Ken
O’Brien
The last big financial crisis was brought about by the sudden collapse of the housing bubble. Synthetic derivatives based on inflated home values and unscrupulous mortgage practices suddenly collapsed leaving investors holding worthless paper that threatened the foundations of world financial markets.History appears to be repeating itself. However, this time the target is the world energy market.
Collapsing crude oil prices due to oversupply are reaching critical levels. They threaten Wall Street banks, investors and a dozen countries.
Foremost among these are Russia, Iran and Venezuela, where revenue losses have caused severe financial degradation, and economies are about to implode.
While Americans are today enjoying $2 per gallon gasoline, Wall Street's analysts are predicting an imminent energy market collapse. This will bring financial institutions to their knees once again, and taxpayers are being set up for another mandatory bailout.
