US oil rig counts rose for the7th straight week (up 7 to 609) to the highest level since October 2015.
With production surging back above 9mm b/d - the highest in a year - the trend in the rig count implies considerably more production to come...
And it's all in the Permian...
Desperate buyers - fearful of missing out on the next Facebook - are panic-bidding Snap's stock price this morning. Up 17% to $29 the cash-losing company is now worth almost $41 billion - more than Ebay or Sony...
We wil have to wait for Monday/Tuesday for the shorts to appear (T+3)...
The question seems to be - Facebook, Twitter, or... Pets.com?
While in recent weeks there has been a material increase in Fed balance sheet normalization chatter, according to a new report from Deutsche Bank analysts, it may all be for nothing for one simple reason: should the US encounter a recession in the next several years, the most likely reaction by the Fed would be another $1 trillion in QE, delaying indefinitely any expectations for a return to a "normal" balance sheet.
Via Charles Hugh-Smith of OfTwoMinds blog,
Strip away the centralized power that protects and funds cartels, and prices would plummet.
The mainstream narrative is "the problem is low wages." Actually, the problem is the soaring cost of living. If essentials such as healthcare, housing, higher education and government services were as cheap as they once were, a wage of $10 or $12 an hour would be more than enough to maintain a decent everyday life.
Dear Readers, I appeal to you four times a year. This is my quarterly call for your support of your site.
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