Predicting economic outlook is presently akin to chart analysis. The are so many variables and moving parts that it is as easy to come up with a sanguine projection as with a depressing one.
In another timely smash and grab of the narrative, Saudi Arabia, judging well the twitch factor being experienced in markets after the broad sell off due to the US downgrade by Fitch, pre-empts the OPEC JMMC due today and extended its voluntary cut of 1 million barrels per day into September.
Politics work as follows: use everything at your disposal, even a 100-year-old, obsolete law called the Second Liberty Bond Act to gain political leverage, push your country to the precipice, step back in the last second and then be outraged when you are accused of recklessness and your creditworthiness deteriorates.
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