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Not Just Oil: Guess What Happened The Last Time Commodity Prices Crashed Like This?…

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Financial Crisis - Public DomainIt isn’t just the price of oil that is collapsing.  The last time commodity prices were this low was during the immediate aftermath of the last financial crisis.  The Bloomberg Commodity Index fell to 110.4571 on Monday – the lowest that it has been since April 2009.  Just like junk bonds, industrial commodities are a very reliable leading indicator.  In other words, prices for industrial commodities usually start to move in a particular direction before the overall economy does.  We witnessed this in the summer of 2008 when a crash in commodity prices preceded the financial crisis in the fall by a couple of months.  And right now, we are witnessing what may be another major collapse in commodity prices.  In recent weeks, the price of copper has declined substantially.  So has the price of iron ore.  So has the price of nickel.  So has the price of aluminum.  You get the idea.  So this isn’t just about oil.  This is a broad-based commodity decline, and if it continues it is really bad news for the U.S. economy.

Of course most Americans would much rather read news stories about Kim Kardashian, but what is happening to the prices of these industrial metals at the moment is actually far more important to their daily lives.  For example, when the price of iron ore goes down that is a strong indication that economic activity is slowing down.  And that is why it is so troubling that the price of iron ore has almost sunk to a five year low.  The following comes from an Australian news source

The price of iron ore has held below $US70 a tonne in overnight trade, leaving its five-year low within reach.

At the end of the latest offshore session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US69.40 a tonne, down 0.4 per cent from its previous close of $US69.70 a tonne and only 2 per cent above the five-year low of $US68 reached a fortnight ago.

This week’s dip back under $US70 a tonne has followed revised forecasts from JPMorgan that suggest the commodity will average just $US67 a tonne next year, about $US20 below the investment bank’s previous expectation.

Copper is probably an even better economic indicator than iron ore is.  Economists commonly refer to it as “Dr. Copper”, and there is a really good reason for that.  Looking back over history, the price of copper often makes a significant move in one direction or the other before the economy does.  And now that the price of copper just hit the lowest level that we have seen since the last financial crash, alarm bells are going off.  The following comes from an article by CNBC contributor Ron Insana

Copper prices are now below $3 a pound and there’s an expression that “the economy is topped with a copper roof.” More simply put, copper tends to top out in price, before it becomes obvious that, in this case, the global economy is about to weaken.

So is the global economy heading for rough waters?

Could 2015 be a very rough year economically?

According to Insana, the signs are all around us…

We already have evidence that the commodity crash has ominous portents for the rest of the world:

* Japan’s recession is deeper than previously thought.

* China’s demand for basic materials, amid a glut of uneconomic construction projects, appears to be plummeting.

* Russia’s ruble has collapsed and the country is on the brink, if not already in, a recession.

* India’s economic recovery is beginning to look shaky.

* Europe’s growth rate and inflation rate, for the next two years, were just revised downward by the European Central Bank, suggesting that Europe’s economic crisis is far from over. In fact, at least one former European leader with whom I recently spoke, believes the crisis in Europe may just be in its early stages.

* Brazil and other emerging market nations are struggling with a variety of issues, from recessions at home, to the rising value of the dollar, which is complicating how emerging markets conduct economic policies at home, given how closely their currencies are tied to the greenback.

In addition, the Baltic Dry Index is now at the lowest point that we have seen at this time of the year since 2008

Simply put, with collapsing commodity prices (iron ore for instance) and massive fleets of credit-driven mal-investment-based vessels, it should surprise no one that the shipping index just plunged back below 1000, now at its lowest for this time of year since 2008. Furthermore, the seasonal bounce always seen in Q3 was among the weakest ever.

What does all of this mean?

It is commonly said that those that do not learn from history are doomed to repeat it.

So many of the exact same patterns that we witnessed leading up to the financial crash of 2008 are happening again.

Unfortunately, very few people saw the last crash coming, and this next crash will take most Americans by surprise as well.

