We wonder: just how much “more exponential” will Antichrist Communist China’s “strike chart” have to get before everyone else finally notices?
Insiders are not buying:
29 ‘Do not prostitute your daughter, to cause her to be a harlot, lest the land fall into harlotry, and the land become full of wickedness.
30 ‘You shall keep My Sabbaths and reverence My sanctuary: I am the Lord.
31 ‘Give no regard to mediums and familiar spirits; do not seek after them, to be defiled by them: I am the Lord your God.
10 The angel carried me away by the Spirit to a very large and high mountain. The angel showed me the holy city, Jerusalem. The city was coming down out of heaven from God.
11 The city was shining with the glory of God. It was shining bright like a very expensive jewel, like a jasper. It was clear as crystal.
An updated Israeli security assessment has placed the missile arsenal of Antichrist Hezbollah, the Antichrist Iranian Shi’ite terror proxy in Lebanon, as much higher than the previously thought 100,000 rockets – which was already roughly ten times more than those in Antichrist Hamas’s possession.
According to the new figures, Antichrist Hezbollah has no fewer than 150,000 rockets aimed at Israel, reports Walla on Thursday.
A majority of the missiles are short-range, but the arsenal includes a large number of the long-range variety as well, and many Iranian rockets from Antichrist Hezbollah’s backers in Tehran.
It appears that Antichrist Hezbollah is continuing to obtain ground-to-air rockets of the SA-17 and SA-22 type, as well as Yakhont (P-800 Oniks) supersonic cruise missiles, according to the assessment.
Antichrist Hezbollah has been fighting for Antichrist Iran in Syria to prop up the regime of Bashar al-Assad, in a strategic fight allowing Tehran to keep a channel open through to Antichrist Hezbollah and the Mediterranean Sea and thereby transfer weapons and expand its regional influence.
No official figures have been released regarding how high the losses Antichrist Hezbollah have suffered in Syria are, but at least 2,000 Antichrist Hezbollah terrorists are said to have died in the warfare, including senior members of the organization.
However, despite the intense fighting Antichrist Hezbollah has continued arming itself with rockets to be used against Israel. It has been acquiring short and medium range missiles from Syria, as well as long range missiles from Antichrist Iran, and has also established a fleet of attack drones.
Israel has adopted a policy of striking to prevent the transfer of advanced game-changing missiles en route to Antichrist Hezbollah. Just yesterday (Wednesday), Arab media reported an Israeli airstrike on Damascus International Airport, with reports indicating power was knocked out and flights were temporarily halted after powerful explosions were heard.
Some reports indicated the target in the alleged strike was an Iranian shipment of weapons intended for Hezbollah.
Antichrist Hezbollah has attacked Israel on numerous occasions, including a lethal cross border attack this January, and has fought two wars against the IDF in Lebanon.
Former Foreign Minister Avigdor Liberman (Yisrael Beytenu) warned late last month that Antichrist Hezbollah leader Hassan Nasrallah’s rare statement days earlier meant Antichrist Hezbollah intends to attack Israel again soon, since the fighting in Syria is reaching a potential close, as world nations press for a diplomatic solution.
The shear number of bodies suggests that a large ancient army perished on the site and the dramatic way by which they were killed, both seem to corroborate the biblical version of the Red Sea Crossing, when the army of the Egyptian Pharaoh was destroyed by the returning waters that Moses had parted.
This new find certainly proves that there was indeed an Egyptian army of large size that was destroyed by the waters of the Red Sea during the reign of King Akhenaten.
People have been spending money on personal protection, and in certain countries, many are regretting restrictions on their rights to purchase and own firearms for their homes:
Despite how hard it is to attain these weapons in countries like Austria, firearms are currently being sold there in record numbers … [a] trend fueled by the refugee crisis. According to a Czech TV report, pretty much all of the long guns in the country have been sold out for the past three weeks. One gun merchant revealed that most of the buyers are women who want to protect themselves, and those who can’t buy firearms are buying up pepper spray.
