There is no supply of oil. The bull market in oil has years to go, despite large corrections that are sure to go.
The world is running out of known oil reserves.
A lot of commodities have come down pretty hard.
Low inventories of food.
Acerage devoted to wheat crop is below 30 years ago.
No major oil fields in 40 years.
European and Asian banks haven’t taken writeoff’s yet. American banks have written off in advance. Asian and European banks will writeoff over time as they go bad.
