From Bill Bonner, Chairman, Bonner & Partners:
BALTIMORE – Is there really a “War on Cash”?
No. There’s a war on you.
We’ll come back to that in a minute… First, a quick roundup of last week’s action.
Friday brought more bad news for U.S. shale oil producers. Reports Bloomberg:
The number of rigs drilling for oil and gas in the U.S. is plunging toward the lowest level in more than 75 years of records… culminating in the collapse of almost 75 percent of the rig count.
The fracking boom towns are now turning into ghost towns.
The billions of dollars of investment (the industry has never been cash positive) have stopped flowing into the U.S. shale producers. Revenues (such as they are) have slowed to trickle on a cold day.
And in the tech sector, Yahoo is paying the price for its buying spree. It’s one of…