“All over Europe people now want the means to defend themselves. Self-defense is no longer a dirty word. In countries like Austria, where it is still legal to own a firearm, gun sales are at record levels.”
There have been many reports about rape incidents tied to these groups, and deep concerns about violence and confrontation. Many more are concerned over the cultural invasion that represents a destruction of traditional norms. Antichrist Sharia law has been in the crosshairs because Antichrist Muslim enclaves in Europe have been particularly reluctant to assimilate with the locals, many of whom see the trend as a threat. However, political correctness has limited official criticisms of these incidents.
A woman traveling from Budapest to Vienna, who happened to be fluent in Arabic, overheard a group males discussing raping the women who weren’t “properly dressed”:
In a show of defiance against EU lawmakers, an estimated 25,000 people joined a march to commemorate the anniversary of Poland’s return to independence after Nazi occupation during the Second World War.
Poland only joined the EU in 2004, however, many in Warsaw used the event to express rising anger with Brussels amid Europe’s ongoing migrant crisis.
A eurosceptic party recently claimed victory in the eastern European country’s elections, with Poland’s pro-EU prime minister also set to be replaced.
EU flag burned as thousands join anti-Brussels march in Poland
Protestors were photographed trampling and burning an EU flag while one group reportedly chanted: “Yesterday it was Moscow, today it’s Brussels which takes away our freedom”.
A banner held by demonstrators also featured the slogan “EU macht frei” a reference to the infamous ‘work makes you free’ gates at the Auschwitz death camp built by the Nazi’s as part of the Final Solution, which translates from German as ‘EU makes you free’.
Despite clashes at previous marches in recent years and the deployment of several thousand riot police, the protest went off peacefully.
Merkel’s former friends are gradually becoming her major opponents. The German Chancellor is not only losing power over the refugee crisis in Europe, but she is also unable to manage her own government, German magazine Der Spiegel wrote.
German ministers are no longer trying to reach a compromise with German Chancellor Angela Merkel and are starting to act behind the scenes.
After declaring an open door policy to Syrian refugees in August, prompting the biggest mass movement of refuges since the Second World War, Merkel effectively ripped up two major tenets of the Europe Union: the Schengen Agreement and the Dublin Rules.
The Schengen Agreement was brought in to allow for borderless movement within the countries in the Schengen area — excluding, famously, the UK and Ireland. However, it was negotiated at a time when no one had considered the effect of complete unrest in North Africa and the Middle East, with the Arab Spring and conflicts in Turkey, Syria, Iraq and Afghanistan leading to a mass movement of people into Europe.
Although Merkel is pro-Schengen, her country did in fact break the Schengen Agreement by imposing temporary border controls. Moreover, she broke the Dublin rules — that say asylum seekers should be processed at the county of entry into Schengen — by insisting refugees could make their way to Germany and be processed there.
Sweden has announced the introduction of temporary border checks to control the flow of migrants into the country. It said it took the step because a surge in new arrivals had resulted in a threat to public order.
At a summit in Malta, EU Council President Donald Tusk said that saving the EU’s Schengen rules on free movement was a “race against time”.
The EU has agreed to a €1.8bn (£1.3bn) fund to help Africa tackle “the root causes of irregular migration”.
But some African leaders have already criticised the sum being offered as insufficient.
Some 150,000 people from African countries such as Eritrea, Nigeria and Somalia have crossed the Mediterranean from Africa this year, but this has been dwarfed by the arrival of some 650,000 people – mostly Syrians – via Turkey and Greece.
Tensions in the EU have been rising because of the pressures faced by those countries where most migrants initially arrive, particularly Greece, Italy and Hungary. Many then head to Germany or Sweden – the two nations regarded as the most welcoming to refugees – to claim asylum.
Mr Tusk said recent developments in Sweden, Germany, Slovenia and elsewhere had shown “with utmost clarity the huge pressure member states are facing”.
Sweden said the temporary controls came into effect at midday local time on Thursday and will last initially for 10 days.
Nearly 200,000 migrants are expected to arrive in Sweden this year, more per head of population than any other EU nation.
