MacroVoices #353 Luke Gromen: The Fed Is Headed For Difficult Decisions
Macro Voices
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The US Can't Afford to Hold Oil and Oil at Negative Real Interest Rates
The cap on oil prices has been shale to some big extent of the last 10 to 12 years. That cap is now getting removed because we can't produce much more, not at these prices. So if I'm Putin, the Americans want me to sell my oil and then store it in debt. It's a terrible deal for him. He stopped buying treasuries back in 2008 or 2010. And he bought gold instead, a lot of gold.
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