True, to some extent, "there was a decision by Saudi Arabia to reduce the price of oil ... to hurt Iran and to put pressure on Russia to change its stance and drop its support for President ... Assad."
|Bricks of Gold Illuminated by its Brilliance|
The Rosneft people close to Putin who recently stated that, "The markets aren't just being manipulated, the markets ARE the manipulation", have truly come to the realization which these annals are all about.
And I am quite impressed. In that single sentence, Russia has finally expressed an eloquence, so brilliant in its brevity, so elegant in its insight, that I am prepared to confer an honorary doctorate from the Roacheforque Academy of Generational Wealth Dynasties upon comrade Sechin and his acolytes.
And yet here we have the ugly, barbaric truth of supply and demand, that banal and mundane influence of the physical world - filthy, disgusting oil - intruding upon the virtual reality of our derived markets, and their masterfully constructed engines of wealth redistribution.
And all because "China is operating as a backstop to a financial system that is in the process of shifting dramatically away from Western control."
In the past, we invited them into our web of trade agreements and central banking system in order to profit from the relationship. Today, we conduct overt financial attacks upon their parallel financial construct.
A few key players could have demanded physical delivery from the West, and ended this. But they waited too long to gun the market. Now it's the wild, wild West out there, and even the BIS is at risk of losing control.
It's about time for a meeting in Basel I think. A bit cold this week, but it needs be done.