Reading this CNBC article it says that oil is directly connected to the banking industries profitability. With oil trading in negative territory the oil industry is getting more and more in debt every day. Banks are in deep debt and highly leveraged. This combined with the housing industry, retail and other industries collapsing means the banks will be not be getting paid by their borrowers. The indicated time frame for the banking collapse is three to four weeks.
When the banks collapse they will need a multi-trillion dollar bail out from not only the USA, but China and the European Union as well. This may cause tensions between the nations in regards to who is going to put in their fair share. The infighting may last up to a month before anything gets done. This means we'll have a month of chaos. During this month expect to see rioting, confusion and complete economic collapse.
The US dollar will have to be detached from oil. In order to do this the only other way will be complete control over people. This will be done through mass surveillance and other methods. People will be the new currency. The government will have to attach it's new currency to people and it's faith in itself to maintain society.
Start buying a few items you can barter with now. I recommend hard alcohol.
"Banks are intimately linked to oil," he said in March.
"Will we hit -$100/bbl next month?" Mizuho analyst Paul Sankey wrote in a note on Tuesday, to which he answered, "quite possibly." "The physical reality of oil is that it is difficult to handle, volatile, potentially polluting, and actually useless without a refinery," he added.
Meanwhile Goldman Sachs believes that global storage capacity could be full within 3-4 weeks, which "will likely create substantial volatility with more spikes to the downside until supply finally equals demand."
If the June contract does dip to zero it will be a much more dire sign, Brazile said, than what happened this week, as it will show that the "supply demand balance in the United States is "completely out of whack."
>Banks are in deep debt and highly leveraged Deep in debt, no.
Highly leveraged, yes. However the Fed already addressed reserves policy to prevent failures. Our banks will be fine. China’s may not.
t. Banker
Ian Ramirez
>When the banks collapse they will need a multi-trillion dollar bail out from not only the USA, but China and the European Union as well only taxpayers can pay bailout their companies. I don't think EU or China would be willing to just give the money. They're likely gonna lend it to you. That or you're going with the IMF or WB. Either way, you're paying
>They didn't wreck their economy as badly as you They’re the ones who got stuck with the negative oil contracts a week ago. The Bank of China lost hundreds of billions.
Daniel Davis
This is the controlled collapse leading us to FedCoin.
Isaac Baker
Not in America. We don’t pay debts. We just use MMT now.
Christian Scott
american tax dollars hardly pay for any of america's vast expenses let alone bailouts >he forgot about the machine that just goes brrrrrrr
Justin Thomas
They're just repossess the assets. free oil company for me
>MMT yeah dude, you don't impress me with your neolib shit. tax payers are gonna pay, if not ask them about the 2008 bailout, 'cause this is gonna be bigger
Nathaniel Cook
And that German finance minister or whatever who killed himself like a month ago.
Isaac Gomez
Unemployment would be cut way before that happens. I’m making 1500 a week just from it
Aaron Garcia
Better start making some red dread wojaks to mine salt from /biz
Well we certainly live in interesting times, can't wait for money to be useless.
Dominic Howard
We are all going to have to suck dick for a living. All of us. Everybody.
Sebastian Rivera
Cry moar bitch. Your tears are tasty.
Thomas Cook
>St.Louis financial stress data Dude you artificially inflated your economy by buying debt. How much of your GDP is gonna go to pay that? How much is gonna be cut from public spending?
Aaron Gonzalez
When to atm this weekend. Withdrew max cash. The cash was brand new 20s. Still stunk of ink. I guess they don't want corona spreading through cash.
Dominic Cruz
>tax payers are gonna pay
money isn't real; there's nothing to "pay" we print all the money we want, we'll never hit inflation because we're the gods of this planet and we hold everyone hostage, i.e. either our money is worth something regardless of how much we brrrrr the money printers or the entire world economy collapses and every western government along with it so brrrrrr those money printers and let's live like kings
Angel Perry
yeah, like flooding the market with dollars won't cause a inflation. I know how this works dude.
This they can replace 1trillion dollar bills with new $10 bills that are worth the same
Brayden Williams
MMT doesn't work like that. It's limited by real world productive capacity -- which is limited in the US. So if the military isn't a viable way to force productive nations to hand over their surplus, printing the money doesn't do much.
You've been doing it your entire life, why complain now?
Julian Scott
I got them too. Had to crumple them up because they were so new that they stuck together and I thought I got stiffed.
Jonathan Ortiz
Holy fuck chill out on reading ZeroHedge. But yes if oil goes negative a few more times shit gets real fucked.
Wyatt King
>we we we
No there is no we. They print the money, they buy the airlines, the factories, the mom and pop shops and the farms. Then and only then the dollar goes boom and "we" become serfs and blame ourselves.
Julian Williams
>like flooding the market with dollars won't cause a inflation. that's what you'd think, but after all the brrrrrring recently and there's signs that we're more likely heading toward deflation instead, lmao one thing you can count on in economics is that absolutely no one has any fucking clue what's going on in the sense of a proper theoretical understanding.
no need since we won't see inflation or hyperinflation. it's truly magical stuff
i think you're putting too much faith in the classical framework as it was understood. i think there's enough evidence now to suggest that it's perfectly fine to have an economy that's completely ephemeral when you're the only big dog in the world
Grayson Richardson
Petroleum will bounce back first.
Elijah Hill
look, you're a fucking banker, of course you don't give a shit and are gonna be fine. but the millions without a job are gonna be paying for your shit.
>The US dollar will have to be detached from oil. Happened on the 27th of March. Federal reserve was officially siezed and put under the direct control of the Treasury Department.
I'm not putting too much faith in the classical framework. You can't just print a thorium reactor into existence. You print up money and give it to people to spend on already existing agricultural produce. You can't print 15 points of IQ. The US is very clearly not a big dog for the exact same reasons Mexico and Nigeria aren't, either.
