Crude oil prices cratered 3% overnight paring earlier losses as OPEC and Russia failed to agree on cutting output to support higher prices in Doha talks.
Equity markets across the globe sold off on the news that the collusion between the oil-producing monopoly and US and Russia broke down.
Into this backdrop we have other news coming out of Saudi Arabia.
The Saudi royals are threatening to sell of their 4% stake in US debt, should a bill make it through Congress, that would allow families that lost loved ones in the 9/11 attack to sue the oil-rich country over its role of financing the terror attacks.
The Saud family holds nearly $1 trillion in US government securities, which it threatened to liquidate in a fire sale to avoid having the cache attached to a survivor lawsuit.
The bill, co-sponsored by New York Sen. Charles Schumer, would remove immunity given to a foreign nations if the country’s government is found responsible for a terrorist attack on US soil — which could make the Saudi government vulnerable to a federal lawsuit by the families of 9/11 victims.
At the heart of the matter is a 28-page report detailing the Saudi’s financing of the terrorist plot as well as fanning the jihadist fervor with recruitment and organizational support prior to the attack.
Much of the complicity between the White House and the Saudi government has been laid out, such as the Saudi’s being able to fly hundreds of its citizens out of the US on 9/12 and 9/13 despite there being a no-fly order for all others.
So this is what we get for shipping trillions to a sand pit in the Middle East. And the fact that these deceitful people colluded to raise oil prices to gouge more of our money is sheer lunacy that we put up with it.
GRAY'S ECONOMY 