posted on May, 10 2008 @ 12:31 AM
This may seem like a mundane issue.
In my opinion it is central to the financial health of many middle class american's and important to anyone who pay's for oil and even heating
I had just read an article last week by William Engdahl, laying out his theory how financial speculation thanks to a loophole (hardfought/lobbied for)
has allowed rampant OiL speculation to account for at LEAST HALF OF OIL prices/ PER BARREL. The greedy banks and traders bidding up the prices of OIL
will do ANYTHING to silence and squash this threat to their little "gold mine". And now we have congress with the chance to actually do something
and they need to hear from the people and spread the news.
The financial industry preys on the uninformed. Agressive and deceptive subprime lending was one thing, but indirectly hiking OIL and even food prices
is another all-together. The bill mentioned in the top paragraph would take care of Ludicrous Oil Prices.
the article from Engdahl explaining the loophole traders use and the methods to explain his "50% of oil price is speculation" is here
it is eye-opening to see that oil prices were 15-20$ per barrel 5 years ago, (today 125$) and their is alot more going on here than demand/supply
The CFTC needs a wake up call badly. The mother #$(ers tried to deny that financial speculation had anything to do with 60% rising food prices to
angry farmers last month, and the government and congress needs to put these greedy POSMF'ers in their places. Because people are going hungry
thanks to their lack of oversight/greed. greed has shot their morals into nothing and they will LIE and Argue to defend their investments which
succesfully bid up the price of OIL and FOOD. As of now i am not aware of a bill in congress that will limit food speculation but the one regarding
oil speculation is huge in and of it self and would get the ball rolling and possibly enough momentum to regulate food commodity futures as well. This
is very serious stuff w powerful players involved.
10 percent yearly changes due to supply/demand issue in OIL and food are bad enough, but 50% is insane. BTW the dollar is weaker and contributing to
higher prices, however if OIL and food futures were regulated Inflation in Europe would be lower and their central bank would be able to Cut interest
rates and boost the dollar's value as well.
[edit on 10-5-2008 by cpdaman]