At prices like this, much of US shale production is loss-making,
Current US shale production runs at costs $30 to $35 a barrel.
New wells, ah, but extant?
At prices like this, much of US shale production is loss-making,
Current US shale production runs at costs $30 to $35 a barrel.
New wells, ah, but extant?
One of the characteristic features of man-in-the-pub economics is a blind spot about the idea that there are different sorts of costs. Man-banned-from-the-pub economics has the same defect even though the MBFTP claims to have qualified as a CA. I don’t suppose he’s got a cousin he closely resembles, has he?
I have been barred from speculating on Murphy’s bona fides when it comes to accounting but he does have a twin brother. I think Moqifen (Who I haven’t seen in a while to be fair) actually knew him – said he was a nice guy. So proof that the Star Trek episode ‘Mirror, Mirror’ was based in part on reality.
Does he have an evil goatee but is actually a nice guy?
One thing can be said for sure, which is that markets are not rational and most definitely do not set prices based on all available data. There has been no significant change in data over the last week. Prices have, however, changed radically.
And what pray tell is his alternative – he sets the prices? Black markets?? Of course there are swings – that’s what happens in a globalized economy
What happens next? The moment of a recession’s onset rests with those who trade in markets like these and the stock market, where irrational exuberance persists. This is the world neoliberalism has built. We will all pay the price for it.
In ‘the politics of care’ you won’t have anything beyond what he and those of his ilk care for you to have -so you don’t have to worry about paying the price for anything because you won’t be permitted to buy it
“And what pray tell is his alternative – he sets the prices? Black markets?? Of course there are swings – that’s what happens in a globalized economy”
Anyone who compares the state with the private sector can see how fast the state adapts compared to the private sector. National Express will try a route, test it for a year and if it fails, kill it. We’re still running loss making train services galore and have been for 40 years.
The commies will always dig around for weird examples from the private sector, some mad speculative scheme or other, but they’re a tiny part of the overall economy. If this wipeout of AI stocks happens, it’ll be an adjustment of about 10%. Or about 1 year of growth gone. Grand scheme of things, fuck all.
Yep. Gamecock’s commie little brother argued that the county government runs the water company just fine, so communism works (!).
The Scottish government does not run their water company at all well., so Scottish communism does not work.
“There has been no significant change in data over the last week …”
What markets? What prices? Where has he looked for data? The answers are probably dunno, dunno and nowhere.
“The moment of a recession’s onset rests with those who trade in markets like these …”
Of course, evil capitalist traders love to bankrupt themselves by starting recessions. The game this week is to guess how many recessions he’s going to predict by Friday. Nearest 10 or so should do.
FFS! It’s the opinions of the data have changed. The data doesn’t have to. Stock markets prices are opinions of the future. Opinions change.
That he does not know what changed – his assumption then is that nothing has changed.
He doesn’t understand what is happening therefore everyone else must be wrong.
“One thing can be said for sure, which is that markets are not rational and most definitely do not set prices based on all available data. “
Well he’s not wrong there. Markets are just the aggregate of the decisions of human beings, who are herd animals. Everyone just follows the crowd regardless of the data, until something happens somewhere (the proverbial Amazonian butterfly) that flicks a switch and the whole thing comes tumbling down. How otherwise could bubbles occur, if markets are always 100% rational and based on data? No, markets are based on human sentiment, which as we all know is capricious.
Now I’ll admit that generally rationality wins out in the end, the madness of crowds notwithstanding. Bubbles burst and reality reasserts itself. But that rationality may be interspersed with pretty long periods of irrationality. In fact I’d argue the market is irrational for far longer than it is rational.
Not all markets have a Hog Cycle. The markets I used to follow had irrational phases but I reckon the rational phases lasted a bit longer than the irrational ones. Whether outsiders could understand the rationale is not the same question as whether they were rational.
The question is which lasts longer? Stupid free market bubbles or stupid government?
The Arts Council has existed since 1946 and it’s achievements are no better than the stopped clock.
We’ve been running rural trains for 40 years at a loss. HS2 was obviously a stupid idea a decade ago but it’s still going.
Market bubbles are 5-7 years.
Meanwhile, elsewhere…
“Disgusting, lurid, titillating, voyeuristic Epstein photos released.
See inside on pages 3,4,5,7,11,12,13,15,16,18 and 20.”
When you offer for sale a stock you bought for 10 quid and nobody offers to buy it for more than nine, that is a change in data. Why doesn’t matter, the market has told you.
Its occurred to me (inspired more by stories tou arent opening for comments) that you should really have been writing for the Eye before they went woke. Somewhere between in the city and rotten boroughs. With the occasional foray into court circular.
I think we should be told.
Not something I ever tried to do. Gawain did for some time. It was a good deal too. £500 a month or summat for a few of those two and three para gossip stories every couple of weeks. I was never really plugged into a market they wanted stories from anyway.