Random Notes For Monday, May 14, 2013

1.  Fracking sand -- huge story.

2. The EU will stumble along for awhile, but the end game is obvious. Last year the Greeks were unable to pay for imported natural gas; apparently there is already talk of massive blackouts in Greece this summer.

3. The Mideast: a few data points --

• The US sees Al-Qaeda footprints (fingerprints?) in Syria
• US appears ready to give in to Iran's goal to continue nuclear enrichment program if done slowly
• Benjamin Netanyahu has his coalition
• Egypt is about ready to implode -- if it hasn't already -- I guess it depends on one's definition of implosion
• And, Saudi has stockpiled 80 million bbls of oil without getting into details to explain why, except to say "world conditions"

4. On CNBC today they are talking about a run on the banks in Greece. This is hugely old news. Googld "Greece run on banks" and you will see that there has been a "silent" run on banks since last autumn, with the first peak perhaps in December. The next rumor / bit of news to watch for: printing presses in Greece (or wherever they might be) printing "new" drachmas. The CNBC expert on Greece says a full run-on banks has not occurred; she became defensive when it was noted that all the big money has been moved. The expert is looking for video of hundreds of thousands rushing to banks to pull out there $1000 in savings. The big money has already left the country. Look at the 5-year chart for National Bank of Greece (a "thank you" to Don for alerting me to this).

5. A CNBC talking head speaks with confidence that "we" won't test $90 oil any time soon.

6. Last ditch effort to save Greece. The rising political star and possibly next leader of Greece says he will not attend the government's last meeting to try to keep Greece in the EU. Where is George Soros when you really need him?