold - full fucking stop. PMs are measured in quantity, not price, because price is a MONETARY phenomenon demarcated by the level of stewarship of the fiat - more or less. The difference between those two states of the world is only this: which world would you rather live in: 10/250, or 50/2000. thats it! thats all there is to it. Its that simple.
Wow, name calling is the best you can do as a retort? You still don't know the difference between nominal and real though.
Heavens, Lovey, a Yale Man!
Here's reality- if every molecule of silver were removed from that laptop you have before you, it would be a fine day here on the hedge.
You don't deserve to benefit from our shiny miracle metal, you bounder, you cad!
You need to learn the difference between micro and macro, this may help.
https://www.youtube.com/watch?v=dS12p0Zqlt0
micro is small, macro is large, economics is meaningless and stupid. I studied engineering and practiced for 30 years. There were econ grad students trying to learn system theory in my EE380k grad class, they had no clue an they still don't.
Shale & regular oil companies bought insurance called derivatives to the tune of $300 TRILLION to hedge their bets on the decline in oil prices. Guess which 5 NY banks have to pay off those policies? Guess who is going to cover the NY banks? Ans.- American taxpayers - courtesy of the CRomnibus bill.
Actually it will be depositors in those banks who get haircuts on their accounts.
This is the real question, who is on the hook for covering the bad debts (bonds and derivatives) that will emerge from the price decline in oil. It would be surprising if the big banks had not off loaded this exposure to their "clients" somehow. JPM and GS will come out of this smelling like a rose .... or they will be dead. :-)
Question for the real finance guys: how does an outsider like me find out who owns the real junk?
sschu
At $50 it's cool at $40 it's a geopolitical disaster, what drivel!
Only problem for any country is if you are a non - producer when the producers decide to cater for domestic consumption only until the filth like Goldman QUIT their Markit shenanigans.
Leave your Crude and Gas reserves in the ground Russia or sell for GOLD.
Can't leave them in the ground, you have to produce them to pay back the investment in drilling the wells. The oil doesn't come up for free and drilling wells isn't cheap, anywhere.
@ wrs1
ok smart ass so you can make money on something that doesn't exist but not on real assets at a future date. CLOWN
You don't own any oil in the ground do you?
You getting paid by the hour or comment? Still beats the usual Porn sites you troll i expect.
LOL! I get paid by the barrel and mcf. Unfortunately my pay is going down right now and you folks are all cheering it.
'You know, I used to think it was awful that life was so unfair. Then I thought, wouldn't it be much worse if life were fair, and all the terrible things that happen to us come because we actually deserve them? So, now I take great comfort in the general hostility and unfairness of the universe.'
Why no discussion in media of $40-50 SPECULATION IN OIL PRICE?
A material hit to who's income growth? Certainly not working people who have no income growth. Poor babies, they won't be able to upgrade their yachts this year. Boo Hoo.
Working people like the tens of thousands working pipelines in North America?
As opposed to the millions who work at places like mcDonalds, because their good jobs were exported to China so CEOs could give themselves bigger bonuses.
Well if they wanted better paying jobs they could have gone to the oilfields but not now.
Il bet the price of an "around the world" has dropped to $75 in N Dakota
Heard this song before...
"If oil drops below $XX then we're in trouble..."
US 10 Year Treasury at 1% is bad, mmmk?
It's upsetting to a status quo built on expectations oil would never see $80/barrel, but unless you are personally involved with an oil extraction project assuming $80 and higher prices, it should be good news to you and in any case to the overall economy.
I'm probably overinvested in oil, I never saw this coming, I thought something like $80 was a floor and $60 would be crazy low, but now I don't know what them crazy Saudis are doing or why, but I don't think it's going to last, so enjoy will ye may.
Guys if i have 5.42$ in my bank account, how much of this do i stand to lose? this IS terrifying...
So when do the chain of derivatives blow up?
The banksters have the green light because their backed by the taxpayer.
Congress put the taxpayers on the hook for $300 TRILLION in derivatives in the recently passed CRomnibus bill passed in Dec. 2014. That was a fraction of the 2008 meltdown in housing derivatives.
The thought of cheap gas is fucking terrifying.
Yeah, right. What's gonna scare me next, boogy-man?
Gundlach: "I hope it does not go to $40 because then something is very, very wrong with the world, not just the economy. The geopolitical consequences could be – to put it bluntly – terrifying."
Something IS very very wrong with the world, regardless whether oil goes to 40.
What the fuck is this shit? The claim that lower oil price won't help speculators realize spectacular profit in a nutshell says that they have placed their bets out of money. Are you saying low oil price equally hurts mom-and-pop and average Joe more than high oil price? Get a grip.
OIL is definitely headed for $40, but it should take a short break soon as it finds temporary support...
http://www.globaldeflationnews.com/oil-light-sweet-crudeelliott-wave-upd...
The Fed will prop it up.
Drama queen.
I think we have known for some time that markets are detached from reality.
Has anyone analysed the fundamentals?
Like actual supply and demand figures.
Is supply rapidly rising?
