Prior to the recent bank scare, people were fixed on inflation and whether we’d soft land or not. I’ll be going back to that, since the central banks have all but nationalized the banks again. I mean, that’s what they did, no? If they’re backing all deposits then the banks aren’t independent but vassals of government. They’re not even too big to fail. They’re small fucker banks and have weaseled their way into tax payer backstops.
Oil is being walked down. It is my belief the pressure is coming from the Russian Ural spot market which is now trading at $48 due to the war. In other words, India is buying it at spot price and swinging around to grab the Brent arb price from Europe. The world is awash in Russian oil.
The most bullish thing for oil will be the end of the Ukraine war.
On that issue, Xi is in Moscow talking to Vlad. Perhaps they’ll iron out a nice plan that’ll get rejected by Zelensky — who is under orders by Biden to execute another counter offensive soon.
Bottom line: it’s time to forget about bank flops and focus back on the economy.If you enjoy the content at iBankCoin, please follow us on Twitter