Is Glencore The Next Lehman? The World’s Largest Commodities Trading Company Is Toast

by | Sep 29, 2015 | Headline News | 72 comments

Do you LOVE America?


    This article was originally published by Michael Snyder at his Economic Collapse blog.


    Are we about to witness the most important global financial event since the collapse of Lehman Brothers in 2008?  Glencore has been known as the largest commodities trading company on the entire planet, and at one time it was ranked as the 10th biggest company in the world.  It is linked to trillions of dollars of derivatives trades globally, and if the firm were to implode it would be a financial disaster unlike anything that we have seen in Europe since the end of World War II.  Unfortunately, all signs are pointing to an inescapable death spiral for Glencore at this point.  The stock price was down nearly 30 percent on Monday, and overall Glencore stock has plunged nearly 80 percent since May.  There are certainly other candidates for “the next Lehman” (Petrobras and Deutsche Bank being two perfect examples), but Glencore has definitely surged to the front of the pack.  Right now many analysts are openly wondering if the firm will even be able to survive to the end of next month.

    If you are not familiar with Glencore, the following is a pretty good summary of the commodity trading giant from Wikipedia

    Glencore plc is an Anglo–Swiss multinational commodity trading and mining company headquartered in Baar, Switzerland, with its registered office in Saint Helier, Jersey. The company was created through a merger of Glencore with Xstrata on 2 May 2013. As of 2014, it ranked tenth in the Fortune Global 500 list of the world’s largest companies. It is the world’s third-largest family business.

    As Glencore International, the company was already one of the world’s leading integrated producers and marketers of commodities. It was the largest company in Switzerland and the world’s largest commodities trading company, with a 2010 global market share of 60 percent in the internationally tradeable zinc market, 50 percent in the internationally tradeable copper market, 9 percent in the internationally tradeable grain market and 3 percent in the internationally tradeable oil market.

    For months, I have been warning about the consequences of the crash that we have been witnessing in commodity prices.  We saw a similar thing happen in 2008 just before the financial crisis that erupted in the fall of that year.  If commodity prices kept going down (which they did), it was only a matter of time before firms like Glencore started imploding.

    At this point, Glencore owes almost twice as much money as the entire firm is worth

    Now there is every chance the merged operation could implode. If it does, it will be the resources sector’s very own Lehman Brothers moment.

    With debt approaching $US30 billion and a market value of just $US16 billion, shareholders and those holding the debt are desperately looking for an exit.

    The cost of Glencore’s credit default swaps – a financial instrument that insures against a default – soared overnight.

    Actually, “soared” is a horrible understatement.

    The cost of insuring Glencore’s debt is absolutely screaming into the stratosphere.  This is precisely what we would expect to see right before a “Lehman Brothers moment”.  Here are some of the specific details from the Wall Street Journal

    Investors had to pay on Monday more than $790,000 a year to insure $10 million of Glencore debt against default for five years using credit default swaps, according to Markit, more than 40% higher than Friday. At the beginning of the year, the same insurance cost $154,000.

    When Glencore goes down, they will take a whole lot of others with them.  That is because Glencore is tied to trillions of dollars worth of derivatives trades all over the planet.  According to Zero Hedge, we are looking at “the start of a self-fulfilling prophecy which leads to the Companys’s IG downgrade and the collapse of trillions in derivative notionals as what may be the trading desk of the biggest commodity counterparty quietly goes out of business.”

    For years I have been ranting about the danger of derivatives.  In article after article I warned that they would play a starring role in the next financial crisis.

    Now the reality of what I was warning about is staring us right in the face.

    The “nothing is happening” crowd is completely and utterly clueless.  There are these people running around telling everyone that the stock market decline is “over” and that we aren’t about to experience another great financial crisis.

