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The Financial Apocalypse Accelerates As Middle East Stocks Crash To Begin The Week

What we have seen so far is just the warm up act

It looks like it is going to be another chaotic week for global financial markets.  On Sunday, news that Iran plans to dramatically ramp up oil production sent stocks plunging all across the Middle East.  Stocks in Kuwait were down 3.1 percent, stocks in Saudi Arabia plummeted 5.4 percent, and stocks in Qatar experienced a mammoth 7 percent decline.  And of course all of this comes in the context of a much larger long-term decline for Middle Eastern stocks.  At this point, Saudi Arabian stocks are down more than 50 percent from their 2014 highs.  Needless to say, a lot of very wealthy people in Saudi Arabia are getting very nervous.  Could you imagine waking up someday and realizing that more than half of your fortune had been wiped out?  Things aren’t that bad in the U.S. quite yet, but it looks like another rough week could be ahead.  The Dow, the S&P 500 and the Nasdaq are all down at least 12 percent from their 52-week highs, and the Russell 2000 is already in bear market territory.  Hopefully this week will not be as bad as last week, but events are starting to move very rapidly now.

Much of the chaos around the globe is being driven by the price of oil.  At the end of last week the price of oil dipped below 30 dollars a barrel, and now Iran has announced plans “to add 1 million barrels to its daily crude production”

Iran could get more than five times as much cash from oil sales by year-end as the lifting of economic sanctions frees the OPEC member to boost crude exports and attract foreign investment needed to rebuild its energy industry.

The Persian Gulf nation will be able to access all of its revenue from crude sales after the U.S. and five other global powers removed sanctions on Saturday in return for Iran’s curbing its nuclear program. The fifth-biggest producer in the Organization of Petroleum Exporting Countries had been receiving only $700 million of each month’s oil earnings under an interim agreement, with the rest blocked in foreign bank accounts. Iran is striving to add 1 million barrels to its daily crude production and exports this year amid a global supply glut that has pushed prices 22 percent lower this month.

It doesn’t take a genius to figure out what this is going to do to the price of oil.

The price of oil has already fallen more than 20 percent so far in 2016, and overall it has declined by more than 70 percent since late 2014.

When the price of oil first started to fall, a lot of people out there were proclaiming that it would be really good for the U.S. economy.  But I said just the opposite.  And of course since that time we have seen an endless parade of debt downgrades, bankruptcies and job losses.  130,000 good paying energy jobs were lost in the United States in 2015 alone because of this collapse, and things just continue to get even worse.  At this point, some are even calling for the federal government to intervene.  For example, the following is an excerpt from a CNN article that was just posted entitled “Is it time to bail out the U.S. oil industry?“…

America’s once-booming oil industry is suddenly in deep financial trouble.

The epic crash in oil prices has wiped out tens of thousands of jobs, caused dozens of bankruptcies and spooked global financial markets.

The fallout is already being felt in oil-rich states like Texas, Oklahoma and North Dakota, where home foreclosure rates are spiking and economic growth is slowing.

Now there are calls in at least some corners for the federal government to come to the rescue.

Is it just me, or is all of this really starting to sound a lot like 2008?

And of course it isn’t just the U.S. that is facing troubles.  The global financial crisis that began during the second half of 2015 is rapidly accelerating, and chaos is erupting all over the planet.  The following summary of what we have been seeing in recent days comes from Doug Noland

The world has changed significantly – perhaps profoundly – over recent weeks. The Shanghai Composite has dropped 17.4%over the past month (Shenzhen down 21%). Hong Kong’s Hang Seng Index was down 8.2% over the past month, with Hang Seng Financials sinking 11.9%. WTI crude is down 26% since December 15th. Over this period, the GSCI Commodities Index sank 12.2%. The Mexican peso has declined almost 7% in a month, the Russian ruble 10% and the South African rand12%. A Friday headline from the Financial Times: “Emerging market stocks retreat to lowest since 09.”

Trouble at the “Periphery” has definitely taken a troubling turn for the worse. Hope that things were on an uptrend has confronted the reality that things are rapidly getting much worse. This week saw the Shanghai Composite sink 9.0%. Major equities indexes were hit 8.0% in Russia and 5.0% in Brazil (Petrobras down 9%). Financial stocks and levered corporations have been under pressure round the globe. The Russian ruble sank 4.0% this week, increasing y-t-d losses versus the dollar to 7.1%. The Mexican peso declined another 1.8% this week. The Polish zloty slid 2.8% on an S&P downgrade (“Tumbles Most Since 2011”). The South African rand declined 3.0% (down 7.9% y-t-d). The yen added 0.2% this week, increasing 2016 gains to 3.0%. With the yen up almost 4% versus the dollar over the past month, so-called yen “carry trades” are turning increasingly problematic.

