Venezuela -- Tick, Tick, Tick -- January 20, 2016

Breaking news:Venezuela requests OPEC hold an emergency meeting to discuss steps to prop up oil prices, which have fallen to their lowest since 2003, sources say - Reuters. This is hardly "news." Venezuela has been asking for "emergency meetings" for quite some time now, and has been under duress for at least a year.

****************************

Caillebotte.