    I don’t understand how these people can be so ignorant.  Global giants such as Glencore, Petrobras and Deutsche Bank are imploding right in front of our eyes.  As I write this, stocks in Hong Kong are down 744 points and stocks in Japan are down 677 points.  The stock markets of the 10 largest economies on the entire planet are all crashing, but the mockers are going to continue to mock.  They will continue to tell you that “nothing is happening” even in the face of undeniable evidence to the contrary.

    And the sad thing is that many of these mockers are given air time on the big mainstream news networks.  They will tell you that stocks are “oversold” and that you should “buy the dip” because stocks are going to be going back to record highs really soon.

    I wish that was true.  Unfortunately, the reality of the matter is that we are finally witnessing the bursting of the last great global financial bubble.  I really like how Bill Holter put it recently

    In my opinion we are already well within the jaws of a meltdown/shutdown as liquidity is evaporating. There are a dozen developed countries with their stock markets already in bear markets (down 20% or more). All crashes come from oversold levels just as bank runs come on fast and are a surprise at the time. What is coming should be NO SURPRISE to anyone as we are looking at the end of not only an empire but of a flawed system which has endured for far too many years! This was a solvency problem in 2008 and “liquidity” was the incorrect tool used then. Now it is a bigger solvency problem with an illiquidity kicker attached …while the Fed has already used every tool imaginable and every last ounce of credibility. The loss of confidence in the issuer of the world’s reserve currency would be bad enough in an unlevered world, the loss of confidence in today’s “debt world” will be a DISASTER!

    To wrap this up, do not let anything that may happen from here surprise you. The conditions are ripe for global currency crises and a shutdown of credit. The conditions are also ripe for hot war to explode in multiple venues. A meltdown or shutdown of markets will serve as a FINAL FLUSH of what remains left of the U.S. middle class.

    We are steamrolling toward a global economic collapse that will be permanent and irreversible.

    For months, I have been warning that we were witnessing a textbook example of what the lead up to a major financial crisis looks like, and now it is happening.  All of this was completely and totally predictable for those that were willing to look at the signs.

    Unfortunately, there are way too many people out there that think that they know it all and that have a tremendous amount of blind faith in the system.

    Now the system is failing, and that blind faith is about to be shattered.

    beginning-of-the-end-snyderMichael T. Snyder is a graduate of the University of Florida law school and he worked as an attorney in the heart of Washington D.C. for a number of years.

    Today, Michael is best known for his work as the publisher of The Economic Collapse Blog and The American Dream

    If you want to know what things in America are going to look like in a few years read his new book The Beginning of the End.


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      1. “We are steamrolling toward a global economic collapse that will be permanent and irreversible.”

        I’ll buy into irreversible but not permanent. It may take years or decades but strictly the financial fall can’t cause permanent damage. If its a precursor to WWIII; well thats another story.

        • Put Jon Corzine at the helm of Glencore. He’ll manage this commodities trading firm in the right direction!!!

          • The biggest bubble that is going to burst is the bubble the masses of braindead morons live in. They will find out real quick that ignorance is NOT bliss! Fook ’em you make your bed you lay in it. Oh ya has mountain house diced chicken on sale for 27 bux a can if you buy 12. Look in the group special section. 🙂

            • Sale will end after tommorrow.

              • And free shipping, get on it or lose out!

          • Yeh, he will fix it real good just as he did MF Global? Notice he has been in hiding for years now , wonder why? Some of those he cheated are likely waiting and looking for him and maybe even Jamie Dimon as they were working together to take it down. And all under the eyes of BHO, Holder and crew with zero repercussions. You know, those guys that are looking out for the little guys and down trodden? America has morphed into little more than a giant criminal enterprise, a corporatocracy ! a form of Fascism for the elites and cronys. Anybody that does not fully understand this is living in la la land.