“This is not an issue for one or two or three countries – this is an issue for the whole European Union,” Swedish Prime Minister Stefan Lofven said at the Malta talks. “We need another system – that is obvious.”
One thing that became abundantly clear after Alexis Tsipras sold out the Greek referendum “no” back in the summer after a weekend of “mental waterboarding” in Brussels was that the public’s perception of the once “revolutionary” leader would never be the same. And make no mistake, that’s exactly what Berlin, Brussels, and the IMF wanted.
By turning the screws on the Greek banking sector and bringing the country to the brink of ruin, the troika indicated its willingness to “punish” recalcitrant politicians who pursue anti-austerity policies. On the one hand, countries have an obligation to pay back what they owe, but on the other, the subversion of the democratic process by using the purse string to effect political change is a rather disconcerting phenomenon and we expect we’ll see it again with regard to the Socialists in Portugal.
After a month of infighting within Syriza Tsipras did manage to consolidate the party and win a snap election but he’s not the man he was – or at least not outwardly. He’s obligated to still to the draconian terms of the bailout and that means he is a shadow of his former self ideologically. As we’ve said before, that doesn’t bode well for societal stability.
On Thursday, we get the first shot across the social upheaval bow as the same voters who once came out in force to champion Tsipras and Syriza are staging massive protests and walkouts. Here’s Bloomberg:
As Greek workers took to the streets in protest on Thursday, Alexis Tsipras was for the first time on the other side of the divide.
Unions — a key support base for the prime minister’s Syriza party — chanted in rallies held in Athens the same slogans Tsipras once used against opponents. Doctors and pharmacists joined port workers, civil servants and Athens metro staff in Greece’s first general strike since he took office in January, bringing the country to a standstill for 24 hours.
Greece’s biggest unions, ADEDY and GSEE, are holding marches accusing Tsipras of bowing to creditors and imposing measures that “perpetuate the dark ages for workers,” as the country’s statistical agency released data showing that 1.18 million Greeks, or 24.6 percent of the workforce, remained unemployed in August.
The former firebrand opponent of bailouts was catapulted to power this year on a promise to end austerity, only to capitulate to creditors’ demands after the freezing of aid from the euro area brought the country’s financial system to the brink of collapse, forcing Tsipras to impose capital controls.
Even more belt-tightening will be required before Europe’s most indebted state gains access to additional emergency loans to cover its budget needs next year, and creditors agree to ease its debt burden. The GSEE union of private sector workers says those measures will bring “punitive austerity, poverty and impoverishment,” to a country where a quarter of the workforce is already without a job.
“There’s a risk of social explosion, as pension cuts and tax hikes loom,” said Sotiria Theodoropoulou, a senior researcher at the European Trade Union Institute in Brussels. “Last summer’s shock took a toll on many sectors, and it’s difficult to see where growth will come from.”
Amusingly, Syriza supports the strikes against its own policies (via The Telegraph):
The party’s department that deals with labor policy called for mass participation in the walk-out to protest “the neoliberal policies and the blackmail from financial and political centers within and outside Greece.”
And more from The Guardian:
Schools, hospitals, banks, museums, archaeological sites, pharmacies and public services will all be hit by the 24-hour walkout. Flights will also be disrupted, ferries stuck in ports and news broadcasts stopped as staff walk off the job.
“We are expecting a huge turnout,” Petros Constantinou, a prominent member of the anti-capitalist left group Antarsya told the Guardian. “This is a government under dual pressure from creditors above and the people below and our rage will be relentless. It will know no bounds.”
“Syriza may now be trying to save its soul but it has gone back on all its promises,” said Kalomoiris, a life-long leftist who joined a rebel group, Popular Unity, formed by Syriza dissidents when Tsipras signed up to the bailout in July.
“In this country a graduate starts off in the public sector with a salary of €775 a month, or €9,300 a year, and we are being told that wages will be frozen for the next decade and that every tax imaginable will be increased. How will people make ends meet? It has got to the point where a social explosion is inevitable and it will come sooner rather than later.”
