from The Morgan Report:
by Kerry Lutz, Financial Survival Network:
John Rubino returns… Something was going to pop these bubbles and it just happened to be the Coronavirus. Oil crashed again to $12 per bbl. Diamond Offshore just went BK. Offshore drilling is super costly and their oil has no market. 27 oil tankers off the coast of Long Beach and even more off the coast of Singapore. We’re almost at the point where there’s no more storage capacity. Until we start driving and flying again real soon. Shale oil junk bonds are worthless. The oil producing countries have either cut spending dramatically or they have to borrow a ton of money that isn’t available. Money center banks, hedge funds and pension funds are going to see massive losses. It starts with oil and ends with Illinois. States will go bankrupt. Trump asked why we should bail out Blue States. The number of things that blow up become catastrophic. The Feds have no choice but to bail out everything and that’s the end of the dollar, as we know it. There’s not a hedge fund left after the big bang!
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Russia uses America’s own weapon against them as new oil gambit may be the key to collapsing the Western financial system
by Kenneth Schortgen, Shotgun Economics:
For those who do not remember details of the Cold War between the U.S. and former Soviet Union, it was a combination of a military buildup under President Reagan coupled with a depressing of the price of oil that eventually led to the Communist regime’s demise. Yet like a pendulum that swings to the opposite side when there is enough inertia, just 30 years later Russia has set themselves up to use the very same weapons that were used against them in order to bring harm or even destroy the financial systems of their adversaries.
by Kurt Nimmo, Another Day in the Empire:
Most of what Donald Trump says and tweets can be ignored. His advisers and cabinet will make all final decisions regardless of what the stable genius says he will do—for instance, leaving Syria.
The US military isn’t going anywhere despite Trump declaring he will bring the troops home. The troops aren’t going anywhere so long as Bashar al-Assad remains in power.
Tump now says he wants to steal Syria’s minuscule reservoir of oil and give it to the Kurds, possibly as a consolation prize for abandoning them to Erdogan and Turkey.
by Doug Casey, International Man:
International Man: The United States and Iran appear to be closer than ever to war. Where do you think this is headed, and what would the consequences of a war with Iran be?
David Stockman: If it ever really happened in a hot-war sense, it would be catastrophic, because everything in the Persian Gulf would be sunk.
There would be massive amounts—tens of thousands of tons—of metal clogging up the Strait of Hormuz from all these sunken ships, both ours and theirs.
by John Rubino, Dollar Collapse:
Oil prices are up over the past year, which is bad if you’re, say, a developing country that imports a lot of the stuff. But the US dollar (aka the petrodollar) is also up, which compounds the problem because oil is priced in dollars. So Brazil, for instance, finds itself buying an appreciating necessity that’s priced in an appreciating currency. The result is serious trouble for at least some countries in that position. From Saturday’s Wall Street Journal:
from Sputnik News:
Saudi King Salman bin Abdulaziz Al Saud’s talks in Moscow have resulted in a number of political, economic and military deals. Moscow and Riyadh are eyeing cooperation in the oil market, on nuclear energy, space exploration and infrastructure. Riyadh for its part is also reportedly interested in Russia’s S-400 missile defense systems.
Towards a Stable Relationship
King Salman arrived in Moscow on Wednesday, for the first ever visit of a reigning Saudi monarch to Russia.
“This is the first visit of the King of Saudi Arabia to Russia in the history of our relations, which in itself is a very significant event. Our relations have a fairly lengthy history,” Russian President Vladimir Putin said during a meeting with the king.
In addition, the Russian president described the talks with King Salman as “very substantive, informative and very trusting.”
— Sarah Algethami (@SarahMAlgethami) October 6, 2017
According to Grigoriy Kosach, Moscow-based professor and specialist in modern Eastern studies, Russian-Saudi relations have seen numerous upturns and downturns and this visit gives hope that they will stabilize and continue to develop.
“The visit of the Saudi delegation to Moscow indicates that Riyadh is interested in developing ties with Moscow. Saudi Arabia needs Russia,” Leonid Savin, an analyst with the Center for Geopolitical Expert Studies, told RT.
According to the expert, the Syrian crisis was the key political issue on the agenda of the talks. Riyadh has supported Syrian opposition groups in the ongoing conflict; however King Salman said that his vision of the Syrian settlement coincides with the position of Moscow.
During his meeting with Putin, the Saudi monarch stressed that Riyadh intends to achieve the resolution of the Syrian crisis in accordance with the Geneva decisions and UN Security Council resolutions.
“As far as the Syrian crisis is concerned, we seek its termination in accordance with the Geneva-1 decisions and UN Security Council Resolution 2254. [We want] to reach a political settlement that would guarantee security, stability and Syria’s territorial integrity,” King Salman said.
According to Kosach, differences between Moscow and Riyadh on the situation in Syria remain. First and foremost this regards Russia’s cooperation with Iran, which is of great concern to Saudi Arabia. At the same time, Savin pointed out that Riyadh’s support for the Astana negotiating process indicates a bilateral rapprochement on the issue.
The political agenda of the talks also included the situation in Qatar, Libya, Iraq, Yemen, the Israeli-Palestine settlement as well as the state of affairs in the Middle East as a whole, Russian Foreign Minister Sergei Lavrov said at a press conference.
Lavrov and his Saudi counterpart Adel Jubeir reiterated their commitment to dialogue in the resolution of those problems.
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