            I read about Glencore a day or two ago at ZH and had the exact same thoughts as the article expresses. what most people cannot grasp or simply do no understand is that these large entities use derivatives as a form of capital and financing , not just hedges or insurance on specific trades or in this case, types of commodities trending. They are used to secure financing as a bogus form of collateral so the company appears to be more solvent than it actually is. And therein lies the problem ! They have used blue sky financing and a paper work shuffle to create collateral that is just hyperbole and simple lies on a very grand scale. This is the true essence of the “House of Cards” theory you have heard about since 2007-08 and a very serious matter indeed. Consider this as a tip off of things going south, when you hear about numerous entities pondering various means to make a claim on their derivatives, then you will know chaos is very close at hand ! The problem is a simple one . NOBODY knows who would have a valid claim on the 700+trillion of derivatives exposure floating around out their and none of it is regulated by anybody except the players themselves ? We saw some very big firms scrambling in 2007-08 and we will see that again if Glencore starts coming unravelled and it surely looks like it is inevitable. That will cause all the derivatives to unwind and there will be just a few like 2007-08 that will get their claims honored , all the rest will be toast and start an avalanche of insolvency claims which means shit will roll downhill very quickly. Realize the derivatives are in fact simply bets on top of bets on top of more bets many layers deep ! So it is all completely bullshit hidden under more bullshit and lies ! That is what our entire system is based on today, lies , deceit , distortions, and manipulations. And not just in economics , politics as well , the two are inseparable ! When it does come unglued it will be a complete disaster the likes of which none of us can fully fathom from this view point. We are talking about such an incredibly large amount of falsely created money that nobody can fathom it , not even close !

            But I see it as just one cog in the wheel of outlier events already in place world wide and certainly here in USSA today ! I have long said a combination of outlier events will be the catalyst to bring it all down. And here in USSA it is clear we have numerous potential calamities waiting to explode. Racial issues are more extreme than anytime in my life time and part of that is illegal aliens and blacks that are killing each other and committing all manner of crimes at an astounding rate? So exactly what will happen on the day all those freebies are not available from “da gov tit” ? Do you suppose all those people and the alcoholics and drug addicts on SS are gonna play nice that day and beyond ? Probably worth pondering for may reasons. Our entire system is setup to come unglued for many reasons. And Glencore could well be a catalyst that starts it all.

            The other option is to ignore and many do. The only thing I know for sure is that we will see a RESET one way or another. The debt numbers are far too big and everything we see before us is definitely NOT sustainable in perpetuity ! SO yes, Glencore gets my attention big time ! Obama and crew have had 6 + years to make bad matters worse and they have wasted no time or events. Our entire system is run by sociopaths and psychopaths and has been for a very long time.

      2. Anything that destroys the current system is welcome assuming people worldwide are intelligent enough to replace it with a non corrupt system. That’s another story.

        • Europe is overwhelmingly socialist, South America as well, plus whats going on here at home, eventually all free rides will come to an end.

          • Socialists like the word, socialists, but they don’t like the word, communist, and that’s what socialists are, commies.

            Particularly in Amerika and many commies post to this site.

            Oh, well, stack ’em deep.

            • The banksters and the Military Industrial Complex are not communists; they’re fascists without nationalism. They essentially sub contract the governing part to people sympathetic to communism.

              “We The People”, for all practical purposes can make noise but have zero real input regarding foreign and economic policy. We fight over domestic issues and have some control over them which leads the masses to believe that they have a functioning Republic with Democratic principals. The illusion of self government is then maintained.

              • Well stated!

              • Kevin2…… EXCELLENT POST.

        • Well we’ve had a stellar 5000 year track record of “better replacements” so far… 9_9…

          I mean with the exceptions of the United States and possibly the Greek Empire, it’s all been kind of “what brand of shit do you want on your Cornflakes today” over and over.

        • Agree but the transition is what you must concern yourself with ? That will be a war more or less and the weak will perish ! Likely rather miserably ? as always , time tells all things and all is well until the day it isn’t !

      3. Glencore was founded by and is owned by Marc Rich. Google “Marc Rich” or look him up on WIKI. What a piece of shit and an apparent friend of Bill and Hillary Clinton. I think he’ll take what he can out of Glencore and screw everyone.

