Bitcoin and Monero cryptocurrency.

[VIP_No-Mad]

Tuesday Microsoft stopped accepting Bitcoin payments. The price of Bitcoin has been falling everyday since.

I've been told that Monero cryptocurrency does not have a ledger. It cannot be traced like Bitcoin was.

Monero cryptocurrency appears to be on the rise the last month-and-a-half. I am not saying this is a good investment. There are an enormous number of cryptocurrencies available.

Many countries are stating that they will start trading petrol in cryptocurrency.

China Russia Iran and Saudi Arabia are going to start training Petro in their own currency. This has been announced. This will spell the end of the petrodollar.

I truly believe that a financial reset is it had. Our government has been printing crazy amounts of money through their Federal Reserve to drill for oil. We are in a huge bubble. I believe the Federal Reserve will be washing their books.

 

[VIP_No-Mad]

To clarify the Federal Reserve. I know we don't own it. It is a private entity.

 

[tommyguns2]

I truly believe that a financial reset is it had. Our government has been printing crazy amounts of money through their Federal Reserve to drill for oil. We are in a huge bubble. I believe the Federal Reserve will be washing their books.

The gov't has been printing money through at least three rounds of quantitative easing. That money is put into the economy by the Federal Reserve buying gov't debt, not by the Federal Reserve drilling for oil. The Federal Reserve doesn't drill for oil.

Are equities overvalued or real estate prices? What bubble are you referring to? Not saying there is no bubble, just wanting to better understand what you're referring to. We've got 20 trillion dollars in debt, more than will ever get paid back. This generation of "adults" have put a boost in their standard of living on a variable interest rate credit card, and plan on handing that card to their kids and grandkids.

Once investors start feeling less confidence that the gov't can or will pay back the debt, interest rates will start to rise, and the 20 trillion dollar debt will be getting refinanced at higher interest rates, and things will spiral. What effects will that have? I have absolutely no idea, but the history of mankind has not seen anything like this in the past. It likely will not pretty.

 

[VIP_No-Mad]

I think you misread my post a little bit. I do agree with a lot of what you said.

The Federal Reserve does not drill for oil.

However, someone has handed Halliburton an incredible amount of money to drill for oil.

I don't feel our governments really in charge of anything. It's the elite that are drilling for the oil. This country should be drilling their own oil and selling it in order to boost our economy. That is not happening with the oil under the United States.

In my opinion big corporations pull all the strings for our government and our puppet president.

Big Corporation stoled are oil Reserves. And the people of the United States will never benefit from what should have been put back into our economy.

Now it's time to wash the books. When the bubble breaks this time it will be worse than ever before.

 

[VIP_No-Mad]

Keep in mind. The same rich and Elite that are in charge of the Federal Reserve are also in charge of the big corporations that have walked off with our oil.

If we were funding our economy with our oil Reserves like many countries do. We would not have a financial crisis.

 

[JR Ewing]

Halliburton is far from the only American oil driller, and they actually derive a big chunk of their revenues from oil servicing operations. They were servicing a well owned by BP when that mishap happened in the Gulf of Mexico in 2010.

There are a number of companies who have tapped into huge reserves in recent years in Texas, the Dakotas, and other places in the last decade. Directional drilling, fracking, and other technologies have enabled them to find and extract large quantities of oil and gas - often much cheaper and easier than it used to be. I know many people - many of them working class people - who have been able to make a very good living in the oil and gas industries over the years. Of course these jobs are much less plentiful when the price of oil tanks.

These companies eventually pulled so much out of the ground a few years ago that they started to flood the market, even though they have been able to export it in recent years. Then the Saudis and other OPEC nations became wrongly convinced that fossil fuels would soon be obsolete, and decided to flood the global market and eventually drive oil prices down nearly 80% over about a year and a half.

Oil companies like Halliburton and most others saw their revenues and any profits decline greatly once it became no longer profitable to bother with pulling the oil out of the ground, having to pay taxes on it, store it, etc when it was no longer moving.

When the price and demand (not necessarily 100% correlated) for oil increases, we'll see more drilling again. You make profits selling something only when someone else wants or needs it enough to pay you a decent enough price for it for you to profit above your expenses.

The price of oil is largely controlled by OPEC production and legit supply and demand, and is apparently virtually 100% controlled by speculation at prices above $75-80 a barrel.

It would be nice to see more drilling by private companies on federal lands (when it is profitable for those companies to do so), and more offshore drilling by private companies. The federal government controls those offshore leases (where they allow drilling), and the private companies must bid on them. Offshore drilling in general is far riskier and more expensive than onshore drilling.

The sudden very sharp drop in the price of oil in 2008 was one of a number of factors that contributed to the '08 financial crisis. There were also sudden sharp drops in real estate prices, loan repayments, and liquidity. Excessive leverage and speculation greatly exaggerated the harmful effects of real estate and credit markets collapsing simultaneously - largely as a result of bad legislation going back decades that forced lenders to write a certain number of bad loans. Of course when you're going to sell almost all of your loans as soon as you write them, how scared are you of writing a few loans you know will default - often before even one payment is made.

If you think that the big private fossil fuel (or any other) companies control our government, just look at what happened to the coal companies in the last 8-9 years. Or how oil companies were punished as wind companies were let off the hook when certain minor incidents occurred:

https://www.forbes.com/sites/christ...killing-birds-at-drilling-sites/#634db24c37eb