On this, and take the oil and find a place to ship it. That is proving to be a real conundrum for these markets here. There is a company, variety of companies that do this for a living including one called valpak. It has storage barrel systems i dont know what you call it all over the world, include places in singapore, rotterdam, theyre essentially saying there is no room at the inn. Weve run out of space for the space people are looking. Sort of a doubleedged sword here. The fears in the market they have not gone away. At love oil suppliers, their concerns have not gone away. A lot of wildcatters, smaller businesses if you take exxonmobils and chevrons out of this, to lesser extent occidentals host of others theyre still feeling the pinch. Not as much as you would think. Off lows early this morning but still down appreciably. So well be looking at the forward month contract where june is the most heavily traded at the moment. So we will keep an eye on that but we will also keep an ey
Hello and welcome to cross town where all things are considered im Peter Lavelle crude collapse Global Energy markets are in disarray over production low demand and lots of storage has witnessed some prices go into negative territory and this is not just because of the pandemic this is the result of disastrous policies the Energy Market may never recover. To discuss this and more im joined by my guest Dmitri Bobbitt in moscow hes a political analyst and editor of you know smee media project and glenn hes an in oslo hes a professor at the university of southeastern norway as well as author of russias geo Economic Strategy for a greater eurasia original macross up rules in effect that means you can jump any time you want and i was appreciating lets go to oslo 1st glenn we have this pandemic ongoing and we have been in crisis in the Energy Markets and its easy to conflate the 2 and one in the Energy Situation in the markets has gotten worse as a result of this pandemic but they are very s
Constructed and theyre full of toxins but anyway well get more into that as time goes on stacy max we are going to talk to the audience out there about the ghouls of financialization now everybody in the u. S. Media and especially from the resistance sort of left were mocking trump for saying the crazy thing you know maybe we can inject disinfectants into americans in order to help them recover from coronavirus a covert 19 so while they were laughing at them the very same day they were laughing at him for saying that they announced this why didnt any will wait until the official nomination to bring in the ghouls yes thats Larry Summers advising Biden Campaign on economic recovery just a reminder that summers in 1900 World Bank Issued a memo saying that we should dump our toxic waste from the west developed nations onto the least developed nations to those who cant fight back because they dont have the you know the wealth or the sophistication to appreciates how toxic waste can ruin the
That we saw over the last few years but now were seeing the almost everything bail out and this is the way when you find out whether the person where no shorts at the poker table or when the tide went out one man who had that in a metaphor if i ever heard one i think people understand you will understand i i combine 2 of Warren Buffetts famous sayings but they imus says half the world has asked for a bailout remember 100 percent of the world cant get a bailout half of it has to pay for half of that have to be the suckers at the poker table so half the world has now asked for a bailout the i. M. F. Is saying that 100 countries have asked for some form of bailout from them about 10 percent has been given out to 10 countries anyway and they expect half the other countries to get some within the next few weeks the i. M. F. Is ready to use its full tool box and one trillion dollar fire power of lending you know i have a question for you so going back to 2008 and remember the i. M. F. Came i
And there was a lot of speculation at the time that you know the i. M. F. Was kind of greasing the skids for yet another metaphor. To cause the greek meltdown remember there was a lot of shenanigans going on Goldman Sachs cooked the books for grace that they could get into the euro under the master trading they they obliterated all the rules and regulations they got them in then greece quickly went into the garbage dump became a flaming dumpster and the i. M. F. Suddenly had a role to play it something was relevant to the yen and now here we are in 2020 and the i. M. F. Is like bailing out half the world over there i made a good job themselves of it because theyve become somebody in this world you know the i. M. F. From from being almost completely marginalized and worthless well back about 100 years ago we had this notion of communism and socialism and the workers would gain all the power and the workers would gain all the wealth but now weve discovered that nobody actually has to wor