Is demand tanking?
Let's face it the price on markets means little.
Though this analysis is not going to be that easy taking into account countries like China initially raised demand to take advantage of falling prices but their storage facilities have finite capacity, which gives a distorted picture.
We need real supply and demand figures not market fantasy figures.
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And your unemployed sister just received her regular monthly cheque for more than $10,000 for spending 3 hours a day at her computer running a call girl ring and dope delivery service. (From inside her prison cell).
And you just got an inside line on $50 Million US in embezzled funds hidden in the Nigerian bank account of a Nigerian government insider who wants to send the money to you if you will provide your bank account details and a cash bribe for "expenses" so the money can be wired to you.
Yeah, sure.
You are aware that Law Enforcement is on this site.
I have engaged a few in heated debate at times.
But I am certain that I have one thing in common with them and will be in total agreement with them if they caged people as you.
And even if the atm scam is just that, a scam, so that you may collect $300, from people whom are willing to participate in a fraud, by sending them a blank card which will not work...THAT IS STILL ILLEGAL AND IMMORAL.
THEFT IS IMMORAL and THIEVES need to be shot. I do not care if it is you, or, Lloyd Blankfein, Jaime Dimon, et al.
I do not care if you justify it by writing that the victims are deserving...which they are...but that, still, does not justify YOUR WRONGDOING.
havent you been arrested for MAIL FRAUD several times in the past?
I think we have known for some time that markets are detached from reality.
Has anyone analysed the fundamentals?
Like actual supply and demand figures.
Is supply rapidly rising?
Is demand tanking?
Let's face it the price on markets means little.
Though this analysis is not going to be that easy taking into account countries like China initially raised demand to take advantage of falling prices but their storage facilities have finite capacity, which gives a distorted picture.
We need real supply and demand figures not market fantasy figures.
Tesla to zero, green to zero. Oil production in the US to 20mmbbl/day. Bank on it. Look at NG, production has steadily increased as price has gone nowhere.
So lets see. In 2009 oil was at 33 bucks without any "terrifying" consequences. So i conclude this idiot is long oil till his eyeballs and he is terrified it will keep falling further!!!! : ) ) !!
Because a one-time spot price right after the Lehman collapse is indicative of the present situation...
theres been a few years of fed engineered malinvestment since then. much on the subject of natural gas, which should go higher once the (fracking) hedge funds stop over supplying a market which needs infrastructure build out, not more supply. NG was selling at about half its BTU value. if this is a centrally planned economy its a damn poor one. oil presents the same problem, where are the refineries? mostly offshore. and where is the demand? people drive less not more, people fly more, take more public transportation, and they telecommute, or work from home, those changes were desirable outcomes. now they're screaming about $40 oil? they knew it was coming, they wanted it, the problem i see is that the commodity/asset market has moved as one, housing, is part of that, and if housing follows oil, then the Fed has a problem. apparently the oil exploration business has some of that same hot money and will the fed buy those energy bonds the way it bought MBS? stay tuned.
Actually oil stayed below and around 40 for almoust 6 months by the end of 2008 and mid 2009 without anything "terrifying" to end our civilisation. They are funny...those morons regarded as "experts". : ) )
You sound like a headline scanning algo. With so many local, state, and federal revenue streams dependent on oil production here in the US, and even worse scenarios in other oil exporting countries, and the thousands of relatively high paying jobs that are about to be lost globally.........yeah, all hype and no real problems caused by plummeting oil revenues. /sarc
"and the thousands of relatively high paying jobs that are about to be lost globally.........yeah, all hype and no real problems caused by plummeting oil revenues. /sarc"..
yep like clinton and bush cried at the millions of good paying jobs shipped overseas these many decades, I think bush said it best:" jobs americans arn't willin to do"..
some people just need killin..maybe the cops are catching on to who. probly not tho.
Another .zog agent provocatuer?
That's just what shadow gov wants, people getting violent so they can crack down. How about you tell people about the Fed, about AE911truth, about the stranglehold of the Israel lobby on our "Representatives".
They already love to paint every awake person as crazy and a potential terrorist. We don't need clowns running around with deer rifles please..
What is different today to march 2009 is that the financial wizardry of the US Oligarchs and the FED have created a bigger bubble in US than after Lehman.
Give a scoundrel enuff ROPE and he finishes by hanging himself to it. Hitchcok made a film on that theme.
and if the price falls far enough (like gold) there wont be any
I am not afraid of low oil prices, I am afraid that freedoms price is so high..we need more police and HLS/tsa agents to keep us in line..jobless americans are a restless lot, selling loosies and such.
40,000 new regs and laws each and every year, inflation of the legal system, needed, the elite crooks see thieves and terrorists on every street and in every business, waiting to take revenge..for the crimes they commit daily..corzine hides & pays his security ,waiting for someone to take justice to him.
At $100/barrel the Saudis had extra $$$ to fund terrorism. At $40/barrel they have to pump oil to pay their bills. We should see a drop in terrorist activity in the near future. Now if we could tie the NSA's budget to the price of oil ......