Following a week of crazy volatility, overnight exhausted markets took a breather.
There is not one America today, nor two. Politically, there are at least four.
The recent surge in world production that was brought about by high prices was a USA and Canadian phenomenon only.
While China's ghost cities are now a well-known occurrence - massive empty spaces built "Fields of Dream" style for when 'they' come from the countryside - the following massive 500,000 square meters of 'Ghost Pentagon' surely takes the proverbial biscuit when it comes to mal-investment mania. As The BBC reports, the Pentagonal Mart - a shopping mall in Shanghai built in 2009 - inspired by the Pentagon in the United States - has now gained the dubious title of China's largest empty building.
Russia has just taken significant steps that will break the present Wall Street oil price monopoly, at least for a huge part of the world oil market. The move is part of a longer-term strategy of decoupling Russia’s economy and especially its very significant export of oil, from the US dollar, today the Achilles Heel of the Russian economy.
Though "another Lehman Brothers" isn't likely to happen with banks, it is very likely to happen with commodity firms and countries that depend directly or indirectly on commodity prices.
"We believe that diplomatic engagement and direct conversations remain essential in working through differences and we will continue to urge leaders across the region to take affirmative steps to calm tensions," US officials said on Sunday on the heels of Saudi Arabia's decision to cut diplomatic ties with Iran following the execution of a prominent Shiite cleric and the firebombing of the Saudi embassy in Tehran. The response from Riyadh: "enough is enough."
On The Trail Of Dubai's Stolen Gold: A Robbed Client Breaks The Silence, And A Fascinating Detail EmergesSubmitted by Tyler Durden on 01/02/2016 16:23 -0500
The deeper we dig into the story of Dubai's vaporized gold, the more skeletons just tumble out of the closet on what may be the world's biggest gold smuggling ring ever, one involving not just Turkey and Iran, but the mother of all gold smuggling: China itself...
With more financing in place, the world’s tallest skyscraper is moving forward. Saud Arabia's Kingdom Tower in Jeddah is only the latest phase in an enormous boom that began setting new records in 2014, raising another 'skyscraper alert' as the completion of record-setting skyscrapers has long seemed to indicate the beginning of economic crises.
"The bottom line is that people around the world, regardless of their nationality, should know that the United States is not spying on ordinary people who don’t threaten our national security, and that we take their privacy concerns into account in our policies and procedures. This applies to foreign leaders as well." - Barack Obama, January 17, 2014
The last trading week of 2015 begins on a historic precipice for stocks: as reported over the weekend, the U.S. stock market has not been lower for any year ending in a “5? since 1875. That streak is now in jeopardy, because following Thursday's shortened holiday session which ended with an abrupt selloff, the overnight session has seen continued weakness across global assets in everything from Chinese stocks which tumbled the most since November 27, to commodities (WTI is down 2.5%) to European stocks (Stoxx 600 -0.4%), to US equity futures down 0.4% on what appears to be an overdue dose of Santa Rally buyers' remorse.
Now that the gold-trading company at the nexus of what may have been the world's biggest gold smuggling ring in history has imploded seemingly overnight, vaporizing countless tons of physical gold and unknown amounts of client cash, even more questions remain.
Following the yellow brick road leads us deep, very deep inside the rabbit hole...