Crude got killed by the Goldman prediction that crude will fall to $105 (Brent), which from highs of $127, fell back to $122. That is still way high.
Japan’s nuclear disaster at Fukushima has been raised to a Level 7 severity rating, the same as Chernobyl. Some say this doesn’t mean it’s as bad, that it’s a wake-up call. Water with radioactivity has been leaked into the sea. (Also: A survey of the worlds radioactive no-go zones)
South Korea increases inflation forecast to 3.9%. ECB recently raised rates to 1.25% from 1 percent to fight inflation. China also, on April 5, raised rates for the fourth time in five months to 6.31%. With crude at $100+, inflation is bound to hurt everyone in the globe…except those who let their currency rise against the dollar. While crude has gone up 20% this year, the rupee has appreciated less than 10%, which means we’re not immune.
The Fed Rescue Program is just to too bizzare to be true, says Michael Lewis.