Sorry to be thin on posts today. Exhausted, and have to be up early tomorrow (today’s flight cancelled). Please check back tomorrow afternoon for more (and send good links too)
Oil Rises After OPEC President Calls for End to Overproduction Bloomberg. Now we know what the target is.
Sentiment Is Starting to Turn Michael Panzner
China buys, Norway sells Brad Setser
Thinking the Unthinkable: U.S. Default Paul Kedrosky
Antidote du jour:
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FYI: When mothers lose a chick, they sometimes attempt to “steal” another mother’s chick, usually unsuccessfully as other females in the vicinity assist the defending mother in keeping her chick. In some species, such as Emperor Penguins, young penguins assemble in large groups called crèches.
This is a visual metaphor that uses the old lost money game, where one bank can sometimes misplace billions and billions, and then they try to steal another banks money, usually unsuccessfully, as other bankers connected to lobby groups that are connected to Treasury help to defend the mindless bankers that have used fraud and false and misleading information to abuse their fiduciary positions — used to strategically launch attacks against weak victims that have an inability to sniff out trouble or realize they are being preyed upon.
The End
What’s so unthinkable? See my 2 September 2008 post, “An Insider Talks”, http://skepticaltexascpa.blogspot.com/2008/09/insider-talks.html.
I must remember I’m very old. I remember reading “Thinking About the Unthinkable” as a child.
“Thinking About the Unthinkable”, 1962 by Herman Kahn. I really read things like that in my youth. The idea of Uncle Sam repudiating his debt does not frighten me. I first said it would happen in 1980. It will happen. It’s called hyperinflation.
On ‘Thinking the Unthinkable’… It appears that at least one foreign investor continues to shy from agency dept issues. Russia is ‘Quite Open’ about this as they say that they will continue on the course that has seen their holdings of GSE debt drop 40% since the beginning of this year.
Is the foreign policy of Cheney at odds with the economic interests of the US? Wouldn’t it be great if the State Dept and the Treasury Dept could use the same play book?
River
http://www.reuters.com/article/idUSL816846420080908
More comments on OPECs target of "100 USD".
El-Badri's key quote "Huge Oversupply", while al-Naimi says market is "well supplied":
http://www.bloomberg.com/apps/news?pid=20601072&sid=awHzXQccFmCI&refer=energy
The Kedrosky link will also take you to Rose's discussion with El-Erian, Roubini, Norris & Morgenson. Professionals don't need it, literate laypeople like me will find it a good and coherent review. No, there is no good news.
What? No private jet access? What is the world coming to? Snark…