Closer to home, the crisis in Puerto Rico continues to spiral out of control.  The following is an excerpt from a letter that Treasury Secretary Jack Lew sent to Congress on Friday

Although there are many ways this crisis could escalate further, it is clear that Puerto Rico is already in the midst of an economic collapse

Puerto Rico is already in default. It is shifting funds from one creditor to pay another and has stopped payment altogether on several of its debts. As predicted, creditors are filing lawsuits. The Government Development Bank, which provides critical banking and fiscal services to the central government, only avoided depleting its liquidity by halting lending activity and sweeping in additional deposits from other Puerto Rico governmental entities. A large debt payment of $400 million is due on May 1, and a broader set of payments are due at the end of June.

It isn’t Michael Snyder from The Economic Collapse Blog that is saying that Puerto Rico is “in the midst of an economic collapse”.

That is the Secretary of the U.S. Treasury that is saying it.

Those that have been eagerly anticipating a financial apocalypse are going to get what they have been waiting for.

Right now we are about halfway through January, and this is the worst start to a year for stocks ever.  The Dow is down a total of 1,437 points since the beginning of 2016, and more than 15 trillion dollars of stock market wealth has been wiped out globally since last June.

Unfortunately, there are still a lot of people out there that are in denial.

There are a lot of people that still believe that this is just a temporary bump in the road and that things will return to “normal” very soon.

They don’t understand that this is just the beginning.  What we have seen so far is just the warm up act, and much, much worse is yet to come.

Bilderberg 2015: Full Attendee List & Agenda

Elitist confab to discuss artificial intelligence
Bilderberg 2015: Full Attendee List & Agenda

by Infowars.com | June 8, 2015


The official Bilderberg Group website has released the full attendee list and agenda for this year’s conference. As ever, the list of topics to be discussed is so vague as to almost be meaningless. Infowars will have full coverage of Bilderberg’s detailed agenda later today and for the rest of the week.

63rd Bilderberg conference to take place from 11 – 14 June 2015 in Telfs-Buchen, Austria.

Telfs-Buchen, 8 June 2015 – The 63rd  Bilderberg conference is set to take place from 11 – 14 June 2015 in Telfs-Buchen, Austria. A total of around 140 participants from 22 countries have confirmed their attendance. As ever, a diverse group of political leaders and experts from industry, finance, academia and the media have been invited. The list of participants is available on www.bilderbergmeetings.org

The key topics for discussion this year include:

  • Artificial Intelligence
  • Cyber-security
  • Chemical Weapons Threats
  • Current Economic Issues
  • European Strategy
  • Globalization
  • Greece
  • Iran
  • Middle East
  • NATO
  • Russia
  • Terrorism
  • United Kingdom
  • USA
  • US Elections

Founded in 1954, the Bilderberg conference is an annual meeting designed to foster dialogue between Europe and North America. Every year, between 120-150 political leaders and experts from industry, finance, academia and the media are invited to take part in the conference. About two thirds of the participants come from Europe and the rest from North America; approximately one third from politics and government and the rest from other fields.

The conference is a forum for informal discussions about major issues facing the world. The meetings are held under the Chatham House Rule, which states that participants are free to use the information received, but neither the identity nor the affiliation of the speaker(s) nor of any other participant may be revealed.

Thanks to the private nature of the conference, the participants are not bound by the conventions of their office or by pre-agreed positions. As such, they can take time to listen, reflect and gather insights. There is no desired outcome, no minutes are taken and no report is written. Furthermore, no resolutions are proposed, no votes are taken, and no policy statements are issued.

