While we have previously observed the massive glut of oil product in the US, which has led to such arcane developments as a "parking lot" of oil tankers outside of Galveston, TX...
... or ships loaded to the brim with crude making U-turns in the middle of the Atlantic Ocean, taking advantage of the supercontango while unable to find buyers...
Authored by Stephen Roach, originally posted at Project Syndicate,
The push to ban cash, in particular notes with a high denomination (such as $100 dollar bills), is picking up momentum. The European Central Bank President announced earlier this week that Europe is strongly considering phasing out the 500 euro note. Sovereignman.com reports: Yesterday, former US Treasury Secretary Larry Summers published an op-ed in the Washington Post about getting rid of the $100 bill. Prominent economists and banks have joined the refrain and called for an end to cash in recent months.
Submitted by Lance Roberts via RealInvestmentAdvice.com,
That didn’t take much. After a three-day rally, the media is back into “bullish” mode suggesting the bottom is likely in and by the end of this year, it’s all going to be just fine.
https://player.cnbc.com/p/gZWlPC/cnbc_global
Via GEFIRA,
If London decides to leave the European Union nobody in Europe will even notice. Great Britain is an entirely separate country, isolated from the European Union and does not participate in the Euro or Schengen Agreement. The European Union as a political platform is disintegrating and becoming more and more irrelevant and will be displaced by the European Monetary Union (EMU).