I have written more than 1,200 articles about the economy on my website since 2009, and right now our financial system is more primed for a crash than at any other time since I started The Economic Collapse Blog.

Hopefully we have at least a couple more months of relative stability, but without a doubt 2015 is shaping up to be the most “interesting” year that we have seen in the financial world in a very long time.

All of the signs are there.  But most people choose to believe that everything is going to be okay somehow.  When the next crash comes, those people are going to be absolutely blindsided by it.

When you see storm clouds on the horizon, the logical thing to do is to prepare.  And the number one thing that most people should be working on is an emergency fund.  So don’t be frittering your money away on frivolous things.  In the early stages of this next crisis, you are going to need money to pay the mortgage, to put food on the table and to take care of your family.

Just remember what happened back in 2008.  A lot of middle class families were living on the financial edge every month, and because they didn’t have any cushion to fall back on, millions of those families ended up losing their homes when their jobs disappeared.

You need to have an emergency fund that can cover at least six months of expenses.  You don’t want a job loss or a major emergency to put you into a situation where your family could be put out into the street.

And for those that still have lots of money invested in the stock market – I really hope that you know what you are doing.

The market giveth, and the market taketh away.

And when the market taketh away, the consequences can often be exceedingly cruel.

 

  • Ultimately we need significant deflation, not inflation, in order to make up for the massive amounts of savings effectively stolen from workers by the banks when they expanded the money supply. Inflation is one tool in the banksters’ arsenal for making working people work harder than they should for less than they deserve. If anything the Treasury should take over control of the currency and create it free of debt, creating an amount such that with growth real value of the currency increases. After about a 10% deflation from current values, a zero-inflation policy should be pursued.

    • T.

      The U.S. Treasury Department is OWNED. The U.S. Executive Branch is OWNED. The U.S. Congress is OWNED. The U.S. Economy is a “House of Cards”. The U.S. Financial System is a “Ponzi” scheme. All 5 are run by the Wall Street Banksters. In 2015 – They plan to bring it all down.

      • Alwaystomorrow

        Are you sure it might not be in 2016, 2017, 2018……

        • T.

          POSITIVE.

          • Alwaystomorrow

            Narrowing it down to a specific year is the works of an omnipotent genius. Thanks for the information. Please, if you can, tell me if it will be in the first or second half of the year.

          • T.

            I’m no genius and certainly not omnipotent. There are some credible people out there (3 in particular) that I know of and have followed their work for months and even years – That are saying the same thing. The Big collapse will be in the 2nd half of 2015. For mere mortals like me and you who are looking for clues and indications as to when this “House of Cards” will come crashing down AND taken with all the Other body of evidence – This is my belief. I do feel strongly though that that will be the time frame. God bless

          • Mike Smithy

            As of 2:40 PM (EST) the DOW is down 268 points. Did Janet Yellen’s plunge protection team take the day off?

        • Jen

          Exactly. It’s always next month or next year!!! Lol

        • The system is inherently based on unstable underpinnings like perpetual growth, suburbanization, etc. which are designed to perpetuate banker power in exchange for the people getting a few illusory rights. Debating when it is going to collapse is pointless, since the collapse is already occurring in slow motion and will take place as a series of crashes and incomplete recoveries, not as a single apocalyptic event.

      • T.

        EVERYONE – Please go on the web to goldseek . com and read today’s 12-10-14 article by Bill Holter titled: Loss of Control. This is the best explanation you will hear or read Anywhere.

  • Richard

    A stunningly good article, Michael. You have REALLY arrived. Gone are all the silly rhetorical questions, emotive words, repetitive words and phrases, tear-jerker expression. In their place is a rivetingly informative article, clearly and meticulously laid out in sober and clear language. I don’t know if, over the years, I have had anything to do with it. I have been very hard on you, as you well know. But if I have had any influence at all, I am proud to have been associated with your ‘arrival’ on the scene of the cream of the crop of fine American reporters.
    Congratulations! Please, please keep it up. Others will, of course, criticize me for writing this but just ignore them. I have only your best interests at heart. And you are doing a fine job!

