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Oil Producers Currency Collapse Continues, Nigeria's Naira Crashes To Record Low Against Dollar
Having proclaimed it is not Zimbabwe, Nigeria's currency is starting to look a lot like a hyper-inflating mess. After devaluing to a 168 peg in November, the Naira has crashed to 200 / USD today - smashing above the upper peg band of 176 as it appears Nigeria is losing control. The collapse of Oil Producer currencies had abated for a week or two but the last 2 days have seen the Ruble and Naira tumble (even as The USDollar weakens modestly ahead of the ECB QE tomorrow).
Nigeria's Naira is crashing...
But Oil Producers have a long way to go to catch down to Russia..
Charts: Bloomberg
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This should be interesting...
Either cutting off your nose to spite your face or a double-trap honey dick. Neither ends well for the common man.
Je suis fucked
Nous somme fucked
Il sont fucked
And fuck Charlie, the EU, Vallerie, Vickie, Victory and VichyDC
... wtf ... :)
Sorry, my omisson.
Fuck whatthe, too.
... lol ...
"Nigeria isn't Greece," the Nigerian PM told the journalists.
Oh, no, not the Naira!! Time to give up hope, I guess.
Jaysus! Just shows how low Greece has sunk when the Nigerians don't want to be compared to them.
Nous sommes fuckons comme un chien en chaleur.
Je fous--I fucked
tu fous-- You fucked
il/elle fout -- He/she fucked
nous foutons --We fucked
vopus foutez -- You fucked
ils / elles foutent--They FuckedWhat a surprise! Most populous country in West Africa is a Basket case without oil to buy peace & stability...
Why the fuck else would they let a foreign corporation exploit their sole natural resource and give them nothing in return?
All part of the great empire's charade: 1) get tribes fighting 2) back winning side 3) sell resources 4) repeat
They can chant "Je suis un Charlie" as Boko Haram massacres them all
What currency are all those missiles going off in the Ukraine purchased in again?
Pepe Escobar's take on the games being played with oil:
What Game is the House of Saud Playing?Let’s start with oil – and some background. As much as US supply has increased by a couple of million barrels a day, enough oil from Iran, Kirkuk in Iraq, Libya and Syria has gone out of production; and that offsets extra US oil on the market. Essentially, the global economy – at least for the moment – is not searching for more oil because of European stagnation/recession and the relative China slowdown.
Since 2011, Saudi Arabia has been flooding the market to offset the decrease in Iran exports caused by the US economic war, a.k.a. sanctions. Riyadh, moreover, prevented OPEC from reducing country production quotas. The House of Saud believes it can play the waiting game – as fracked oil, mostly American, is inexorably driven out of the market because it is too expensive. After that, the Saudis believe they will regain market share.
In parallel, the House of Saud is obviously enjoying “punishing” Iran and Russia for their support of Bashar Assad in Damascus.
http://www.globalresearch.ca/what-game-is-the-house-of-saud-playing/5425...
Ann Barnhardt's take...
Citi is the only big bank that is INCREASING its derivatives position...NINE TRILLION $ IN ONE QUARTER!!
Do you know who the largest private shareholder of Citigroup is? Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud. Mister Saudi Arabia. So, I’m going to indulge in a little dot connecting here. I don’t think this is terribly far-fetched.
I hypothesize that the Washington DC regime is providing Saudi Arabia with a “laundered short hedge” on oil prices through Citi. Citi “borrows” money from the Federal Reserve at next to zero percent, plows it into swaps (a form of highly leveraged derivative wherein cashflows, not assets, are the underlying “commodity”) at this stunning clip because all swaps are held “off balance sheet”. Remember that term from MF Global?
The position is such that it makes money when oil prices drop, thus “hedging” Saudi Arabia.
http://www.barnhardt.biz/2015/01/09/how-could-trillions-of-dollars-be-la...
Good catch, thanks for the link.
So this is why oil jumped a $1 in the past hour?
meanwhile, at the Hall of Injustice....
http://www.counterpunch.org/2015/01/20/dumb-and-dumber-in-ukraine/
Nigeria is a ticking time bomb and this is 7th most populous country on earth!
Dat be a lot of Nigers.
Note to self: "Use the NATO principle: Keep Big Oil in, keep China and Russia out, and keep the Nigers down" -TPTB
... Please be seated, keep your seat in an upright position for take-off and please fasten your seatbelts. Those who couldn't find a seatbelt, kindly fasten your own belt to your seat …and those who couldn't find a seat, do not hesitate to alert a stewardess who will explain how to fasten yourself to your suitcase.
... Thank you for flying Nigeria Airlines ...
Do they have safety instructions in the back of those seats?
This is MOST interesting, in light of yesterday's ZH post on Proven Oil Reserves.
As I recall, these guys are in #10 spot, and the US is hell bent on owning, controlling or destroying any and all oil producers.
Looks to me that they are simply in the process of acquiring leveraged control over the world's energy assets, before the Reset occurs, and currencies are backed by real assets.
Until then, they will be trashed, a la "buy low, sell high" principle. And nothing is lower than when there's blood in the streets.
It's not complicated: the Game is simple, the moves complex.
Very good point indeed! Let's see now:
1 Venezuela 297,740
2 Saudi Arabia 268,350
3 Canada 173,625 - 175,200
4 Iran 157,300
5 Iraq 140,300
6 Kuwait 104,000
7 UAE 97,800
8 Russia 80,000
9 Libya 48,014
10 Nigeria 37,200
11 United States 30,529
So most are already under control except for Venezuela, Iran, Russia and Nigeria... and who is hit most by the crashing oil price, huh?
Is this it? Have the feeling it's all going to fall apart very soon, bricks falling over everywhere. Then again, every time I get that feeling it's just a matter of time before the stockmarkets shoots away to brand new all time highererers...
One thing is certain, if none of all these circumstances dos'nt have any larger affect on the stockmarket and economy soon we are all probobly set for a long deflationary spiral over the next 20-30 years.
Now Nigeria is becoming unstable! No hope for the rest of us.
/s
Haha, true! My point though is that there's just too much going on in different places. The SNB action, China hard landing, no moar BOJ QE, Russia, Oil and commodities and so on.
The liquidity injections remiand me of a leeking hull on a supertanker. At some point the entire tanker flips around and sinks due to the instability of whater slushing around.
I saw a guy hit by a truck in Lagos lying by the side of the road, seemingly dead. Everyone just went about their business, ignoring him.
1.5% of the "Irish" population is now made up of Nigerians and their spawn.
Report in the FT says the IMF warning "the oil price decline as largely permanent".
Does this mean I won't get my 30% of the $28 million King Jonathan Oliver Edward Harald Frederick Zingdoongaloobaloobalingalungah of the Nigerian Oil Ministry promised me in that email after a mutual friend gave him my trustworthy name and I emailed back my bank info?