        • Tex


        • “Marc Rich”–another darn Norwegian screwing the world over…

          • A Norwegian? Hardly. He was born ‘Marcell David Reich’ in 1934 to a Jewish family in Antwerp, Belgium. They emigrated to the USA in 1941.

        • Yeh, Billy let him off on tax evasion to the tune of many billions ! A pardon for his crony , business as usual here in USSA today !

          Just stop and ponder all the crimes by the Clintons since the 90’s ? and they were still considered the smart guys and the good guys ? WTF ? America has a lot of dumb ass MOFO’s, no wonder things are whacked.

      4. I predict that the rich will get richer and the poor will get children.

        • The other other white meat,
          Gimme my babbyback babbyback ribs…….

          • The dingo are the baby!

          • Kulafarmer.

            Holy Shit, Kula. Hahahaha!

          • Everyone loves the smell of their own brand, don’t they? 😀

        • And who predicted the following…..

          “Isa 17:1

          “The burden of Damascus. Behold, Damascus is taken away from being a city, and it shall be a ruinous heap.”

          The failing economies are just a precursor to what is shaping up in Syria. The war drums are beating and the natives are restless. It may come by this time next year, or ten years; but, as I have said, we have just begun to live within God’s predicted time table. There is also a great shaking prophesied for Iran and it’s Nuclear laden mountains. Which of these two events happen first is only known in Heaven, but they will happen.

          Damascus is the oldest surviving city on earth, but it is dwindling fast. I believe the plan is to remove Assad and then the country will be up for grabs. Pukin and Obola are hammering out the details. We know who drives Obola, and what drives Pukin.

          Will Assad go quietly, or pull out all his weapons for a, “Custer’s last stand” scenario?

          hey flossie, bring out some more popcorn and lemonade!

          • Yeah, what about your BIG prediction for September? Looks like diddly squat will become of THAT.

            • You, my trolling ignorant friend, didn’t open your bucking eyes.

              There were two events that happened that fit directly in with my predictions. The “eventual” effects of those events will result in fear and panic around the world, and will result in many deaths.

              1. The final deal with Iran…..
              2. The Pope’s edict and signing on to the deal, and his
              aligning with the UN/NWO as in forming a One World Religion
              and conforming with moving the USSAG further into a
              Socialist Nation. There is much more but, this is enough to
              begin with.

              You can’t see the forest for the trees. Wake up troll.

              • At best this is a flimsy, and I’m being kind here,excuse for your failed prediction. Of course, everybody here knew you were going to be a bust but you had to cover your ass with an excuse or risk being exposed for the false prophet you are. Better luck next time, this excuse ain’t getting it done.

                • Yea, like i really give a shit what an asshole thinks.

                  • Apparently you are the one that “failed”.

                • pass/wind,

                  I have to agree with anon on this one. I laughed my ass off a week or so ago when you tried to make excuses for Hcks being laughed off this site. You really get wound up tellin your stories I don’t think you can really differentiate between fantasy and reality any longer. You remind me of a preacher we had in our church when I was a young kid. He used to always blast fire and brimstone at all the “sinners” in our town, not directly by name but more by inference. well, as fate, or maybe even God would have it, one fine day he was caught red handed having sex with the wife of one of the firemen in town. He was also married too, so when the word got around town he was finished, people jeered at him { and rightfully so} that he was going to burn in Hell for his “sins” of the flesh. Maybe it just goes to show God has a sense of humor and likes to have a laugh himself, or maybe the preacher was just a damned idiot, but either way, people enjoyed seeing him get taken down on account of his sanctimonious flapping of his lips every Sunday. It goes to show that a little preaching goes a long way, people believe in God but don’t want to be hammered every day with it, one day a week is plenty.

              • This is a clip from an International News organization article…..

