Saturday, 6 February 2016

$170 Trillion Markdown on Oil Reserves

At my shop in the Okanagan, I've been running into skilled Alberta people looking for work.  That never happened before.

Proven oil reserves in the world: >1.7 trillion barrels.
The market value of that oil declined by $100/barrel in the last18 months.
$170 trillion US$ that people were borrowing and lending on has disappeared.

Wikipedia:  GDP of the world economy in 2014 =  $77 trillion. 
The lesser is moved by the greater.  This has got to matter.

And from Zero Hedge:  "Dallas Fed Quietly Suspends Energy Mark-To-Market On Default Contagion Fears".

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