Live oil prices: https://oilprice.com/
The benchmark WTI crude is trading above $70 a barrel for the first time since November 2014. Oil is the the world's most important commodity and is a big driver of inflation.
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Live oil prices: https://oilprice.com/
The benchmark WTI crude is trading above $70 a barrel for the first time since November 2014. Oil is the the world's most important commodity and is a big driver of inflation.
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The end of the world is nigh. The death planet Nibiru is sucking all our oil up.
Getting back to inflation, this time the UK variety, cumulatively since 2009 CPI rose 26.2%. It rose significantly more measured in the broader RPI index. Obviously, those whose income failed to keep pace with inflation have become poorer in real terms.
The pound and all other currencies are supposed to be a means of exchange and a store of value, but absent of very brief periods of deflation their purchasing power constantly erode.
The days of empire are well and truly over, and the EU has had it's day. Look east to see where the new powers are emerging.Quote:
Originally Posted by Organ Morgan.
East, West, it matters not when it comes to draining the purchasing power of their citizens' money via inflation because all have fiat currencies that are backed by nothing.
In Argentina, where the official inflation rate stands at 25%, they raised the base rate three times in a week from 27.5% to 40%. In nearby Venezuela their inflation rate is increasing daily by, believe it or not, 270% every fecking day! Iran's rial is in the early stages of going the same way. Citizens there risk being shot if they have the temerity to hold the equivalent of $10,000 US dollars or more in any other currency. People mistakenly believe similar couldn't happen here.
Socialist heaven, Venezuela.
I changed my car 6 months ago from Diesel to Petrol, would have gotten the same car but beginning to think I should have hedged with diesel again, another 20 years min left in it yet I would guess. Government isn't being clear with their policy :shrug:
It's 3200 miles between Caracas and Buenos Aires as the crow flies. By comparison its 2400 miles from London to Timbuktu.Quote:
Originally Posted by Organ Morgan.
I'm forever reading about everyday life in Venezuela. What I haven't been able to discover is how the state manages to command the loyalty of its muscle when annual inflation's running at an estimated 39,000% and the economy's reverted to barter. I'm assuming the army and police have become wholly corrupt and rob whatever they can from the citizenry, but there must be slim pickings to be had these days.Quote:
Originally Posted by Nick
I know they're in the same continent and that's good enough for me, so there.Quote:
Originally Posted by cyril evans awaydays
Boris is in the USA as we speak, he'll sort it.
Some news relating to subjects touched in this thread. There was a Bloomberg story yesterday that said huge numbers of the Venezuelan military have deserted, so many that the imminent polls there are in danger as security cannot be guaranteed. Argentina has rushed with a begging bowl in hand to the IMF for a $30B loan. Oil price has thus far jumped 3% since Trump's Iran deal announcement yesterday.
Stay at home , ride a bike ,buy an allotment ,brew your own beer , live the real socialist dream .
Forget all these capitalist dreams and tools ,its only making one angry ,and full of hatred, of the western capitalist world .
Heating up in Syria as Israel launched a bombing blitz overnight.
Israel strikes Iranian targets in Syria in response to rocket fire: http://www.bbc.co.uk/news/world-middle-east-44063022
Next Monday marks the 70th anniversary of the foundation of Israel, and the next day is the start of this year's month of Ramadan. Are we a matter of days away from it all kicking off? Fill those petrol tanks up.
I note USA sanctions are not effecting Irans oil.
It seems weird filling our tanks, to arm others to kiĺl and mame.
Iran's oil has been keeping the price down since their sanctions ended hasn't it?
I know a few who have lost their jobs in that industry as exploration and drilling become uneconomical.
Who gains if Iran becomes a pariah state again? At a guess, our friends the Saudis, the Russians and I'm sure Israel wouldn't be displeased about it either.
Wouldn't it be nice if Israel stopped aggression and got rid of it weapons In a voluntary way .
Forecasts were set at $65 average at the beginning of the year, revised to $75 and now looks like they'll be revisiting these estimates again if the growth continues. Over 10% jump in the last month, but the market especially on Brent is choppy.