                “During his speech at St. Patrick’s Cathedral Pope Francis stated to his now loyal Muslims, “I would like to express two sentiments for my Muslim brothers and sisters: Firstly, my greetings as they celebrate the feast of sacrifice. I would have wished my greeting to be warmer. My sentiments of closeness, my sentiments of closeness in the face of tragedy. The tragedy that they suffered in Mecca. In this moment, I give assurances of my prayers. I unite myself with you all. A prayer to almighty god, all merciful.”

                The stage is now set, and you may not realize this yet, but during the interfaith service at Ground Zero with Pope Francis, on the 25th of September of the year of Our Lord 2015, One World Religion has been activated. But nevermind that, let’s just listen to the Young People’s Chorus of New York City as they sing happily during the departure of the Holy Father from Ground Zero”: “Let there be peace on Earth.”

                This is just One of many, many articles that confirm what I predicted. I didn’t see the complete clarity of the players back in May/June, but I did hear the words “loud and clear”…
                . eventual fear and panic around the world and associated with many deaths.

                • Well now preacher, you get kinda touchy when the facts are out on your ” predictions” don’t you? It’s obvious to all who have ” eyes to see and ears to hear” that you really have to be a lonely old crank to be awake at 3.00 AM trolling internet sites. And yeah, you must cream yourself thinking about fear and panic around the world associated with many deaths, you really have to be sick to drool over that prospect like you’re so happy to do every day because of the stupid, blind hate you feel for your fellow human beings. May God have mercy on your pitiful excuse for a soul.

          • you basically called it. At the end of a ponzi scheme of these proportions, it always ends in war. We are there. We didn’t even need a college degree to figure that out.

      5. The Dow is currently in the red and below 16,000. The European markets closed in the red, as did the Asian markets early this morning.

      6. Just happen already. There are so many of these articles I’ve gone numb. Can’t read any more of them.

      7. If you go to ht tp:// you can see the current Dow. If you click below the chart on the 5y you can see the cliff it went over earlier this year. It looks like the start of a roller coaster ride.

      8. Just think about it folks. How much money will he make if the company collapses. Better yet how much money will he take from the share holders when the company collapses, or us tax payers?

      9. I predict ” Shemitah Shynder” will predict gloom and doom, end of days. total collapse, complete destruction, gnashing of teeth, wailing of walls, Blood moons, asteroid strikes, and it will all happen ” shortly”. He will be writing future articles in the Nostradamus ” quatrain” style, and will whispering his predictions ala Edgar Cayce while in a semi trance. Don’t forget to buy his new book ” We’re All Gonna Die!”, coming to a doom porn outlet near you ” shortly”.

        • In case you didn’t notice, we’ve had crashes of stocks or bonds on a pretty regular 7-year schedule all the way back to 1910, including August this year. It looks like a reliable pattern to me. Also, most crashes occur in October, such as Black Monday on October 19, 1987. We still have over a month to go in which we might see a bigger crash than in August.

        • It’s been slowly but steadily been crashing since August.

        • Ain’t that the truth. The shemitah was a bust. The blood moon was a bust. The asteroid hitting the earth was a bust. So Mikey is gonna has to get back in his prayer closet to come up with more future events, that won’t happen. He is a tool.

          • And now for a list of 15 ways the DMV is a tool of fascist sharktopuses (sharktopi?) from the Orion Nebula:

            1. …

      10. But, but, but…the unemployment rate is 5.1%. Everything is PERFECT!!!!!

      11. Where I live, down south, gunshots everyday. I hear stories that are not being told in the paper or local news. They are afraid it will scare everybody. I’m scared because they are not telling us. Its in the day time and at night. They are trying to take your car with you in it. Its going to get worst. Gangs. The mayor acts like she don’t know anything about it.

        • I hear gunshots everyday too. But these are nuts like me that are prepping and practicing at the local outdoor range near here. Cheers

          • That sounds like my neighborhood. Guns to the left of me. Guns to the right of me.

        • Hello Grandma.
          I also live in the south and hear gunshots both night and day. Then sometimes the Police and Medics show up and take away the remains. The news does not cover all what happens and they want only really juicy stories for the five o’clock news. I don’t even flinch no more.

