John Vachon Trucks loaded with mattresses at San Angelo, Texas Nov 1939 • Oil Crash Exposes New Risks for U.S. Shale Drillers (Bloomberg) • North Sea Oil Industry ‘Close To Collapse’ (BBC) • North Sea Oilfields ‘Near Collapse’ After Price Nosedive (Telegraph) • Exxon Mobil Shows Why U.S. Oil Output Rises as Prices Plunge (Bloomberg) • Central Banks Are Now Uncorking The Delirium Phase (David Stockman) • Dow’s 421-Point Leap Is Biggest Gain In 3 Years (MarketWatch) • Already Crummy
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Arthur Rothstein “Quack doctor, Pittsburgh, Pennsylvania” May 1938 Isn’t it fun to just watch the market numbers roll by from time to time as you go about your day, see Europe markets up 3%+, Dubai 13%, US over 2% (biggest two-day rally since 2011!), and you just know oil must get hit again? Well, it did. WTI down another 3%+. I tells ya, no Plunge Protection is going save this sucker. And oil is not even the biggest story today.
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Lewis Wickes Hine News of the Titanic and possible survivors 1912 • Fed Calls Time On $5.7 Trillion Of Emerging Market Dollar Debt (AEP) • Bankers See $1 Trillion of Investments Stranded in the Oil Fields (Bloomberg) • Oil Could Fall To $30 A Barrel: Emirates Boss (CNBC) • Oil-Led Slump Spurring Fastest Investor Exit Since 2008 (Bloomberg) • The Fracturing Energy Bubble Is the New Housing Crash (David Stockman) • Yellen Makes It Clear That Fed’s Patience on Rates
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Russell Lee Proprietor of small store in market square, Waco, Texas Nov 1939 • Oil Plunge Sets Stage for Energy Defaults (Bloomberg) • Crude Collapse Prompts Great Rotation Into Cash (CNBC) • U.S. Talking Oil Exports Just When World Needs It Least • The Impact of Oil On US Growth (John Mauldin) • Airlines Poised for $12 Billion Global Windfall on Oil Collapse (Bloomberg) • Eight Things I Wish for Wall Street (Michael Lewis) • Regional Banks Key To Wall
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Harris&Ewing F Street, Washington, DC 1935 This is another article from our friend in Aberdeen, Euan Mearns. It was first posted on Euan’s own site, Energy Matters. I earlier posted Euan’s The 2014 Oil Price Crash Explained on November 24, when the price of oil was still quite a bit higher than today. WTI ended that day at $75.74, it’s now $55.15. Here’s Euan: A couple of weeks ago I had a post titled The 2014 Oil Price Crash Explained
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Arthur Rothstein “Bank that failed. Kansas” May 1936 Few may have noticed it to date, but it’s not like we still live in the same world, just with lower oil prices. We live in a different world altogether, with the changes between the new and old brought about by the (impending) disappearance of a lot of – virtual – money, or credit, give it a name, and the difference between oil at $110 and oil at $50. And for the
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DPC Conover Building, Third and Main, Dayton, Ohio 1904 • Oil Has Become The New Housing Bubble (CNBC) • Oil’s Crash Is the Canary In the Coal Mine for a $9 Trillion Crisis (Phoenix) • Oil Slides Below $55 as U.S. Output Seen Steady Amid OPEC Fight (Bloomberg) • Brent Seen Falling to $50 in 2015 as OPEC Fails to Act (Bloomberg) • Crash-O-Matic Finance (James Howard Kunstler) • Russia Central Bank Raises Interest Rate To 17% On Ruble Collapse
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Wyland Stanley REO taxicab, San Francisco 1924 • Santa Got Run Over By An Oil Tanker (MarketWatch) • U.A.E. Sees OPEC Output Unchanged Even If Oil Falls to $40 (Bloomberg) • The Oil-Price-Shock Contagion-Transmission Pathway (Zero Hedge) • UK Energy Firms Go Under As Oil Price Tumbles (Guardian) • Oil Bust Veterans Brace While Shale-Boom Newbies Swagger (Bloomberg) • Warning Over Horrible End To Japan’s QE Blitz (AEP) • Time to Take Away the Punchbowl in Japan (Bloomberg) • Samaras
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DPC Mott Street, Chinatown, New York 1900 Where are you going, America? I don’t like to discuss politics too much. There are not enough smart, kind and honest people in politics wherever I look in the world for me to want to have anything to do with that game. I’d just spend all my time wondering what kind of mindset it takes to want to tell other people what to do, and be in control of the millions, billions and
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Jack Delano Freight train on the Chicago & North Western, Chicago to Clinton, Iowa Jan 1943 • Americans Are 40% Poorer Than Before The Recession (MarketWatch) • UK Low-Paid And Zero-Hours Jobs Surge Dramatically (Observer) • Global Credit Markets Have Proclaimed An End To The Recovery (Alhambra) • Oil ‘Contango’ Fandango Over How Low Prices Will Finally Go (Telegraph) • Oil Price Crash Means $87 Billion Of New European Projects Face Axe (Telegraph) • Canadian Dollar At 54-Month Low As
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