This won't exactly come as a surprise: the global oil industry is corrupt.
We are, after all, talking about the most financialized commodity in the history of the world, and up until a few years ago, it was controlled by a cartel comprised entirely of nations run by caricatures and stereotypes that the Western public generally regarded as a kind of necessary evil in a world that revolves around fossil fuels.
On Tuesday, Janet Yellen delivered what some observers called her finest “performance” since ascending to the monetary throne in February of 2014.
Of course in the post-crisis world, central bankers are only praised when they make dovish pronouncements. Hawks are heretical. To tighten is to sin.
On the day Mario Draghi announced that the ECB would launch a historic corporate bond monetization program, the first of its kind, we said that we expect bond yields to tumble imminently as the market frontruns the ECB's open-market purchases of corporate bonds and soaks up all available supply in the market. Not even we expected what would happen next though.
Jan Cienski reports on the new Polish government’s dim view of the relationship with the U.S.:
Poland’s new government has shed the country’s “negro mentality” when it comes to relations with the United States, Foreign Minister Witold Waszczykowski said on Polish public television.
Following last Tuesday’s attacks on the Brussels airport and metro where nearly three dozen people were killed and hundreds more were wounded, the number one question on the minds of those who have followed the Belgium-based ISIS cell responsible for the Paris attacks was this: what did Salah Abdeslam know?