India taking up the slack as China cancels oil deliveries

Oh, how we lust for a White Knight on his steed to come and save of from the wild beast called reality. In 2008, the world had a choice. Let the would bleed and clean itself and reboot the world economy on a lower, much healthier level – or pump lots of worthless money into the economy by running printing presses red hot (QE, ZIRP, NIRP, …) and we took the later. The world is far sicker now and reality comes back to hurt us with a vengeance. Efforts to maintain the facade will have to become ever more strenuous. We need to get back to reality – another bubble will only make things worse.

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