The Oracle Report, Wednesday, April 12, 2016 – no report today.
LAST Planetary Update, from Jim Self, March 2016
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Oil and cheap credit are the engines that make the world go round. The problem is…that many large governments and corporations made forward purchases and contractual, budget agreements based on $80+ oil!
That price is now history, and the with it, the hopes of many too big to fail banks, who’ve over-extended themselves by giving insolvent shale oil companies too many loans! Many, many large oil companies(especially shale oil) are now utterly bankrupt. It’s all over but the shouting for many of them.
The only thing that has kept these companies from declaring bankruptcy has been their ability to draw up vast, cheap credit lines that mega banks have extended to them! I’ve been waiting for that credit line to end, and the newest headline yesterday suggests that day has come….and the losses to banks will be EPIC! . . . read on. . .