Big Oil Investors Bracing for Bad News

The invisible elephant in the room is the fact that the world still has not started to seriously tackle the crisis that became apparent in 2008. Yes, that’s 11 years that this broken vessel is coasting patched up by quantitative easing (money printing as if there is no tomorrow) and public works programs. This is complicated by a China that looks more like a Potemkin village every day and where we will have to separate the good beans from the bad one day. That’s bound to be a horribly messy affair. No wonder everyone runs away when the topic is mentioned. We can run from reality – but we cannot escape it. And when this starts in earnest, toss all your projections into the bin.

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