Thursday, June 12, 2014

News - Daily Summary

World: Iraq was front and center today as militants make more inroads on government forces. The government of Iraq has requested air support from the U.S., who is still debating what will be done. It looks like militants waited till U.S. forces were too small to support government forces and have taken the opportunity to overrun several cities. Unfortunately the current fighting is near oil fields and thus the price of oil was way up today. Just what the world needs, higher gasoline prices! Iraq is starting to look like Vietnam. We won all the battles but in the end lost the war. What a waste of blood and treasure. In Ukraine a convoy of armored vehicles entered Eastern Ukraine from Russia. It looks like Russia is directly helping the separatist. This new development will probably lead to some kind of escalation of violence. With all eyes focused on Iraq, I would not be surprised to see Russia give more and more direct support to separatists. Besides the usual crimes and tragedies, there were no other new major developments across the world. It looks like the world is ready to watch some soccer as the World Cup kicks off in Brazil.

U.S.: Stocks sold off today on the news from Iraq. Gold was higher and as mentioned, oil shot up. Besides further political upheaval from Eric Cantor's loss on Tuesday, and the usual crimes, tragedies, and trivialities, there were no other new major developments in the U.S. today.

It was another day in the calm before the coming economic storm.

What do you think?