    • Mike

      Get over yourself.

      • Guest

        For real.

      • Richard

        If you’ll get out of the way!

    • falconcity

      You are a nut. LOL.

    • K2

      Dont you think current economic circumstances might have also contributed to the change in tone in his articles?

      • Hot Rain

        Yes, any this is my last response on this blog due to moderation. Too many deleted without justification…

  • Mike Smithy

    Undoubtedly the the banksters are getting desperate knowing that their Keynesian shenanigans and monetary manipulations have failed. Like all sociopaths, they will likely double-down on their ill conceived behaviors. When they start throwing fiat currency from helicopters to stimulate demand, it’s the end of the road.

  • tianamen 2

    will china be able to avoid civil war,who knows.the junta in Beijing preppin for some nasty unrest,might be good time for foreigners to bug out while the buggin good.their economy is falling apart fast

    • Mike Smithy

      Where does one go to escape the impending carnage. I fear the USA might be heading for civil war 2.0 in the not too distant future.

      • Phil from Germany

        A second civil war , who against whom. The population against the Government ?

        • Cluez Jones

          Just basic anarchy (population against government, black v white, haves v have nots, etc).

      • GSOB

        Psalm 91:1-2

    • Priszilla

      It’s the other way around. China is a stable place to be when the SHTF in America.
      China’s economy still growing. With more focus on the domestic market.
      They get oil from Russia and send goods by train to Europe, bypassing all pirate trouble spots.

  • Paul

    I bought a book called “Extreme Survival” I documents steps to take when disaster strikes in the outdoors, the city, and in the home. It was only $10 at Barnes and Noble. Due to the rapid drop in commodity prices, we just might have passed a critical inflection point.

  • Paul

    Cliffs Natural Resources based in Cleveland Ohio is getting destroyed. They are an iron ore and coal mining company. Cliffs Natural Resources recently sold one of its coal mines for $150 million. However, the pre tax loss they incurred was between $375-$425 million dollars. For Q3 2014 they posted a net loss of $5.9 Billion dollars. In Q3 2013 Cliffs report a net gain of $100 Million dollars. The Cliffs example illustrates how falling commodity prices can obliterate a company.

  • Paul

    Btw great job on this article Michael.

  • we_have_one_that_can_see

    I have written more than 1,200 articles about the economy,..are you trying to tell us something?,…lol when i tell people that very difficult times are coming to american,..they look at me like i have two heads. i tell my nephews , and nieces not to waste their time, and money in college getting a business degree,.. i tell them to get a degree in a field where they will gain tangible skills that they can start a business,..dentist, doctor, nurse plumber,.auto mechanic,..they just laugh at me

    • Priszilla

      The filipino domestic helpers in hong kong all have a college business degree.

      • Hot Rain

        That deserves a Gold Star.

  • Megalon

    Good article. Michael, I visit this site all the time. I’m sure you must feel like a lone voice crying in the wilderness at times, but rest assured, your articles are helpful to a lot of people.This is one of the few places one can get a Christian viewpoint on our economy. Keep up the great work!

    • Swagato Barman Roy

      Whie some of his articles are good, and the site makes a lot of sense, that has nothing to do with your christianity, LoL…But whatever works for you.

      • Hot Rain

        Oh boy, let me get the popcorn..

    • Guest

      Guess what!
      You have NO clue what is going on in financial world and this article is same piece of sh*** as the last time. Gloom and doom BS. Smart people made fortune last time and this time will happen the same,
      So shut up.

      • Concerned Citizen

        Totally Agree. Remember EBOLA! EBOLA! we are all going to Die! Mike wrote about that for 3 weeks. Guess what, no Zombie Apocalypse. This guy has been writing alarmist articles for YEARS so he can sell add slots. This is NOT a true news site. Entertainment only.

