By Andrew Hoffman – Re-Blogged From http://www.Silver-Phoenix500.com
Why do I spend so much time discussing collapsing oil prices, you ask? Well, for one, because as we wrote back on October 15th – when WTI crude was $83/bbl, compared to $43/bbl this (Monday) morning – “crashing oil prices portend unspeakable horrors.” And this, just a week after October 7th‘s “2008 is back“; as obvious signs of global economic collapse were evident before the price of the world’s most important commodity crashed. As for said “unspeakable horrors,” the political, economic, and social ramifications will be devastating here in the States – where hundreds of high cost, junk-bond financed shale producers face certain bankruptcy, and one-third of S&P 500 capital expenditures dramatic downward revisions. That said, the overseas impact will be still uglier – where everyone from corrupt, inefficient state oil companies
