Business

Via StockBoardAsset.com,

For savvy investors the fact that the US Dollar loses value every year is no surprise.  CEO of JP Morgan (JPM) Jamie Dimon characterized this eloquently with an analogy of ‘musical chairs’ – basically that at some point some asset class has to blow up.  There’s actually a reason for this, because in a debt based fiat monetary system, fresh credit needs to be created on a growing basis even to payback the interest on previous credit, or the system will implode (systemically speaking).

Authored by Gail Tverberg via Our Finite World blog,

World GDP in current US dollars is in some sense the simplest world GDP calculation that a person might make. It is calculated by taking the GDP for each year for each country in the local currency (for example, yen) and converting these GDP amounts to US dollars using the then-current relativity between the local currency and the US dollar.

Via FFWiley.com,

Worried that recent U.S.–China trade dialog sounds like a Mayweather–McGregor promotional tour? Concerned that we might be headed for a repeat of the Great Depression era’s race-to-the-bottom tariff wars? Or, maybe you’re relieved that diplomats are no longer being diplomatic? Maybe you think it’s about time Washington stood up for American jobs?

WTI slipped back to almost a $46 handle today before bouncing modestly into the close ahead of tonight's API report, with all bullish eyes hoping last week's surprise gasoline build was a 'blip'. API reported a much larger than expected crude draw (biggest since Sept 2016) and while WTI rallied on the print, it was a very modest move (that for now failed to achieve $48) as we suspect the fact that gasoline saw another surprise build weighed on sentiment.

API