Telfs-Buchen, Austria 11 – 14 June 2015

Final list of Participants

Chairman

Castries, Henri de Chairman and CEO, AXA Group FRA
Achleitner, Paul M. Chairman of the Supervisory Board, Deutsche Bank AG DEU
Agius, Marcus Non-Executive Chairman, PA Consulting Group GBR
Ahrenkiel, Thomas Director, Danish Intelligence Service (DDIS) DNK
Allen, John R. Special Presidential Envoy for the Global Coalition to Counter ISIL, US Department of State USA
Altman, Roger C. Executive Chairman, Evercore USA
Applebaum, Anne Director of Transitions Forum, Legatum Institute POL
Apunen, Matti Director, Finnish Business and Policy Forum EVA FIN
Baird, Zoë CEO and President, Markle Foundation USA
Balls, Edward M. Former Shadow Chancellor of the Exchequer GBR
Balsemão, Francisco Pinto Chairman, Impresa SGPS PRT
Barroso, José M. Durão Former President of the European Commission PRT
Baverez, Nicolas Partner, Gibson, Dunn & Crutcher LLP FRA
Benko, René Founder, SIGNA Holding GmbH AUT
Bernabè, Franco Chairman, FB Group SRL ITA
Beurden, Ben van CEO, Royal Dutch Shell plc NLD
Bigorgne, Laurent Director, Institut Montaigne FRA
Boone, Laurence Special Adviser on Financial and Economic Affairs to the President FRA
Botín, Ana P. Chairman, Banco Santander ESP
Brandtzæg, Svein Richard President and CEO, Norsk Hydro ASA NOR
Bronner, Oscar Publisher, Standard Verlagsgesellschaft AUT
Burns, William President, Carnegie Endowment for International Peace USA
Calvar, Patrick Director General, DGSI FRA
Castries, Henri de Chairman, Bilderberg Meetings; Chairman and CEO, AXA Group FRA
Cebrián, Juan Luis Executive Chairman, Grupo PRISA ESP
Clark, W. Edmund Retired Executive, TD Bank Group CAN
Coeuré, Benoît Member of the Executive Board, European Central Bank INT
Coyne, Andrew Editor, Editorials and Comment, National Post CAN
Damberg, Mikael L. Minister for Enterprise and Innovation SWE
De Gucht, Karel Former EU Trade Commissioner, State Minister BEL
Dijsselbloem, Jeroen Minister of Finance NLD
Donilon, Thomas E. Former U.S. National Security Advisor; Partner and Vice Chair, O’Melveny & Myers LLP USA
Döpfner, Mathias CEO, Axel Springer SE DEU
Dowling, Ann President, Royal Academy of Engineering GBR
Dugan, Regina Vice President for Engineering, Advanced Technology and Projects, Google USA
Eilertsen, Trine Political Editor, Aftenposten NOR
Eldrup, Merete CEO, TV 2 Danmark A/S DNK
Elkann, John Chairman and CEO, EXOR; Chairman, Fiat Chrysler Automobiles ITA
Enders, Thomas CEO, Airbus Group DEU
Erdoes, Mary CEO, JP Morgan Asset Management USA
Fairhead, Rona Chairman, BBC Trust GBR
Federspiel, Ulrik Executive Vice President, Haldor Topsøe A/S DNK
Feldstein, Martin S. President Emeritus, NBER;  Professor of Economics, Harvard University USA
Ferguson, Niall Professor of History, Harvard University, Gunzberg Center for European Studies USA
Fischer, Heinz Federal President AUT
Flint, Douglas J. Group Chairman, HSBC Holdings plc GBR
Franz, Christoph Chairman of the Board, F. Hoffmann-La Roche Ltd CHE
Fresco, Louise O. President and Chairman Executive Board, Wageningen University and Research Centre NLD
Griffin, Kenneth Founder and CEO, Citadel Investment Group, LLC USA
Gruber, Lilli Executive Editor and Anchor “Otto e mezzo”, La7 TV ITA
Guriev, Sergei Professor of Economics, Sciences Po RUS
Gürkaynak, Gönenç Managing Partner, ELIG Law Firm TUR
Gusenbauer, Alfred Former Chancellor of the Republic of Austria AUT
Halberstadt, Victor Professor of Economics, Leiden University NLD
Hampel, Erich Chairman, UniCredit Bank Austria AG AUT
Hassabis, Demis Vice President of Engineering, Google DeepMind GBR
Hesoun, Wolfgang CEO, Siemens Austria AUT
Hildebrand, Philipp Vice Chairman, BlackRock Inc. CHE
Hoffman, Reid Co-Founder and Executive Chairman, LinkedIn USA
Ischinger, Wolfgang Chairman, Munich Security Conference INT
Jacobs, Kenneth M. Chairman and CEO, Lazard USA
Jäkel, Julia CEO, Gruner + Jahr DEU
Johnson, James A. Chairman, Johnson Capital Partners USA
Juppé, Alain Mayor of Bordeaux, Former Prime Minister FRA
Kaeser, Joe President and CEO, Siemens AG DEU
Karp, Alex CEO, Palantir Technologies USA
Kepel, Gilles University Professor, Sciences Po FRA
Kerr, John Deputy Chairman, Scottish Power GBR
Kesici, Ilhan MP, Turkish Parliament TUR
