Posted on 01/14/2015 5:41:59 PM PST by SkyPilot
If you were waiting for a “black swan event” to come along and devastate the global economy, you don’t have to wait any longer. As I write this, the price of U.S. oil is sitting at $45.76 a barrel. It has fallen by more than 60 dollars a barrel since June. There is only one other time in history when we have seen anything like this happen before. That was in 2008, just prior to the worst financial crisis since the Great Depression. But following the financial crisis of 2008, the price of oil rebounded fairly rapidly. As you will see below, there are very strong reasons to believe that it will not happen this time. And the longer the price of oil stays this low, the worse our problems are going to get. At a price of less than $50 a barrel, it is just a matter of time before we see a huge wave of energy company bankruptcies, massive job losses, a junk bond crash followed by a stock market crash, and a crisis in commodity derivatives unlike anything that we have ever seen before. So let’s hope that a very unlikely miracle happens and the price of oil rebounds substantially in the months ahead. Because if not, the price of oil is going to absolutely rip the global economy to shreds.
(Excerpt) Read more at seekingalpha.com ...
Breaking news today is that Russia has cut off all gas going through Ukraine to Europe.
Your points are spot on. We need to update the definition of "poor" in America.
Death Rate = 100%
But this is my all time favorite panic meme:
The educated black women I have known are pretty feisty. I think they will be ok. :)
We could say the same about your labor. I'm guessing you consider it worth more than free.
I consider my mineral resources, just like the land above them, provided by God, but having value, and certainly not free to others.
I believe we have been in an actual Depression since 2008
Only if you make up your own definition for the word.
No, a Peak Oil Blog put up that junk, and uses an article from 2009 as the basis.
As for Russia and Ukraine, Bloomberg is reporting the same thing, as is ABC. There are conflicting reports, as the Russian gas minister is reassruing Ukraine even as there are reports that shipments should go through Turkey instead.
“I predict $1.36 gasoline within a month...”
Here in the Akron/Canton Ohio area it is as low as $1.76 this morning. Only 40 cents to go.
And as for the Banksters and Junk Bond turds, let ‘em jump out the windows...
Europe plunged into energy crisis as Russia cuts off gas supply via Ukraine.
In an article written in January 6th, 2009.
That article does not come close to the claim:
Russia has cut off all gas going through Ukraine to Europe
That article is talking about a gas pipeline, not yet built, that will be routed to Turkey and stopping there, rather than the original intent to route south of Ukraine and continue to Europe.
It is not built, and it is not going to be anywhere near large enough to carry all the gas that Russia currently sends to Europe.
California passed its green tax which went into effect on the 1st. We are now paying almost $3.00 a gallon for premium again.
It’s going down everywhere else but has gone up here almost 30 cents a gallon since the 1st.
and on top of all that I heard the sky is falling
You seem to misunderstand.
The global economy is commerce, buying and selling, making and using
Various and sundry currencies and means of exchange facilitate all the above
You can post whatever but I know what I see when I pass the gas stations every day. There is a dimes difference between grades here. In other words if regular is 2.55 then it goes $2.55 2.65 2.75.
Before the 1st regular was $2.39 which meant I was paying $2.59. I filled up day before yesterday at $2.89. That’s 30 cents in 15 days.
Bkmk
Business bankruptcies free up capital for better placed companies to acquire then operate hopefully at a profit.
Where are you in CA? I know there are areas that are normally higher, but the tax is for the whole state, and the state average only had a few pennies bump up at the beginning of the year.
Trade.
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