Shark-infested Equity Waters, Metals Manipulation and Energy Depletion
Welcome to Capital Account. Just when you thought it was safe to get back in the water… US and European stock markets remained under pressure today, while some eurozone government bonds once again faced intense pressure from investors. We ask if we're headed for 2008-style trouble… has the subprime mortgage crisis given way to the subprime sovereign debt crisis?
On that note, it's Friday the 13th again and we ask if the nightmare of risky, pre-crisis banking practices continues. In the murky, shark-infested waters we're talking about today, the London Whale is still making a splash as insiders report JP Morgan has transformed its department into a proprietary trading operation.
And crude oil fell for the first time in a few days as China's economic growth slowed, and Saudi Arabia's oil minister said there's no shortage of supply – and that the kingdom is determined to see lower oil prices. Headlines have been focused on the day-to-day, but what about the bigger picture of exponential energy depletion? We will speak to our guest, Chris Martenson, about all of these issues on today's show.