Oil in 2008 and 2020

“On Sunday, November 9, 2008 Jeff Rubin of CIBC World Markets suggested that the economic uncertainty(usually described as a credit crunch caused by U.S. sub prime mortgages) that could produce world-wide recession, was likely caused by the third major oil shock since 1973 as the rise in oil prices acted as a severe tax on debt repayment.

As oil prices rose the cost of housing stagnated checked by the growing cash shortage; variable rate mortgage costs rose above house prices as rates were increased to attract an ever scarcer currency, home owners abandoned homes they could no longer pay for. Borrowers became cash starved as lenders stopped lending.”

In March of 2020 an economic event  happened that reflected the financial events of autumn of 2008: both include the price of oil, stock market corrections, and government bailouts to compensate financial loss. In 2008 Mr. Rubin opined that astronomically high oil/gasoline prices resulted from a third oil shock.

In 2020 it’s believed that oil prices fell to zero because the covid 19 pandemic made everyone stop accepting travelers which eliminated the need for fuel precisely  when oil producers such as Russia and Arabia couldn’t agree to produce less oil.

Like the government bailouts of 2008 government attempts to compensate financial losses caused by less economic activity have been embroiled in political debate about costs and as in 2008 the need to prohibit wealthy entities from helping themselves to funds intended for those suffering real financial hardship as a result of the economic shutdown.

While oil prices went to zero in 2020 as a result of apparent over supply, almost as if oil had become an unnecessary commodity, the price of gold, a truly useless material of emotional value to the individual and insurance to institutions continued to increase. Gold a symbolic item rose in price while oil an essential ingredient for most-twenty first century products decreased with declining stock markets. As world oil prices increased from zero, stock markets steadied: minor moves of the Dow Jones market became linked to ups and downs of oil markets.

The week ending Friday July 10, oil price was + 2.64% , Dow Jones market was +1.47%. Gold and bond prices declined.

(edited July 11,2020)

Flu or Covid 19

Who is the authority that determines whether one’s illness is caused by SARS-C0V-2, one of the 381 coronaviruses detected before 2017, or one of the seasonal influenza viruses?

My wife says my brotherinlaw knows someone who’s had the virus and media’s reported names of royalty, politicians, movie stars and professional athletes who’ve had it. But any average person who may want to know for certain of anyone accurately diagnosed as suffering from covid 19 gets the following kind of report.

‘Recently, I have made it a habit, when talking to people, particularly “strangers” in line, etc. to ask;
“Do you know ANYONE who has had the virus?”
Do you know anyone who KNOWS anyone, who has had the virus?”
“Do you know anyone, who knows anyone, who KNOWS anyone, who has had the virus?”

Have yet to get a “Yes” answer, so far.’

Whistleblower as Boogey Man

The colloquial term “whistleblower” now central to threatening political jargon has lost its original force. Journalists seem to use it to attract readers. I heard it so often during the impeachment inquiry of President Trump that I started associating it with the actions of powerful people, not the powerless little nobodies secretly snitching (so as not to be fired) on their superiors. Even the Canadian Press uses the term to promote a dire prediction for next winter.

Will President Trump seek re-election ?

“Rex Nutting

Opinion: Audaciously, Trump is running for re-election as the Hero of the Coronavirus War

24Published: April 1, 2020 at 1:28 p.m. ET”

I noticed that Canada’s Prime Minister and Ontario’s Premiere seem strangely subdued in their coronavirus19 “fire side chats”; even President Trump seems a bit sheepish lately. Much of what I’ve read online implies that people are mostly pleased with their political leaders handling of the crisis; Trump’s personal poll numbers seem to affirm his status. But a very recent poll also shows Mr. Biden beating him in the 2020 presidential contest.

I wonder if President Trump or any other current North American politician would attempt re-election as leader of a not so democratic state.

And if you are in

USA, Canada, France, China, Iran, Italy,Japan or any where the media has published statistics for coronavirus infections: be warned!

Virus spreads to over 60 countries; France closes the Louvre…
‘Psychosis’ in Milan… DELTA suspends flights…
Empty streets, economic turmoil…
Wall St preps for possible shutdown of trading floor…
Inside White House’s frantic attempts to minimize crisis…
Rumors and chaos in Alabama point to big problems…
Grocers Prepare…
China officials ordered cover-up…
Uighurs sent to work in factory that supplies NIKE… What End Game Will Look Like…

Undated online news is useless


Coronavirus outbreak: WHO says more new cases reported outside China than inside

11,350 views•Streamed live 2 hours ago626509SHARESAVE

Increasingly, online news is not dated; like the above the “2 hours ago” is a feeble attempt to make an article seem relevant to some point on an infinite calendar : 2 hours ago today, 2 hours ago yesterday, 2 hours ago last week, 2 hours ago last month, 2 hours ago last years…………………….2 hours ago………