Kissinger, Henry A. Chairman, Kissinger Associates, Inc. USA
Kleinfeld, Klaus Chairman and CEO, Alcoa USA
Knot, Klaas H.W. President, De Nederlandsche Bank NLD
Koç, Mustafa V. Chairman, Koç Holding A.S. TUR
Kogler, Konrad Director General, Directorate General for Public Security AUT
Kravis, Henry R. Co-Chairman and Co-CEO, Kohlberg Kravis Roberts & Co. USA
Kravis, Marie-Josée Senior Fellow and Vice Chair, Hudson Institute USA
Kudelski, André Chairman and CEO, Kudelski Group CHE
Lauk, Kurt President, Globe Capital Partners DEU
Lemne, Carola CEO, The Confederation of Swedish Enterprise SWE
Levey, Stuart Chief Legal Officer, HSBC Holdings plc USA
Leyen, Ursula von der Minister of Defence DEU
Leysen, Thomas Chairman of the Board of Directors, KBC Group BEL
Maher, Shiraz Senior Research Fellow, ICSR, King’s College London GBR
Markus Lassen, Christina Head of Department, Ministry of Foreign Affairs, Security Policy and Stabilisation DNK
Mathews, Jessica T. Distinguished Fellow, Carnegie Endowment for International Peace USA
Mattis, James Distinguished Visiting Fellow, Hoover Institution, Stanford University USA
Maudet, Pierre Vice-President of the State Council, Department of Security, Police and the Economy of Geneva CHE
McKay, David I. President and CEO, Royal Bank of Canada CAN
Mert, Nuray Columnist, Professor of Political Science, Istanbul University TUR
Messina, Jim CEO, The Messina Group USA
Michel, Charles Prime Minister BEL
Micklethwait, John Editor-in-Chief, Bloomberg LP USA
Minton Beddoes, Zanny Editor-in-Chief, The Economist GBR
Monti, Mario Senator-for-life; President, Bocconi University ITA
Mörttinen, Leena Executive Director, The Finnish Family Firms Association FIN
Mundie, Craig J. Principal, Mundie & Associates USA
Munroe-Blum, Heather Chairperson, Canada Pension Plan Investment Board CAN
Netherlands, H.R.H. Princess Beatrix of the NLD
O’Leary, Michael CEO, Ryanair Plc IRL
Osborne, George First Secretary of State and Chancellor of the Exchequer GBR
Özel, Soli Columnist, Haberturk Newspaper; Senior Lecturer, Kadir Has University TUR
Papalexopoulos, Dimitri Group CEO, Titan Cement Co. GRC
Pégard, Catherine President, Public Establishment of the Palace, Museum and National Estate of Versailles FRA
Perle, Richard N. Resident Fellow, American Enterprise Institute USA
Petraeus, David H. Chairman, KKR Global Institute USA
Pikrammenos, Panagiotis Honorary President of The Hellenic Council of State GRC
Reisman, Heather M. Chair and CEO, Indigo Books & Music Inc. CAN
Rocca, Gianfelice Chairman, Techint Group ITA
Roiss, Gerhard CEO, OMV Austria AUT
Rubin, Robert E. Co Chair, Council on Foreign Relations; Former Secretary of the Treasury USA
Rutte, Mark Prime Minister NLD
Sadjadpour, Karim Senior Associate, Carnegie Endowment for International Peace USA
Sánchez Pérez-Castejón, Pedro Leader, Partido Socialista Obrero Español PSOE ESP
Sawers, John Chairman and Partner, Macro Advisory Partners GBR
Sayek Böke, Selin Vice President, Republican People’s Party TUR
Schmidt, Eric E. Executive Chairman, Google Inc. USA
Scholten, Rudolf CEO, Oesterreichische Kontrollbank AG AUT
Senard, Jean-Dominique CEO, Michelin Group FRA
Sevelda, Karl CEO, Raiffeisen Bank International AG AUT
Stoltenberg, Jens Secretary General, NATO INT
Stubb, Alexander Prime Minister FIN
Suder, Katrin Deputy Minister of Defense DEU
Sutherland, Peter D. UN Special Representative; Chairman, Goldman Sachs International IRL
Svanberg, Carl-Henric Chairman, BP plc; Chairman, AB Volvo SWE
Svarva, Olaug CEO, The Government Pension Fund Norway NOR
Thiel, Peter A. President, Thiel Capital USA
Tsoukalis, Loukas President, Hellenic Foundation for European and Foreign Policy GRC
Üzümcü, Ahmet Director-General, Organisation for the Prohibition of Chemical Weapons INT
Vitorino, António M. Partner, Cuetrecasas, Concalves Pereira, RL PRT
Wallenberg, Jacob Chairman, Investor AB SWE
Weber, Vin Partner, Mercury LLC USA
Wolf, Martin H. Chief Economics Commentator, The Financial Times GBR
Wolfensohn, James D. Chairman and CEO, Wolfensohn and Company USA
Zoellick, Robert B. Chairman, Board of International Advisors, The Goldman Sachs Group USA

Jade Helm: Preparation For Huge War in the Middle East?

Drill simulates invasion of Iran, Syria

by Paul Joseph Watson | March 30, 2015