Finally, from CBC:
Greek workers stayed at home on Thursday to protest austerity measures, in the biggest domestic challenge to Alexis Tsipras’s government since he was re-elected in September on a promise to cushion the impact of years of economic hardship.
Public transport was severely disrupted Thursday, with the Athens metro not running, bus and trolley routes reduced and ferries tied up in port. The strike shut down museums, schools and pharmacies, while state hospitals were functioning with emergency staff.
More than a dozen domestic flights were cancelled, while journalists also walked off the job, pulling news bulletins off the air except to report strike news.
Here, apparently, is what the beginning of a “social explosion” looks like:
So besides the obvious lack of actual wholesale production cuts as beggar thy higher-cost neighbor strategies are unleashed among the copper miners, did something else cause the latest overnight breakdown in prices?
The answer is yes, and it comes from a Goldman report titled simply enough “Copper poised to move even lower.”
When an investor buys an annuity or another retirement product from an insurance or mutual fund company, the contract is constant and enforceable through the United States court system.
When a United States taxpayer is forced to pay for a government backed retirement system such as the Old-Age, Survivors, and Disability Insurance program (OASDI) – also known as Social Security – the “contract” can be, and is, changed on a regular basis by the United States government, and those changes are generally not to the benefit of the taxpayer.
Participation in the Social Security system became compulsory in 1935 and the first monthly retirement checks were issued in 1940. The first monthly check was issued to Ida May Fuller of Ludlow, Vermont. She had paid approximately $25 into the Social Security system and received over $22,000 in benefits from the system due to living to 100 years of age. The other early retirees of the Social Security system on average also did very well. Retirees in 1977 are estimated to have received seven times what they paid into the Social Security system. Retirees entering the program as recipients today will probably receive a negative return on their “investment.”
The “Primary Insurance Amount”
The way that Social Security benefits are calculated is complicated, and can, of course, be modified at any time.
The amount of monthly income a Social Security enrollee receives is called the Primary Insurance Amount. The current Primary Insurance Amount (PIA) benefit formula was created in 1979 and is based on two “bend points.”
For an individual who first becomes eligible for old-age insurance benefits or disability insurance benefits in 2015, his PIA will be the sum of:
(a) 90 percent of the first $826 of his average indexed monthly earnings (AIME), plus,
(b) 32 percent of his average indexed monthly earnings (AIME) over $826 and through $4,980, plus,
(c) 15 percent of his average indexed monthly earnings (AIME) over $4,980,
where the Average Indexed Monthly Earnings (AIME) is currently the average of the Social Security recipients top thirty-five years of income during his lifetime divided by 12.
Significantly, each year’s monthly income is expressed in 2015 dollars using the Consumer Price Index (CPI).
Benefit Cuts Since the 1970s
By the late 1970s, it became obvious that the Social Security system was going to have significant solvency problems since the ratio of workers to retirees decreased from around 40-to-1 in 1945 to around 3-to-1 in 1980, and most of the money paid into the system had been spent on other government programs.
Payroll taxes were therefore increased, and a series of changes were made to the Primary Insurance Amount (PIA) payment formula to cut the benefits that Social Security enrollees would receive.
The PIA formula before 1979 was even more complicated than the one used in 2015. It had ten bend points, but gave more credit to high income workers. According to Robert J. Myers in his book Social Security, the changes in the benefit formula in 1979 resulted in, on average, a 7 percent reduction in monthly Social Security payments for new retirees. Under that current benefit formula, if a Social Security enrollee has a life-time income over $2 million, he will very likely have a negative return on his investment. For lifetime incomes between $0.5 million and $2 million, the enrollee has a chance to break even. Enrollees with a lifetime income less than $0.5 million have a good chance of still benefiting from the Social Security system. The number of years included in the earnings base (the number of years of income averaged to determine the monthly benefit payment) was gradually increased from twenty-three years, for people born in 1917, to twenty-nine years for people born in 1923 to thirty-five years, for people retiring in 2015.
For mothers who took time off from their career, people who spent a long time in graduate school, and people whose income was much larger during later parts of their life, this resulted in a significant decrease in benefits. (See The Social Security Book by Jack and Erwin Gaumnitz.)
