The globalized economy is a colossal Ponzi Scheme in which the vast majority survive on the bread crumbs falling off the table. The possibility of 7 billion people achieving a consumption-oriented lifestyle is zero, so the World Bank conveniently set the poverty line at $1.25/day to legalize global slavery. As long as someone else's children are doing the suffering, it's "all good". Post-2008, this illusion was extended merely by plundering all future generations.
Thursday, December 17, 2015
Mutual Assured Bankruptcy
December Oil inventories are highest in 80 years
"Analysts say the 4.8 million-barrel increase in the U.S. crude inventories last week took the market by surprise as the general expectation was for a slower expansion or a decrease. At 490.7 million barrels, U.S. crude oil inventories remain near levels not seen for this time of the year in at least 80 years "
“We continue to wait patiently for [U.S.] production to drop; however, it is taking painfully long. Low oil prices do not seem to have hurt U.S. producers...”
"Concerns of a prolonged oversupply also prompted Citi to forecast U.S. oil will likely dip to as low as the $20 range"