Watch the price of oil. Boom or bust it's oil, oil, oil. We live or die in this shit. Nothing is really counted as wealth except the black gold. Everything we eat, wear, buy, need comes from the thin line of tankers and trucks. Screw it up and crash as Jimmy Carter found out and now Obama is paying the price.
In 2008 oil prices sky rocketed and the banking system crashed through the floor.
Some coincidence, right? NOT!
As I've posted before, oil prices drop, we boom. Maybe to late for the ignoramus in the White House but that's the way our "global economy" works, elections or no elections.
Oba mama could have saved himself by opening all drilling and selling the reserves at cost. Oil would be back in the 70 or 80 range a year or so earlier, as I thought it would and we would be bitching about the Oba mama boom and the coming inflation. (and no, the arrogant leader ain't getting off no way no how LOL)
Imagine getting beat by a Mormon in magic underwear, for God's sake!
Sober Look: Crude oil vs. US equities: dislocation continues
In this recent post we discussed the seeming dislocation between levels of crude oil price (in this case WTI) and US equities (S&P500). Some readers have pointed out however that this may be driven by unusually high US crude inventories (particularly in Cushing OK, where WTI futures settle). The US crude stocks have indeed been on the rise, materially above the 5-year range.
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