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This compilation of financial-related insights includes videos from Steven Van Metre, John Williams, Liberty and Finance, David Lin, and Tech Revolution.
Steven Van Metre shares an alarming reporting showing the next 8 banks to fail. John Williams talks about global de-dollarization advancing. Andy Schectman joins Liberty and Finance to discuss billionaires betting against US markets. Jay Singh joins David Lin to discuss why stocks fell and what’s next. Tech Revolution reports on the largest oil reserve country being in total economic chaos.
Steven Van Metre
Aug 22, 2023
Alarming Report Shows These 8 Banks Are the Next to Fail
ThisisJohnWilliams
Aug 22, 2023
BREAKING: Global Dedollarization Advances
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Liberty and Finance
Premiered Aug 22, 2023
Billionaires and wealthy individuals are placing bets against the market. At the same time, issues in the banking system remain. “How close are we to an event that wakes everyone up?” asks Andy Schectman, CEO & president of Miles Franklin, “I do believe before the end of the year, you will see bank failures and bank bail-ins. And everything changes when that happens.”
David Lin
Aug 23, 2023
Jay Singh, Founder of the Special Situations Research Newsletter, discusses his outlook for the markets.
*This video was recorded on AUGUST 21, 2023
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Tech Revolution
Aug 23, 2023
In the heart of South America, where abundance once knew no bounds, a chilling and extraordinary tale of downfall unfolds. What was once a beacon of prosperity, a petro state lying in unimaginable wealth, now stands on the cliff of ruin.
Journey with us as we delve into the shocking descent of a nation, where the appeal of black gold gave rise to greatness beyond measure, only to crumble into despair, leaving a trail of devastation that echoes across continents.This is the story of a nation’s rise, fall, and the unyielding spirit that dares to defy its darkest hour.
Venezuela, boasting the world’s largest oil reserves, serves as a cautionary tale about the risks of transforming into a petro state. Since its oil discovery in the 1920s, Venezuela’s journey has been an exciting yet treacherous rollercoaster ride, holding valuable insights for other nations blessed with abundant resources.
Years of inadequate governance have steered this once-thriving Latin American nation into an abyss of economic and political turmoil.
In recent times, Venezuela has faced a dire economic collapse, witnessing a staggering 75% reduction in output, coupled with wild hyperinflation that has led to shortages of essential commodities.
Concurrently, a combination of government mishandling and U.S. sanctions has precipitated a sharp drop in oil production and a notable lack of investment in the sector.
Nevertheless, there’s a glimmer of hope on the horizon, as Caracas anticipates a potential turning point. Following Washington’s decision in 2022 to permit U.S. oil giant Chevron to recommence operations within the country.
This move could pave the way for a possible reconciliation. So now, let us learn how all of these came to be. Think of a “petrostate” as a sort of country that has a unique blend of characteristics:
First, these places rely heavily on selling oil and natural gas to make money for the government. Second, a small group of influential people holds a lot of control over the economy and politics.
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Third, the systems in place to run the country aren’t very strong or accountable, and there’s a lot of corruption going on. Some countries that fit this description include Algeria, Cameroon, Chad, Ecuador, Indonesia, Iran, Kazakhstan, Libya, Mexico, Nigeria, Oman, Qatar, Russia, Saudi Arabia, the United Arab Emirates, and Venezuela.
Imagine petro states as countries that might face a quirky economic issue called “Dutch disease.” This term came about in the 1970s when the Netherlands found natural gas in the North Sea.
In a place with this issue, a boom in resources attracts a bunch of foreign money. This, in turn, makes the local money stronger and helps bring in cheaper imports.
Sounds cool, right? But hold on, this can also draw away people and money from other important parts of the economy like farming and making stuff. Economists say these are vital for growing and staying competitive. And as these industries that need lots of workers fall behind, more people might find themselves without jobs.
Plus, the country could become super reliant on selling those natural resources, which isn’t great in the long run. In some extreme cases, a petro state could end up not even producing its oil. Instead, it gets most of its oil money from taxing foreign companies that do the drilling.
But when energy prices swing up or down, these countries can feel the jolt pretty hard, and money could just zoom out of the country. Since these petro states depend more on selling stuff than on collecting taxes, the connection between the government and its people isn’t always strong.
Imagine if these countries started relying on oil money just as they were building up their democracy, government systems, and laws. Sometimes, leaders might use the money from resources to control or sway their political rivals. There are a few economic and political milestones that mark Venezuela’s trajectory as a petro state.
The discovery of oil in 1922 heralded a transformational era, propelling Venezuela into a significant role in the global oil market.The nationalization of oil in 1976 by President Carlos Andrés Pérez marked a pivotal moment, establishing the state-owned Petróleos de Venezuela, S.A.
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