        • T.

          Hold on. EBOLA will back NEXT month after the Christmas shopping season. The EBOLA CZAR appointed in October gave the order to the MainStreamMedia to shut up about EBOLA on hallowe’en. EBOLA CZAR Ron Klain a lawyer and a very nice Jewish man – will bring EBOLA back for all of U.S. in January. So, just hold on.

          • Mike Smithy

            I like the way you think. Whether it’s Ebola or something else, I am sure the banksters have a false flag to play out.

          • nekksys

            Wasn’t it Obama’s buddy, Rahm Emanuel, who said on national television, “Never let a crisis go to waste.”??? There’s always a false flag. Always.

          • T.

            You got it Mike.

          • jaxon64

            quit feeding the trolls…….

          • T.

            You’re right. But I could not help that one. I mean – Why appoint an Ebola Czar and then 2 weeks later All Ebola news disappears from MSM – Completely disappears. So, that one was just too obvious by TPTB.

        • alan

          While your are on the lookout for Ebola infected ISIS troops under your bed the bankers are looting the country and no notices it. Use history and project it forward. The US will not last forever as a great nation. Huge amounts of debt have consequences.

      • Phil from Germany

        Just a question. Why do you even bother with this site if its total BS ?, I think it would be better for you to stop wasting your precious time and read much more informed sites. Just saying

        • jaxon64

          Because they are being paid to come here and shill..There are some excellent articles on the net with government insiders admitting that thousands of shills are paid to disinform, redirect or otherwise try and naysay free-thinking blogs….they like their sheep compliant and docile when time for the sheering comes……

          • Guest

            You people have some serious issues.
            Go see doctor I hope it is not too late for you.

          • This is the typical “you’re off your meds” attitude used by liberals towards people, both on the left and right of the political spectrum, who are genuinely concerned with the future of the human race. Keep subscribing to Krugman capitalism, and you will find yourself and your people deeply in debt to international banks, enslaved by industrialists, and inhabiting an environmentally damaged world.

    • T.

      EVERYONE – Please go on the web to goldseek . com and read today’s article (12-10-14) by Bill Holter entitled: Loss of Control. This is the best article out there to explain what we are NOW seeing in the financial markets.

      • Joe Kleinkamp

        Read both articles you’ve pointed to, Holter’s and Stockmans. Always admired Stockman even since his days as Reagan’s fresh faced OMB. He certainly does his homework and provides indisputable documentation to back up his writing. Obviously he’s onto something substantial when he speaks of the insanity of the junk being sold to finance the volatile oil patch at 400 bps above treasuries. Hate to admit I had small positions in LINE and SRV which I unloaded recently albeit a little too late. As far as Holter’s concerned, I’ve believed for a few years that paper investments in PMs have been the tail wagging the dog keeping prices depressed far below true value. And, as he says, who would have thought this artificially supported bubble could have gone so long without exploding?

        • T.

          I agree 100%

      • Mike Smithy

        Just read it. Bill Holter nailed it. Thanks for the info.

      • GSOB

        ‘….derivatives piled on top of derivatives with collateral which in many cases no longer even exist…

        If this is true and I firmly believe it is, we are on the doorstep of the worst financial panic event in all of human history.”

        • AntonioOssa

          Not to worry, the taxpayer will bail out all the banks….again!

    • MichaelfromTheEconomicCollapse

      Thank you for those very kind words Megalon. It is very good to get some positive feedback once in a while. :)

      Michael

  • Cal Wayback

    What’s next? The Mark of the Beast?

    • Cluez Jones

      What’s next is a major military conflict. It doesn’t matter who the enemy is; we just need a war to divert attention away from the economy. Not only that, but a war will create new economic demand (for wartime related goods).

      • Mike Smithy

        When all else fails, they take our children to war. Same as it ever was.

