The only significant decline in the demand for oil and other commodities will come from Europe as we begin to see the European banking system implode due to exorbitant leverage and the ineptness of the European Central Bank and the IMF to solve the crisis.

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Against the backdrop of improving employment, accelerating U.S. economic growth and the resolution of the European debt crisis, we are witnessing massive injections of central bank liquidity into the global financial system.

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Analysts also said that the heavy demand at the auctions was helped by the amount of cash that the European Central Bank is injecting into the system.

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Well the European Central Bank has just pumped an astonishing amount of new loans into the banking system.

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In the end the European Central Bank reacted to stop an impending credit crunch in the banking system, injecting hundreds of billions of euros into the system, liquefying the banks.

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Proof of the pudding: The Bank of England and the European Central Bank are having to pour reserves into troubled spots in the financial system.

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