Translation: Bank liquidity is a key to economic activity. A key to Credit Default Swaps is that 3.3% overnight repo rate. There are hundreds of trillions of dollars in CDS that are determined by interest rates. When the bankers want to crash the markets, they will raise interest rates and crash the quadrillion dollar plus CDS and derivatives markets. We will go from where we are to Absolute Chaos within days of a significant rise in the interest rate.
Massive Australian oil discovery has put the Saudis into a panic ~ link ~ Too Bad!!! Stirling
It is 6 times larger than the Bakken, 17 times the size of the Marcellus formation, and 80 times larger than the Eagle Ford shale.
All told what was recently discovered outside a sleepy Australian town contains more black gold more than in all of in Iran, Iraq, Canada, or Venezuela.
With current estimates at 233 billion barrels its just 30 billion shy of the estimated reserves in all of Saudi Arabia.