Time to buy a Tesla? OPEC met and have decided to reduce oil output by 2 million barrels a day, which means gas prices are going up. But with the Twitter deal back on, Elon might just be too busy to sell you one. 

The good news is that this renewed inflationary pressure, combined with signs of a slowing global economy, may lead to stagflation – in which case, you probably won’t have a job to worry about driving to!

🎥 Watch a 1-minute explainer on the relationship between inflation and oil prices.

The lowdown

• 🛢 OPEC agrees to cut oil output by 2 million barrels a day, or roughly 2% of global consumption.

• ⛄️ Meanwhile, Europe is running out of gas storage for winter. 

• 🐥 Elon Musk to buy Twitter after all, much to the annoyance of his bankers.

• 🛂 Ray Dalio hands over control at Bridgewater (which looks like a deliberate hospital pass.)

Featured stories

Kim Kardashian and Twitter bots are the trusted financial advisers of 2022. Today, we look at two stories that document the rise of financial advice from non-traditional sources and the consequences.

Kim Kardashian fined $1.26 million by the SEC

Kim Kardashian has been fined $1.26 million by the SEC for shilling crypto on Instagram. In June of this year, the former reality TV star posted a message to her 225 million followers that began: ‘Are you guys into crypto?’ Kardashian was careful to also include the disclaimer: ‘this is not financial advice’, before providing the financial advice – offering her fans the same protection as “no offense” before saying something deeply offensive. SEC chair Garry Gensler agreed, stating, “This case is a reminder that, when celebrities / influencers endorse investment opps, including crypto asset securities, it doesn’t mean those investment products are right for all investors.”

Here's the SEC filing.

Social media says Credit Suisse is about to collapse

Users of Reddit and Twitter are busily informing investors that Credit Suisse is about to collapse. Much of this advice is meted out in the form of memes and, while sometimes inaccurate, are shared widely because, well, they are funny. And while things may not be going great for Credit Suisse, comparisons with 2008 may be overblown. The episode threatens to become a self-fulfilling prophecy, though, as the bank must now limp through a restructure with a lower share price and a higher cost of capital.

Our latest reminder of how the internet continues to intensify human behavior. Markets are psychosomatic? Even more so in the digital age. Relatedly, Netflix has just released its three-part GameStop Saga.

The content we're consuming today

• Netflix: Skandal! Bringing Down Wirecard – An excellent documentary on the Wirecard scandal.

Off-balance sheet items

• Fat Leonard – Explosive podcast about the defense contractor who bribed navy officers with cash, prostitutes and luxury items in return for multi-million-dollar deals.

The bottom line