          • In my neck of the woods, people mind their own business, you hear the sounds of silenc(er), and smell of barbecue. Don’t have any need to call 911. Good eats. We are all savages at the core.

            Just mess(ing) with you.

        • Last I checked it is hunting season. So more than likely that is why you are hearing gun shots.

          • Rifile saeson isn’t in yet around here.

          • Lol, Mr obvious.

          • RJ

            My next store neighbor fire a gun while I was standing in my own back yard and his wife was screaming. Heard the gunshots that were fired into a home at 1am hitting a pregnant woman. Once picked up a 45 cal. bullet (Fired) while pumping gas. This shit happens all year round. No gun range near me. This is not typical of sighting in gunfire nor hunting. Double taps and rapid shots.
            RJ, there are children being killed on the streets. They shot two little girls on bikes doing nothing but standing there on the corner. Two little girls were shot in the face by a person who shot into a SCHOOL BUS. A baby was killed by someone shooting into a home. The police were looking for a missing child and found two dead people. Now I do not care if the drug dealers kill each other but if you were found killing children without no care at all. You get the trial, convicted and marched down to the town square to get your NECK STRETCHED and a sign hung on your body saying, “Baby Killer”, for all to see.

            • Why not use the RICO law to arrest the gang thugs. Put them in those FEMA CAMPS we hear about give them some seeds and a shovel and let them work their gardens or starve; before babies and pregnant women get shot.

              • B from CA.

                If these people are doing this type criminal activity while there is a resemblance of law and order. Imagine what they will do when there is none. Throw in racial and religious hate and you have your hands full.

      12. The problem is as it always has been….the wall street types will pull out their money liquidate their stocks while saying publicly all is well. The small investor will be left holding an empty bag and many retired people who thought they planned well for retirement will be looking for jobs as a greeter at wal mart.

      13. if they are paying an insurance policy, the insurance company will fail first. if it is AIG then the taxpayers will pony up.

      14. More baby boomers ripe for further fleecing. Trump’s tax plan benefits the wealthiest the most. The government claims inflation is negligible, yet housing and food costs are helium inflated. Government and lamestream media credibility is vanishing. Look, a terrorist! Save me!

      15. Whether it be for the long-term since 1971, the medium-term since 2000, or the short-term in 2015 – one fiat currency stands alone as the strongest by far.

        In terms of gold, the median fiat currency since 1971 has lost 97.79% of its purchasing power, since 2000 has lost 75.82% of its purchasing power, and in 2015 has lost 4.61% of its purchasing power. By far, the fiat currency that has performed the strongest over the short, medium, and long-term has been the Swiss Franc.

        Switzerland’s currency since 1971 has only lost 85.45% of its purchasing power, since 2000 has only lost 58.84% of its purchasing power, and in 2015 has increased in purchasing power by 4.82%.

        The second best performing fiat currency over the long-term (since 1971) has been the Japanese Yen, which only lost 90.12% of its purchasing power. Still, Japan’s currency since 2000 has lost 78.41% of its purchasing power – making it the 9th worst medium-term performer out of the world’s 29 most traded currencies. In 2015, Japan’s currency has bounced back slightly, regaining 2.81% of its purchasing power – making it the 5th best short-term performer.

        Despite the recent devaluation of the Chinese Yuan, it has been the second best performing fiat currency over the medium-term (since 2000) – losing only 67.13% of its purchasing power. In 2015, China’s currency has been the 8th best performer, increasing in purchasing power by 0.5%.

        21 of the 29 most traded fiat currencies have declined in purchasing power vs. gold in 2015. The worst performing fiat currency in 2015 has been the Brazilian Real. Brazil’s currency has declined in purchasing power this year by 30.98%. After the Brazilian Real, the biggest declining fiat currencies in 2015 have been the Colombian Peso (down 20.64% in purchasing power), Malaysian Ringgit (down 17.7% in purchasing power), the New Zealand Dollar (down 15.54% in purchasing power), the South African Rand (down 14.17% in purchasing power), and the Indonesian Rupiah (down 12.48% in purchasing power).