Using the CPI to Keep Payments Down
Since the 1970s, the AIME used to determine the PIA has been indexed using the Consumer Price Index (CPI). So the higher the CPI, the larger a recipient’s monthly Social Security benefits will be. Social Security benefits for current retirees are also increased annually by the CPI. This means that one way the government can lower benefit payments is by under-estimating the inflation rate. The Bureau of Labor Statistics (BLS) has redefined how the CPI is calculated several times since the 1980s, lowering the CPI in each case. According to economists at Shadow Government Statistics, the CPI currently underestimates the inflation rate by at least 4 percent per year. If this is the case, Social Security recipients receive a 4 percent reduction in their buying power each year.
“Mini-Defaults” in the Social Security System
The US government knows it cannot keep up its end of the original Social Security bargain. So, to address its insolvency issue, the federal government simply responds by reducing benefits while increasing taxes. Increasing the retirement age, for example, is an easy way to reduce benefits.
The retirement age was increased from sixty-five for those born in 1937 or before to sixty-seven for those born in 1960 or after. Since enrollees do not get maximum benefits until age seventy, it could be argued that seventy is really the current full retirement age.
The taxable earnings base (the maximum income that is subject to Social Security taxes) and Social Security tax rates have increased drastically since the system was first created. The taxable earnings base was $3,000 in 1937, $25,900 in 1980, and $118,500 in 2015. The Old-Age and Survivors Insurance (OASI) tax was 2 percent in 1937, 9.04 percent in 1980, and 10.98 percent in 2015. This number includes both the employer and employee portion. When the 1.42 percent Disability Insurance tax and the 2.9 percent Medicare tax is added, the total payroll tax is currently 15.3 percent.
In 1983, legislation was passed to tax Social Security benefits for the first time. Currently, if a taxpayer’s provisional income is more than $25,000 on a single return or $32,000 on a joint return, their Social Security benefits will be taxed at between 50 percent and 85 percent of their normal tax rate.
Further Tax Increases and Benefits Cuts are Likely in the Near Future
According to the Social Security Administration, by 2033 future payroll taxes will only cover around 77 percent of estimated benefits. It is therefore likely that even further benefit cuts and tax increases will occur in the near future. Increasing Social Security tax rates from 12.4 percent to 15.5 percent and eliminating the taxable maximum (i.e., making all income subject to Social Security taxes) is currently being considered. Other tax increases being proposed include taxing contributions to flexible spending accounts and creating a national Value Added Tax (VAT).
Further cuts to Social Security benefits are also on the table. Proposals to cut benefits include increasing the retirement age from sixty-seven to seventy years, increasing the number of years included in the earnings base from thirty-give to thirty-eight or forty, and increasing the percentage of Social Security benefits that are subject to income taxes. Redefining the CPI index to further underestimate the inflation rate is also on the table.
Social Security has long been sold to the public on the notion that what a worker will receive back is what he or she pays into the system. For decades, however, the government has been changing the terms of this “agreement” as part of an effort to avoid outright default. This long, slow method of piecemeal default, however, is likely to continue.
Last week, when the Bureau of Labor Statistics reported a blow out number (which as we showed extensively left much to be desired for anyone who dug even briefly below the surface), the US media, like an obedient dog, lapped it all up without as much as a peep questioning the credibility of this number.
Fast forward to last night, when in the second “stellar” jobs report in one week, we learned that instead of creating a mere 15,000 jobs as consensus expected, Australia added a whopping 58,600 jobs in October – the biggest monthly jump since 2012 – the vast majority of which were full-time.
Considering the implosion in the Antichrist Communist Chinese commodity sector, we were rather skeptical of this report: after all where is this economic demand for labor coming from if Australia’s biggest trading partner is hunkering down at a pace last seen during the financial crisis.
We thought that just like in the case of US payrolls, our skepticism of Australia’s “stellar” jobs report would not be echoed anywhere else.
How wrong we were, because overnight we were stunned to learn that unlike the US, Australia actually still has a fourth estate that not only reports data, but also dares to question it.