  • DeadManFromIndia

    the problem is last time round, central banks had some weapons to fight depression. What will be the weapon to fight depression, recession this time around ? I am no economist, but interest rates are already very low and in fact ECB has put out interest rates at -0.1

    • Mike Smithy

      Right you are. The banksters are almost out of ammunition.

    • Douglas M. Green

      They could go to cashless and charge negative interest, or confiscate retirement plans, bail-ins for bank failures, etc. One way or the other, our standard of living will decline. Could be quite a few more years though. It never ceases to amaze me how they have kept the ponzi afloat already.

      • Meccaisbabylonthegreat

        Indeed. I thought about them seizing retirement accounts as well. Or…go around confiscating gold again. Either way, precisely as you said, our standard of living will decline. People who don’t pay attention to politics because, “it doesn’t effect me” are in for a rude awakening.

  • MIchael in Chicago

    Not mentioned in the article is how gold and silver are becoming a safe haven all over again. Just another sign of history repeating. During much of 2008 gold saw huge upward swings of $40+ per month. Take a look at the charts for yourself. Like I might have mentioned before gold and silver China Panda coins are a great investment now, though food and ammo should, as always be a priority.

    • Cluez Jones

      Gold and silver are important, but especially don’t forget the food and ammo!

    • HotRain

      Gold was confiscated. Bartering is illegal. Black market is illegal.
      I CAN’T BREATHE… get it?

  • Joel

    Michael, I do think that the fact that the commodities are going down is even more a bad sign than the stocks going down are. Commodities are more tangible assets acting in the real economy (iron for steel and construction, copper, gold, silver, etc for technology, wheat, rice, etc for food sustainability, and on and on) – not like stocks who have become kind of a “virtual” economy (not in phase with reality).

    Commodities are the base of a civilization growth (beside people themselves of course). This is a really bad sign considering a high commodity demanding economy like China which slows down on its buying…

    By the way, thanks for the 1200+ articles :-)

  • VegasBob

    Plunging commodity prices lend credence to the hypothesis that this entire so-called ‘economic recovery’ of the last 5-1/2 years is nothing but a statistical fraud. It has been the hoax of the century.

    Want more evidence? If you exclude the 5 oil-fracking states (Texas, Pennsylvania, Ohio, North Dakota and Louisiana) from the calculation, the remaining 45 states still have 500,000 FEWER jobs than they did in 2007, prior to the financial crisis.

    Some day historians will ask themselves how it was possible for so many people to stupidly believe all the lies from the politicians and the media about an ‘economic recovery’ that never actually existed.

  • falconcity

    I have been following your blog for years and I agree with your position in this article. The crash is on the way and I hope my fellow Americans are prepared for it.

    • Hot Rain

      You have approximately 10 years, 2025. In the meantime it will be every man for himself environment.

  • velisetremis

    I can get a fifty pound bag of rice for $40! If things go south the rice will be worth it’s weight in gold! :)

    • Priszilla

      If people go south they can grow their own rice.

    • Phil from Germany

      Rice is very long life food, if properly stored . I have more than enough of it to feed me for a while. Ever considerd making your own Pasta?, long shelf life, tastes so much better than anything you can buy, and you save alot of money if you eat alot of pasta, who doesnt ?

    • VigilanteCaregiver

      Good idea, but also add wheat, salt, and sugar. In the right containers they will last indefinitely.

  • During the last one too many unprepared people relied on the government to bail them out. Look where that got us. Get you and yours prepared financially, emotionally, spiritually, and physically.

  • Phil from Germany

    Michael, I’ve been reading this blog and others, for some time now. I agree 100% with what you are saying, however, you and likeminded people are wasting your time. The sheeple just wont listen now, in the future, or even in the depth’s of the darkest depression. Stupidity frightens me

    • Hot Rain

      Making money with a blog is not wasting time

    • MichaelfromTheEconomicCollapse

      There are always some out there that will listen.

