by Mike ‘Mish’ Shedlock
Liquidity Crunch or Worse
Saudi Arabia burnt through its reserves faster than anyone thought.
In signs of a huge liquidity crunch, at best, the country has delayed paying contractors and now considers paying them in IOUs and tradable bonds.
In retrospect, the Saudi threat to dump US assets looks more ridiculous than ever.
Please consider Saudi Arabia Considers Paying Contractors With IOUs.