        Out of 14 currencies that have been circulating since 1971, 12 have declined in purchasing power by at least 96% – including the US Dollar, which has lost 96.68% of its purchasing power. Since 2000, the US Dollar has been in the middle of the pack, declining in purchasing power by 74.69%. In 2015, the US Dollar has regained 3.23% of its purchasing power, and we believe it is extremely overvalued at these current levels – with the Fed afraid to raise the Fed Funds Rate by even 25 basis points and the likelihood of QE4 increasing on a daily basis.

        Since 1971, gold has increased by 2,914.45% priced in US Dollars, but has only increased by 912.2% priced in Japanese Yen and 587.12% priced in Swiss Franc.

        • great post. Do you think it will accelerate?

      16. Holy crap batman!!! I have a sudden urge to make sure my rifles are zeroed for the third time this year. Don’t forget to rotate your magazines. Take care and GOD BLESS YOU ALL!!!

      17. I couldn’t care less: just look around at the population and what it is becoming more and more: Muslim and African. Do I give a flying f#ck if they can’t get the big house and the nice job? No. And forget threats of violence: that won’t work on me either. I will just stick with my own kind and leave the police, the military and the NSA to mop up the mess. Happy days ahead!

      18. Citi says its a good buy, looks like the plunge protection team is in full steam ahead mode …

      19. A word to the paid government trolls on this sight. It may be a good time to contact your boss and ask them if they have made provisions for you after shtf It would be a terrible thing for you and your family to suffer through. If your boss laughs at you, use the advice given here to put stuff back for you and your family. Better safe than sorry. Take care

      20. 11 Wail, O inhabitants of the Mortar! For all the traders are no more; all who weigh out silver are cut off. 12 At that time I will search Jerusalem with lamps, and I will punish the men who are complacent, those who say in their hearts, ‘The LORD will not do good, nor will he do ill.’ 13 Their goods shall be plundered, and their houses laid waste. Though they build houses, they shall not inhabit them; though they plant vineyards, they shall not drink wine from them.” 14 The great day of the LORD is near, near and hastening fast; the sound of the day of the LORD is bitter; the mighty man cries aloud there. 15 A day of wrath is that day, a day of distress and anguish, a day of ruin and devastation, a day of darkness and gloom, a day of clouds and thick darkness, 16 a day of trumpet blast and battle cry against the fortified cities and against the lofty battlements. 17 I will bring distress on mankind, so that they shall walk like the blind, because they have sinned against the LORD; their blood shall be poured out like dust, and their flesh like dung. 18 Neither their silver nor their gold shall be able to deliver them on the day of the wrath of the LORD. In the fire of his jealousy, all the earth shall be consumed; for a full and sudden end he will make of all the inhabitants of the earth.
        (Zeph 1:11-18 )

      21. Putin and Obama appearing together. Oh happy day. This must mean World War 3 has been cancelled. The war of terrorism is profitable enough. The kingdom is secure. The world can breathe a sigh of relief.

        • Sometimes you never know when your laxative will take effect! 😮

        • Alamo:

          I hear Obama wears high heels and walks around the room while Putin plays with his gun.

      22. So I have not been following the Peak Oil thing. Can we have a thing on the Peak Oil thing?

        Was this latest round a big part of the “sawtooth pattern” of high demand – supply ceiling – high price // destroyed demand – excess capacity – crashed price // wash rinse repeat?

        Or did we find more of the stuff? I mean aside from the shale thing and all. Or heck maybe it IS all about the shale thing and all. I mean *supposedly* that’s why Opec price-fixed, though… I’d surmise they shot a bit low, if that’s really the case.

      23. Obummer told Putin the world take over plan is working the American people are embracing socialism.

      24. Another black swan event.

        I’m personally expecting a Syria related false flag, an excuse for another Middle East military adventure for Obama.

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