Here is what Australia’s original media outlet, ABC, said in a report titled simply “don’t believe the jobs figure for October”:
A fall in the unemployment rate from 6.2 per cent to 5.9 per cent in the space of one month?
Be sceptical. Treat with extreme caution.
Nearly 60,000 jobs created in Australia last month? A fall in the jobless rate in Victoria of 0.7 percentage points? Predictably, the numbers moved markets.
Yet the seasonally adjusted labour force estimates from the Australian Bureau of Statistics for October sound incredible and they should be treated as just that: not credible.
The Western Australian’s economics editor Shane Wright captured the tone nicely when he tweeted: “The ABS chocolate wheel has landed on 5.9 from 6.2.”
Don’t believe politicians as they gloat and claim credit. Don’t believe the wire services when they report the estimates as fact.
There were 44,640 minutes in October and, if you accept the estimate, 58,600 jobs were created.
As the Age’s economics editor Peter Martin points out, count only normal business hours, and that equates to 5.5 workers being hired each minute of the working day.
Even the economist known as “Mr Sunshine”, Craig James of Commsec, is not buying it.
“It’s hard to believe that almost 60,000 jobs were created in one month with 40,000 of these jobs in full-time positions,” was his response.
The slamming of the economic propaganda continues:
The ABS is itself cautions against placing too much credence on the monthly figures, which are based on a changing sample, particularly the seasonally adjusted data. The statistician encourages people to focus on the trend estimate (which had the unemployment rate unchanged).
And, after a series of stuff ups, revisions and methodological changes over the past year, there is even more room for caution.
Last year, the ABS was forced to abandon seasonally adjusted labour force numbers for a period after conceding they were unreliable. The former chief statistician recently said the data was not worth the paper it was written on.
Wait, what: confidence boosting data is unreliable? Surely you jest.
And here is the ABC’s conclusion confirming at least one “developed” country still have a thinking media: “don’t be surprised if the October labour market data is revised.”
If only we could say the same about propaganda rags in the United States…
Something odd is happening in the US labor market.
As the BLS reports in its latest JOLTS report, “the number of hires has exceeded the number of job openings for most of the JOLTS history” which should make intuitive sense for any normal, “growing” economy, where the labor market works as expected. However, as JOLTs also adds, “over the past year, this relationship has changed as job openings have outnumbered hires for several months.”
This is how this shocking inverted relationship looks like:
What is really happening is that hires have plateaued and at 5.049MM in September, were the lowest since April! The last time we have seen such a dramatic peak in hiring was in 2005-2006, just before the economy and the market crashed.
Is the labor market rolling over?
The JOLTs economists at the BLS are very confused, as the following shows:
Hires exceeded job openings for over thirteen years, between December 2000 and July 2014. Job openings exceeded hires for the first time in August 2014, although hires then outnumbered job openings for the next five months. Since February 2015, however, this new relationship has persisted with job openings exceeding hires for eight consecutive months
At the end of the most recent recession in June 2009, there were 1.3 million more hires throughout the month than there were job openings on the last business day of the month.
In September 2015, there were 477,000 fewer hires throughout the month than there were job openings on the last business day of the month.
So what is going on here? Simple: a broken labor market, in which as a result of 94 million people out of the labor force, most of whom have been out of a job for years and have lost their “hirability”, US businesses are unable to grow and fill open slots, as a result hiring is sliding. And, since hiring is so low, the other end of the job pipeline, separations, are also painfully low.
Which means that workers have little ability to negotiate wage hikes using the threat of quitting and finding a better paid job elsewhere, due to precisely this dislocation in the labor market.
Worst of all, with every passing month this dislocation is getting worse and continues to press down on wages: which is precisely the conundrum the Fed has been unable to solve and is the reason why the missing piece in the US economic puzzle “wage growth”, refuses to appear.
Bonds are back in town and stocks are tumbling. Dow Transports remain the worst performer of the major indices (down over 11% year-to-date), but, after the exuberance of October, November’s reality of a tightening Fed has dragged first Small Caps, then The Dow, and now The S&P into negative territory for 2015. Only Nasdaq remains in the green (up a stunning and entirely unsustainable 10% YTD). The S&P 500 also broke below its 200-day moving average.