      And I believe that what I am doing is making a difference for those people.

      And during the great darkness that is coming, there will also be great light. I pray that the Lord would allow me wife and I to be part of that great light.

      Michael

      • Ken_of_Texas

        Well Micheal,you can only save those that will listen. You can’t save them all. Keep up the good work!!

      • DB200

        Yes, I listened. At least, reading your articles accelerated my plan that I made in 2007 (i.e. become recession proof as a family).

  • john

    don’t worry world, Apple will have a new iPhone in 2015. smaller than the iPhone 6, get your cash ready. :)

  • Dajjie

    Now all these articles finally sense “a Christian viewpoint on our economy’.

  • JailBanksters

    The Central Banks just don’t want the Muppets to work out that Deflation isn’t coming, but it’s already happening. If the Muppets knew what is happening they would start dumping their Loans ASAP. That will be a massive problem for them, but if you don’t know, it’s a massive problem for the Muppets

  • XSANDIEGOCA

    Throw in the Race War the administration is going out of its way to encourage and it will be a hot time in the old town tonight when the levee breaks!

  • Brandigo

    Might explain why democrats are embracing the riots & the release of the CIA etc > Change, manipulate and control the conversation. Distract. Confuse.

    • Priszilla

      From an European perspective the Democrats stand on the right and the Republicans even farther right.

      • Mike Smithy

        One more reason to never visit Europe.

  • DJohn1

    The real problem is that the American average person has been sold down the river by this bunch of legalized thieves.
    Now, they are about to topple the entire currency.
    The only way back is we are going to have to revive a lot of the laws taken off the books in the last 20 or so years by both political parties. These laws protected the American public from what is going on right now.
    Those that do not learn from history are doomed to repeat it.
    And this is a repeat of the conditions that caused a world wide depression early in the 20th century.
    The average person does not concern themselves with these things and that is part of the problem.
    Apathy does allow people in power to do just about anything they want. Then years down the road what they have sown comes to harvest, and the harvest is usually something that hurts the average person out there on the street.
    One thing this congress and ones in the past are extremely good at is taking care of themselves. That is why they get paid what they do. That is why they have all the fringe benefits that they do.
    When and if the American public ever does wake up to what these people have done, there will be a lynching.

    • Bringing back Glass-Steagall won’t do enough. For starters, we need to bring currency origination under the control of the Treasury and forbid banks from issuing electronic, debt-backed money. The reason we are addicted to economic growth at any social, political, or environmental cost is to pay back past debts and make massive profits for wealthy shareholders. Stop banks from creating money and bring it under the control of a truly democratic government, and you have the foundation of a healthy and stable economic system.

  • Priszilla

    How does this relate to the plan of opec to desyroy America?

  • DJohn1

    In finance and appraisal, a required course every Real Estate Agent has to take after 5 years in business, it states specifically that things inflate at what is a regular rate of exchange, and that inflation is what drives the economy.
    So if you buy a house(in the 70s), it will inflate in value every year you own it. This in turn supports millage. Meaning that taxes on property go up with no one voting in new taxes every year. The average inflation rate nation wide at one point was 4.5%. This stable figure remained true through all most 50 years that I know of.
    Now in 1950, a journeyman printer made approximately $85 a week. But all the stable consumer goods were priced accordingly. As time went on, the inflation factor increased. But wages remained fairly stable and people spent those wages as inflation increased and salaries were negotiated for skilled labor in accordance with that inflation.
    I relate all of this because those factors are no longer true.
    It all comes down to the amount of money the average person makes and is able to spend for commodities that they use in their everyday life.
    We have had a devolving commodity exchange for at least the last 6 years. That commodity exchange is the true value of the American Dollar.
    Houses have gone down in value over this time and that is completely relative to the location you are in. The more out of control the price of commodities is the further down they are likely to crash.
    A year ago gasoline sold for approximately $3.85 to $4.00 a gallon. Right now that same gallon of gas sells for approximately $2.50 a gallon.
    What that means is everything else has to adjust to the cost of transportation of goods. It has gone down. So everything must cost less to produce and transport.
    So the inflation is going the other direction. That same house that sold 8 years ago for $150,000 is now selling for $108,000. That is based on the tax auditor figures for my local district. It is different everywhere and no two figures will be the same.
    What I am suggesting is that the currency is now worth more than it was 8 years ago because the commodities upon which this currency is based is different.
    The currency right now is buying more commodities per dollar than it was in 2007.
    We have had some major inflation in one area. That is the food production industry. Milk that typically went for $2.50 a year ago, is now going for $2.69-$3.00 a gallon.
    Meat has inflated in price.
    If and when the crash does occur, then there will continue to be a lowering of the cost of commodities in relationship to what people make in the way of wages.
    This will require significant changes in what has always been an inflationary economy.
    I suggest that either wages have to go up or prices have to come down. The key factor being the amount of money that people have to spend at any one time.

