You know we have a problem when Moscow begins searching for an alternative to investing in U.S. Treasury notes.
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The good nabobs of OPEC are going to Vienna to munch their strudel, lamenting about the urgency to push prices to the $75-80/bbl level before they can order a second course.
When the Chinese stop -- or dramatically curtail -- their purchase of U.S. Treasury notes Washington is going to have to find a new creditor. Good luck.
Low incomes are what defines a Third World economy. High incomes are what power and define a First World, prosperous, economy.
It is good news that the CFTC is awakening from its reverie and beginning to deal with the core issues of oil trading. But it is still too much of a hit/miss operation with a degree of insouciance.
The price of oil has done for Russia what the cold war Kremlin was unable to achieve with all its missiles, tanks and mind numbing divisions of men and armor.
Hugo Chavez is not a friend of ours, but he does come up with some good ideas, since we are dealing with a commodity that has left all ballast of free market determination far behind.
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