Direct quote from a friend in our business that writes one of the best weekly news pieces …..
“It’s so much nonsense that I can’t believe anybody really believes it,” announced Cheniere Energy’s CEO. And of course, he’s right. Everything’s nonsense. In Cheniere’s case, the CEO responded to claims that US natural gas will loosen Putin’s tightening grip on Europe. Cheniere’s Louisiana LNG terminal will export its first cargo in late 2015. It’ll ship 2.2bln cubic feet/day (Europe consumes 40-50bln).
Anyhow, having borrowed $2trln and sacrificed 4,486 of our brave soldiers to liberate Iraq, Shiite leaders advanced legislation enshrining Iraqi men’s inalienable right to legally rape their wives and marry off their baby daughters. Can you believe it?
And can you believe that 5yrs into a recovery, with rates at zero, unemployment at 6.7%, and the Fed committed to exiting QE, the US yield curve is bull flattening with 30yr yields dropping below 3.50%? Or that America, having devalued the dollar to dig out from under our debt pile, warned China to not devalue, just as Beijing confronts an even larger pile? Or that as prospects for a July Iranian nuclear deal look brightest, oil hit $104/barrel?
And can you believe 2yrs after receiving E200bln that’ll they’ll never repay, just extend and pretend, Greece issued E3bln of 5yr debt at 4.95%?
Or that Flight 370 remains lost?
That Blade Runner claims his innocence?
And can you believe Japanese stocks plunged 7.3% while Chinese stocks surged 3.5%? That the Nasdaq tanked 3.1%, while Brazil jumped 1.5%?
Almost appears the safest markets are those with the biggest problems, but room to ease. Can you believe it?
And can you believe the global standard for internet encryption contains a bug that allows criminals and terrorists to steal our most sensitive information? And can you believe the NSA knew, and instead of protecting us, used it to spy on us? Makes your heart bleed. Can you believe it? What nonsense.