Brazil’s oil euphoria hits reality hard

Brazil’s oil euphoria hits reality hard

(from washingtonpost.com)

“More than six years later, the outlook for Brazil’s oil industry, much like the Brazilian economy itself, is more sobering. Oil production is stagnant, the state-controlled oil company, Petrobras, is hobbled by debt, and foreign oil companies are wary of investing here.”

Same thing as the hype of the US tar sands, it is just a bubble going to explode as soon as somebody starts fearing to lose their shirt over this overinflated and overextended market, where stocks are valued five times more than any reasonable expectation, to keep bank bonuses of bankrupt banks high.

Is coming, and it will hit harder than 2007. Only idiots can believe in infinite growth in a system running out of every single resource, idiots, priests and economists, three categories of psychotics, that should be in straight jackets.

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