Russia to Legalize International Trade in Cryptocurrencies

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Today's episode covers macro headlines about oil and PCE for November. I walk through exactly why a hard recession is unlikely in the US, as economic activity is coming off a HUGE nominal number as CPI is crashing. This creates the feeling of free fall in the economy but real GDP can actually stay positive. This puts massive downward pressure on the demand for oil globally, and since the US is a giant producer of oil and natural gas, it puts the US in the economic driver seat.

Lastly, a member of the audience brings up a very big news item out of Russia, where they have stated that they "WILL" start using bitcoin as early as January for import/export deals.

• Russia to use bitcoin
• Freeport LNG delay
• US Durable goods decline
• PCE mixed signals
• Oil imports and exports to the US

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