The age of propaganda is now upon us; where perception trumps the truth, until that is, the house of cards burns and falls, which it always does. With such blatant data manipulation going on, why shouldn’t we question the extent of stated “glut” in oil? The longer perception is distorted to create a false reality, the worse things will get in the end. We saw this before in 1999/2000 with the internet bubble and in 2008/2009 with the housing bubble, and it will not end well. If producers are dumb enough to get roped in to turning the spigot on when oil does rise (just as they appear to have done this morning) then, once again, prices won’t hold.
"The supply of oil continues to build," warns the CEO of one super-tanker fleet, and "all of this oil needs to go somewhere," which is why the surge in super-tankers to a seven year high strong suggests all is not well in the world's hopeful 'demand' picture. With charter rates up a stunning 57% in the last few weeks with millions of barrels being stored on ships is another indication that the oil glut is yet to dissipate (and in fact, as Bloomberg reports, is getting worse - with almost half a billion barrels of oil in transit to buyers at the start of June, the most this year). With OPEC's meeting around the corner, a sudden realization of this rising glut may send prices plummeting once again.
There are no free financial markets in America, or for that matter anywhere in the Western word, and few, if any, free markets of any other kind. The financial markets are rigged by the big banks, the Federal Reserve, and the Treasury in the interests of the profits of the few big banks and the dollar’s exchange value, which is the basis of US power. It is just as amazing that Americans and Europeans are so trapped in The Matrix that they have no inkling that their future has been destroyed.
Just when you thought the US regulators may have finally become less tone deaf to the shame of the revolving door, especially following last year's latest scandal confirming Goldman runs the New York Fed (and every other central bank), here comes the SEC with an absolute shocker, not only proving once and for all that when it comes to regulatory capture, there is nobody in charge quite like Lloyd Blankfein, but unveiling what may have been the first ever double revolving door in SEC history, after the SEC announced it had hired as its new chief of staff a former Goldman worker who had previously worked at... the SEC. And with that the we have gone not only full circle but full retard as well.
Another day, another Clinton Foundation related scandal. In the latest expose by International Business Times’ David Sirota, we learn about the explosion in weapons sales to certain nations during Hillary Clinton’s tenure as Secretary of State. Billions of dollars in sales went to autocratic regimes notorious for human rights abuses who donated generously to the Clinton Foundation. Should we be surprised? No. Should we be outraged and disgusted? Absolutely. Of all the Clinton scandals, the following is the most dangerous to peace on earth.
"Under Clinton's leadership, the State Department approved $165 billion worth of commercial arms sales to 20 nations whose governments have given money to the Clinton Foundation, according to an IBTimes analysis of State Department and foundation data."
- Developed-Country Growth Slows, OECD Says (WSJ)
- Charter Agrees to Buy Time Warner Cable for About $55 Billion (BBG)
- Dollar hits one-month high as periphery woes weigh on Europe (Reuters)
- IMF Says Yuan No Longer Undervalued Amid Reserve-Status Push (BBG)
- Hanergy secured $200m loan ahead of solar group stock tumble (FT)
- Congressional Inaction Threatens NSA Spy Program (WSJ)
- Germany sees progress on Greece, EU officials to confer on Thursday (Reuters)
- Hayes ‘motivated by greed’, prosecutor says in Libor case (FT)
- Whistleblowers Find SEC Rewards Slow and Scarce (WSJ)
The music industry was the first entertainment business to confront the digital transition, although, as Goldman notes, it was not exactly a willing pioneer... It wasn’t until 2004 when Apple iTunes debuted that consumers grew more and more primed to free music; and after a small bump in sales in 2004 from the launch of iTunes, the declines resumed as the double whammy of album unbundling and a 30% wholesale price cut took its toll. From 2004 to 2014, US music unit and dollar sales declined cumulatively by another 50%, erasing US$5 bn in annual sales.
"I would be more than happy to see the cradle of democracy put the imperial autocrats and financial kleptocrats in their place, teaching them a thing or two about enlightened self governance."
On such a 'patriotic' weekend, we thought it appropriate to consider who is the 'MVP' superhero of our time. Captain America? No. How about Ironman? No. What about Superman? Nope... The most valuable superhero of our time is a dark, deranged masked-human dressed in black...
Spoiler alert: these are not the requirements of an "everyday American"...
Along with the privilege of leadership, comes responsibility. The entire financialized abominNation is a national disgrace.
China is building the world’s greatest economic development and construction project ever undertaken: The New Silk Road. The project aims at no less than a revolutionary change in the economic map of the world. It is also seen by many as the first shot in a battle between east and west for dominance in Eurasia. For the world at large, its decisions about the Road are nothing less than momentous. The massive project holds the potential for a new renaissance in commerce, industry, discovery, thought, invention, and culture that could well rival the original Silk Road. It is also becoming clearer by the day that geopolitical conflicts over the project could lead to a new cold war between East and West for dominance in Eurasia.
Last Thursday, it was Avon that was cheated higher after a fake takeover filing provided just enough momo juice for the machines to destroy any and every short in the stock instantly. Today, it was Quest Diagnostics turn to be manipulated.
Chinese Stock Bubble Frenzy Returns; US Futures Flat Ahead Of Today's Pre-Holiday Zero Volume Melt UpSubmitted by Tyler Durden on 05/22/2015 06:51 -0400
The highlight of the overnight newsflow may have been the BOJ's preannounced statement that it is keeping its QE unchanged (which comes as no surprise after a few weeks ago the BOJ adimitted it would be unable to keep inflation "stable" at the 2% in the required timeframe), but the highlight of overnight markets was certainly China, where the Banzai Buyers have reemerged, leading to another whopping +2.8% session for the Shanghai Composite which has now risen to a fresh 7 years high.