Breaking below its 200-day moving average…
Having exposed the world yesterday to the 2-mile long line of tankers-full’o’crude heading from Iraq to the US, several weeks after reporting that Antichrist Communist China has run out of oil storage space we can now confirm that the global crude “in transit” glut is becoming gargantuan and is starting to have adverse consequences on the price of oil.
While the crude oil tanker backlog in Houston reaches an almost unprecedented 39 (with combined capacity of 28.4 million barrels), as The FT reports that from Antichrist Communist China to the Gulf of Mexico, the growing flotilla of stationary supertankers is evidence that the oil price crash may still have further to run, as more than 100m barrels of crude oil and heavy fuels are being held on ships at sea (as the year-long supply glut fills up available storage on land). The storage problems are so severe in fact, that traders asking ships to go slow, and that is where we see something very strange occurring off the coast near Galveston, TX.
FT reports that “the amount of oil at sea is at least double the levels of earlier this year and is equivalent to more than a day of global oil supply. The numbers of vessels has been compiled by the Financial Times from satellite tracking data and industry sources.”
The storage glut is unprecedented:
Off Indonesia, Malaysia and Singapore, Asia’s main oil hub, around 35m barrels of crude and shipping fuel are being stored on 14 VLCCs.
“A lot of the storage off Singapore is fuel oil as the contango is stronger,” said Petromatrix analyst Olivier Jakob. Fuel oil is mainly used in shipping and power generation.
Off Antichrist Communist China, which is on course to overtake the US as the world’s largest crude importer, five heavily laden VLCCs — each capable of carrying more than 2m barrels of oil — are parked near the ports of Qingdao, Dalian and Tianjin.
In Europe, a number of smaller tankers are facing short-term delays at Rotterdam and in the North Sea, where output is near a two-year high. In the Mediterranean a VLCC has been parked off Malta since September.
On the US Gulf Coast, tankers carrying around 20m barrels of oil are waiting to unload, Reuters reported. Crude inventories on the US Gulf Coast are at record levels.
A further 8m barrels of oil are being held off the UAE, while Antichrist Iran — awaiting the end of sanctions to ramp up exports — has almost 40m barrels of fuel on its fleet of supertankers near the Strait of Hormuz. Much of this is believed to be condensate, a type of ultralight oil. And unlike the last oil price collapse during the financial crisis only half of the oil held on the water has been put there specifically by traders looking to cash in by storing the fuel until prices recover. Instead, sky-high supertanker rates have prevented them from putting more oil into so-called floating storage, shutting off one of the safety valves that could prevent oil prices from falling further.
A widening oil market structure known as contango — where future prices are higher than spot prices — could make floating storage possible.
The difference between Brent for delivery in six months’ time and now rose to $4.50 last week, up from $1.50 in May. Traders estimate it may need to reach $6 to make sea storage viable. JBC Energy, a consultancy, said in many regions onshore oil storage is approaching capacity, arguing oil prices may have to fall to allow more to be stored profitably at sea.
“Onshore storage is not quite full but it is at historically high levels globally,” said David Wech, managing director of JBC Energy.
“As we move closer to capacity that is creating more infrastructure hiccups and delays in the oil market, leading to more oil being backed out on to the water.”
Patrick Rodgers, the chief executive of Euronav, one of the world’s biggest listed tanker companies, said oil glut was so severe traders were asking ships to go slow to help them manage storage levels.
“We are being kept at relatively low speeds. The owners of the oil are not in a hurry to get their cargoes. They are managing their storage capacity by keeping ships at a certain speed.”
As a result of all this, something very unusual going on off the coast of Galveston, where more than 39 crude tankers w/ combined cargo capacity of 28.4 million bbls wait near Galveston (Galveston is area where tankers can anchor before taking cargoes to refineries at Houston and other nearby plants), vessel tracking data compiled by Bloomberg show, which compares w/ 30 vessels, 21 million bbls of capacity in May. Vessels wait avg of 5 days, compared w/ 3 days May.
