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#398 5-22-16: Oil. Too much oil.
by Mark Lawrence

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Stocks are trending downwards as more and more people with the Fed are talking about the possibility of raising rates.

S&P 500 November 22 2015 to May 20 2016

From the Portland Tribune: In a move spearheaded by environmentalists, the Portland Public Schools board unanimously approved a resolution aimed at eliminating doubt of climate change and its causes in schools. "It is unacceptable that we have textbooks in our schools that spread doubt about the human causes and urgency of the crisis," said Lincoln High School student Gaby Lemieux in board testimony. "Climate education is not a niche or a specialization, it is the minimum requirement for my generation to be successful in our changing world." The resolution passed Tuesday evening calls for the school district to get rid of textbooks or other materials that cast doubt on whether climate change is occurring and that the activity of human beings is responsible. The resolution also directs the superintendent and staff to develop an implementation plan for "curriculum and educational opportunities that address climate change and climate justice in all Portland Public Schools."

Marine Le Pen, frontrunner in polling for the French 2017 presidential election, said today "There is a candidate who appears a lot more dangerous for France than the others – that's Hillary Clinton. I'm not American so I don't need to make a choice. But in the interests of France, Hillary Clinton is probably the worst choice out there." Le Pen sees the Democratic frontrunner as "dangerous" because of Clinton’s career as US Secretary of State, in which she worked "hand in hand with the full spectrum of American decisions" that eventually "plunged the world objectively into chaos. I think if she was elected she would continue this policy, a destructive policy, a policy of conflict, a policy of imprisonment of Europe in blinded Atlanticism," Le Pen said. "I think it's a danger for world peace."

Iran's oil production is now 2.3 million barrels per day, about 60% higher than a year ago. Those projecting oil will soon hit $80 - good luck with that. Oil stocks are continuing to build up, and there's a record number of oil tankers parked off Singapore acting as floating oil reserves - about 48 million barrels worth. Iran also test two more ballistic missiles last week, thumbing their collective noses at Obama.

The UN security council is calling for a global framework for censoring the internet, removing "online propaganda, hateful ideologies and digital terrorism." Everyone involved agreed that on-line terrorism should not be associated with any one religion, nationality or ethnicity, except at least one delegate fingers the Israelis. Microsoft, google, yahoo and several other US companies agree with this, saying it's time for a public-private partnership. This is tied in with the UN's "Plan of Action to Prevent Violent Extremism," which calls for a global war on "ideologies." That crusade will include planetary efforts to stamp out all anti-Muslim bigotry and anti- immigrant sentiments. So-called "non-violent extremism" is also in the UN's cross hairs, as is free speech generally. China, the government that brought us 60 billion dead not counting forced abortions, is strongly behind this.

China is developing a robotic security officer that can sniff out bombs, grab suspects with a mechanical clamp and deliver a jolt of electricity to neutralize threats. Xiao Xiangjiang, who leads the development team at the defense university, told the People's Liberation Army mouthpiece PLA Daily that AnBot had undergone test runs at a military camp, airport and museum in Changsha with "very positive" user feedback. Xiao said the robot, which moves on wheels, could carry out a non-stop patrol for eight hours, hitting speeds as high as 18km/h. Its cameras can recognize and track faces, and it is equipped with sensors that can detect explosives, drugs and weapons. It can also be ordered via a remote human controller to deliver an electric jolt with its mechanical clamp to disable a target.

Here in the US the sheep consumers have learned nothing, while Wall Street remains in charge. There are now a record number of credit cards issued - the US populace is once again addicted to credit. Auto loans just set a new record: 31% of all auto loans are under water, that is the car owner owes more than the car is worth. Expect a recession and various bailouts.

The muslim rats are starting to jump off the Saudi ship. Saudi Arabia is now issuing bonds and seeking loans from others. Personally I think you would have to be nuts to loan them money for more than a couple of years, 'cause I don't think the saudi government is going to last five years. Will the new government honor the bonds? Doubtful. S&P evidently concurs: they just cut the Saudi rating from A+ to A-. Meanwhile the saudis are so desperate for cash that they're considering paying contractors with IOUs which would "trade like bonds." The effective Saudi ruler, Mohammed bin Fishhead, has a new plan, Vision 2030, to cut the kingdom's reliance on oil revenue. Good luck with that. They have a lazy entitled populace who are educated at best in the quar'an and at worst not at all; they have no resources other than oil; they're not self-sufficient in food or water. They're going down. And I'm gonna enjoy watching it.

US corporate debt is skyrocketing, rising $850 billion last year to a total of $6.6 trillion. And that's overall. Remove the top 20 companies - Apple, google, facebook, etc - and debt rose by $750 billion while cash declined by $40 billion.

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Revised Sunday, 22-May-2016 23:18:23 PDT
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