Entry Submitted by MenoReno at 5:07 PM EDT on March 25, 2020
Tony was pretty interesting today. Of course, he did his usual lambasting of all the gurus who claim that the RV is happening today, and he went on to explain that Iraq wasn't ready and had just postponed the formation of its government until May.
So, they can't pass their budget until at least then, and the rate change is in it. Further, they just did their own helicopter drop of 250,000 IQD for their citizens. The logic is, would they be doing this if it was going to be worth a million US tomorrow? Not likely.
But Tony went on to postulate that it could go sooner if they get OPEC and the Russians to sink a deal on oil. His reasoning is, then the price would go back up to where the RV and the budget would work again, roughly in the low $40 range.
I see his logic, but I'm not sure he has fully reasoned this out. For the price to go back up, there has to be demand. With most everybody on lockdown, planes aren't flying and cars are parked in driveways and garages.
And despite what Humpty Trump wishes, that we get back to normal for Easter, COVID-19 keeps getting worse and putting strains on the economy that cannot be quickly fixed. To think the banks will be entertaining us any time soon stretches credulity.
After all, what could we do with all that money if we got it now? Can't spend it in our homes. No, before we see the RV, we're going to have to lick this virus.
MenoReno
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