As AP puts it, “a traffic jam of oil tankers is the latest sign of an unyielding global supply glut.”
More than 50 commercial vessels were anchored outside ports in the Houston area at the end of last week, of which 41 were tankers, according to Houston Pilots, an organization that assists in navigation of larger vessels. Normally, there are 30 to 40 vessels, of which two-thirds are tankers, according to the group.
Although the channel has been shut intermittently in recent weeks because of fog or flooding, oil traders pointed to everything from capacity constraints to a lack of buyers.
“It appears that the glut of supply in the global market is only getting worse,” said Matt Smith, director of commodity research at ClipperData. Several traders said some ships might have arrived without a buyer, which can be hard to find as ample supply and end-of-year taxes push refiners to draw down inventories.
And here, courtesy of MarineTraffic is the interactive snapshot (readers can recreate it here):
All of which explains why this is happening:
5 And upon her forehead was a name written, Mystery, Babylon The Great, The Mother Of Harlots And Abominations Of The Earth.
6 And I saw the woman drunken with the blood of the saints, and with the blood of the martyrs of Jesus: and when I saw her, I wondered with great admiration.
7 And the angel said unto me, Wherefore didst thou marvel? I will tell thee the mystery of the woman, and of the beast that carrieth her, which hath the seven heads and ten horns.
8 The beast that thou sawest was, and is not; and shall ascend out of the bottomless pit, and go into perdition: and they that dwell on the earth shall wonder, whose names were not written in the book of life from the foundation of the world, when they behold the beast that was, and is not, and yet is.
An alarming new threat has emerged in the discovery of a new virus that can be transmitted directly from bats to humans, and has the potential for a deadly outbreak.
Known as SHC014-CoV, this lab modified chimera coronavirus is currently circulating in Chinese horseshoe bat populations and can spread to humans, infecting the lungs. It is thought to be similar in to the SARS respiratory virus, and scientists have replicated the strain in mouse lungs, demonstrating the easy adaptability of the disease across the species bridge.
The Daily Mail reports:
Scientists have discovered a new virus, similar to SARS, that can jump from bats to humans, prompting fears of a future epidemic.
They warn there is no treatment for the virus, referred to as SHC014-CoV, which can cross the species divide without the need to mutate.
But, they caution, it is still not clear whether or not the disease has the ability to spread from human to human.
Could it cause a new epidemic? It is a definite possibility.
No one knows exactly how large the universe is. It could be infinite or it could have an edge, meaning that traveling for long enough in one direction will bring you back to where you started, like traveling on the surface of a sphere.
While we are not the center of the universe, we are at the center of this observable portion of the universe, which traces out a sphere roughly 93 billion light years across.
(And you thought it was a long way down the road to the chemist.)
Consider the false claim of dominion, the false measure of the ”Antichrist” masonic occult ”point within the circle” and ”their” fallen angel image of ”their” Sirius Star apotheosis ”lie”. What is happening now? What cause of action resulted which confirms the ”Antichrist Occult”?
8 And they hear the sound of Jehovah God walking up and down in the garden at the breeze of the day, and the man and his wife hide themselves from the face of Jehovah God in the midst of the trees of the garden.
9 And Jehovah God calleth unto the man, and saith to him, `Where [art] thou?’
10 and he saith, `Thy sound I have heard in the garden, and I am afraid, for I am naked, and I hide myself.’
11 And He saith, `Who hath declared to thee that thou [art] naked? of the tree of which I have commanded thee not to eat, hast thou eaten?’.
“Stars, dust, you and me, all the things that we see, only make up about 4 per cent of the entire Universe,” he said.
“About 25 per cent is dark matter and the rest is dark energy.”
The picture that emerges suggests that neurophysiologists, theoretical neurobiologists, and cognitive neuroscientists, with their imaging devices, all bring important and unique perspectives to an enterprise that is enormously exciting to participants and observers alike.
51 And shall cut him asunder, and appoint him his portion with the hypocrites: there shall be weeping and gnashing of teeth.