  • VigilanteCaregiver

    Been waiting for this: when prices are lower, I’m gonna start purchasing industrial metals at a good percentage – even if it’s scrap. My home foundry can melt, purify, and mold any of them into good quality ingots. Economy recovers, I have an investment. Economy crashes, I have raw materials for manufacturing or barter. Works out good! :)

    Should also look into getting some investment wheat, salt, and sugar…

  • Billzo

    I agree with the message of this article, however, we all realize the FED will start another round of QE when things start falling apart. They don’t know what else to do. It seems as though nothing was learned by the 2008 crisis. Here we go again. People get ready.

  • chris

    Hats off to Celente and the others who were predicting a collapse in the second half of 2014. They were close to the mark. It is either collapsing or has collapsed and reality hasn’t sunk in yet.

  • loadnup

    In 08 I had just retired with over 400k. Lost over 200k before I literally stormed my way into my brokers office and demanded what was left of my money. We were an inch away from blows
    When he finally agreed to give it to me. The saddest part is he is my son in law and it was my belief he was watching out for us. Sad but true no one watches out for you but you.

    • Do Fuss

      If you had left your $200k in the market where would you be today? And after you took it out where do you find yourself today?

  • Rubicon

    I guess they are going with plan B: Let’s release documents about the CIA torture techniques that we (government PTB)all knew was going on that way they (US sheeple) will be so distracted they won’t notice the economy is about to collapse.

    Day 3 – Commodities are still declining stocks are selling off but the top news is the CIA. Unbelievable. …

  • FortuneSeek3rz

    Can’t wait to fill up for 2 bucks a gallon. I just hope it lasts for several years!

  • Great article hopefully thats not our future Again!

  • RinNM

    The global economy is dynamic and that is obvious from reading the news daily. I’m just wondering if the downtick in commodity prices isn’t tied more to the drop in price of energy, natural gas as well as oil, and the resulting savings to producers of those commodities.

    • DB200

      No it isn’t. It is because the great Chinese economy isn’t so great. It is in a severe recession because the construction bubble has come to its end.

  • DB200

    Other signs:
    Brand new Mercedes-Benz cars offered with a 25% discount in The Netherlands.
    Brand new Audi A6 offered with a 30% discount in Germany.
    And next year, of course, the economy will pick up. Just as all the official über-hopers like IMF, ECB etc. are saying at the end of the year.

  • Reginald Jones

    This writer has no idea how the world works. Remember when he said the economy was going to collapse worldwide in 2013? He even laid out not just his beliefs, but “facts” that “proved” it? Anyone that takes this moron seriously should remove their tin foil and eat as many bullets as possible.

  • 1Bernhard2

    S&P peaked in 2007, oil in 2008. Logic: S&P was an indicator for the coming oil price collapse …and not vice versa.
    Now (2014/15) we are probably close to a peak for the
    S&P 500…but does anybody expect a peak in oil prices in 2015/16?

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