The Big Fake
Our first contributor conflated my opinion with a reader’s take yesterday:
“AARON, PLEASE, YOU KNOW BETTER THAN TO TAKE A POSITION ON ANY POLITICAL PARTY OR PLATFORM RELATED TO INDIVIDUALS OR POLITICAL ISSUES!
“VERY OFFENSIVE TO BOTH POLITICAL POINTS OF VIEW!!!”
No offense. (There are more than two political viewpoints.)
As for Big Corporations, Big Government and too big to fail:
“When a politician takes money from those with economic power and chooses their interests over his constituents, he is guilty of fraud, perjury and violating his oath of office.
“I prefer my politicians represent me, not some corporation (or billionaire) that is focused on profits. Mind you, corporations have successfully argued (in court) that they have the right to lie to increase profits.”
Finally this Friday…
“The biggest fake financial news is on-going. Every week (or month) too many so-called pundits say, ‘Get ready! The big crash is just around the corner.’
“Then when the inevitable recession comes one to ten years later, they can point to their ‘timely’ article and claim they predicted the ‘crash.’ It’s laughable to see them predict calamity year after year as the economy keeps marching on.”
We hear you… but this economy can’t march on forever, right? The way you see it, when’s the top?
Your Rundown for Friday, Dec. 6, 2019:
We’ve Struck Oil! (Strike That)
“Oil prices have rallied in recent trading sessions, amid intensifying speculation of deeper-than-anticipated production cuts,” CNBC reports.
“However, Brent crude futures remain around 15% lower when compared to an April peak, with WTI down almost 12% over the same period.”
More production cuts are likely coming from OPEC+ — a league of 14 OPEC and partner countries.
Representatives of these countries met in Vienna yesterday to hammer out an agreement to cut global oil production by 500,000 barrels per day (b/d) through March 2020.
You can probably guess which country was most determined cuts be made… Saudi Arabia. (Not a bad idea as its Aramco IPO hit the Saudi market just yesterday in the biggest IPO ever at $25.6 billion.)
According to CNBC, things got a little heated at the Vienna meeting with Saudi Arabia insisting Irag and Nigeria, in particular, comply with production cuts.
Why cuts? “The energy alliance was prompted to act after global oil prices tumbled in mid-2014 due to an oversupply,” CNBC says. That glut of oil due to U.S. production.
CNBC says: “[The U.S.] produces more oil than Saudi Arabia and Russia now, although there are signs that production growth is slowing in the States.”
So with unstable oil production, the ongoing U.S.-China trade war and Russia and friends trying to unpeg the petrodollar — oil’s price should remain choppy going into 2020.
Market Rundown for Friday, Dec. 6, 2019
S&P 500 futures up 5 points to 3,123.
Oil’s down 30 cents to $58.13 for a barrel of WTI.
Gold’s lost $2.40 to $1,480.70 per ounce.
Bitcoin is down $30.51 to $7,416.40.
We’ll talk Monday (but check out Saturday’s most-read issue of the week). Have a great weekend.
For the Rundown,