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New bill to regulate Oil speculation

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posted on May, 10 2008 @ 12:31 AM
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www.beurs.nl...

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 gas.

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
www.marketoracle.co.uk...

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 issues.

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]




posted on May, 10 2008 @ 03:29 AM
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I posted this somewhere else, but it seems apropo here because until our government starts to look for the truth, nothing will really change.

There is no gas shortage



posted on May, 10 2008 @ 08:09 AM
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Goldman Sachs and Morgan Stanley today are the two leading energy trading firms in the United States .


Here's a dot.


Notable is the fact that the US Treasury Secretary, Henry Paulson, is former Chairman of Goldman Sachs.


Here's another dot, a huge one.

Looks like there is something that can be done: Commodity Futures Trading Trading Commission. But...


The US Government energy futures regulator, CFTC opened the way to the present unregulated and highly opaque oil futures speculation. It may just be coincidence that the present CEO of NYMEX, James Newsome, who also sits on the Dubai Exchange, is a former chairman of the US CFTC. In Washington doors revolve quite smoothly between private and public posts.


The American-style corruption by Republican politicians under Bush has been staggering. They just didn't care about "the little people". Time once again to write my congressperson.


Edit to add Great Thread!


[edit on 10-5-2008 by desert]



posted on May, 10 2008 @ 08:54 AM
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Desert thanks for the reply.

I loved that line in the article about doors revolving smoothly between public and private posts in washington. when u understand one is supposed to look out for citizens best interests and the other private profits you can see the moral hazard and you can bet which one wins out.

All the B.S spouted by Paulson is just that, and Bernanke doesn't mind the energy and food inflation because he is traumatized by thoughts of deflation.

Citizens should understand that their are financial loopholes in place that are responsible for speculators bidding up the prices of Energy and (food) and the fat cats regulating this are paid off or going along for the ride, and they will lie and fight tooth and nail for their loop hole to remain open. Big Agriculture is a well politically connected business, and Monsanto is raking in the cash.

Desert one thing i thought about regarding passing the energy speculation bill in congress now, is all those speculators would then pile into/ double down on food speculation so a bill representing more regulation in this venue would be imperative to avoid a even bigger spike from those shifting commodity's.

A food speculation bill needs to be attatched to or "close behind" any energy speculation bill and beware, Big Agriculture is very connected, i wonder if congress has the backbone. The american people need to understand this and then do something. Like marching on washington, by the hundreds of thousands. ATS is a venue that could step up and spread awareness.

[edit on 10-5-2008 by cpdaman]



posted on May, 10 2008 @ 06:57 PM
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Originally posted by cpdaman
Citizens should understand that their are financial loopholes in place that are responsible for speculators bidding up the prices of Energy and (food) and the fat cats regulating this are paid off or going along for the ride, and they will lie and fight tooth and nail for their loop hole to remain open. Big Agriculture is a well politically connected business, and Monsanto is raking in the cash.


Very well put to the point. So, the fact it, there is something that can be done.

Yes, the revolving doors sickens me. Besides a door to let in corruption, the door helps keep status quo. Where's the new ideas??

Ah, yes, a food speculation bill. Yes.

Americans need to tell their congress people and president they've had enough ! Some citizens say it doesn't do any good to tell them. Don't tell the NRA such things don't work



posted on May, 10 2008 @ 10:57 PM
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you can bet nations like China and India are none to pleased with the high food prices. They are setting up high export tarriffs and are basically hoarding food, same for Argentina and others

India suspended futures trading in food items and this could create alot of geopolitical tension for the rest of the year as the trend will continue unless the status quo (rules for speculation) change.

More country's need to put a stop and be pressured to stop futures trading in (first food, then oil) then see how the prices adjust and then think of reducing acreage designed for biofuels.

Are there any powerful lobbies that represent the people? Anyone know how to get some leverage on govt's to take some action? perhaps Bono?
www.makepovertyhistory.org...

food prices in particular are likely to EXPLODE

[edit on 11-5-2008 by cpdaman]

[edit on 11-5-2008 by cpdaman]



posted on May, 14 2008 @ 11:54 PM
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reply to post by desert
 


You're right. It does work. I can't remember where but I just heard or read on the news that for every one person who calls/writes their representative, their voice counts for 15,000 constituents they just assume are too lazy to do so but still agree.

So does anyone think this bill will pass?

To Scarlett, great link!

[edit on 14-5-2008 by sc2099]



posted on Jun, 23 2008 @ 06:04 PM
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It is also a Taboo topic to discuss the Big investment banks in the U.S and Europe betting heavily on Oil and Food futures. (perhaps they are looking to repair balance sheets after losing Massively in housing debacle?) bueller ... Goldman Sachs and Morgan Stanley have been revealed to be the two largest players in the commodity market!

People shouldn't shake their heads at uncomfortable truths or stare apathetically as they are slow cooked like a frog in a pot.

The Global financial institutions have undermined our (and many other govt's past) morals and now compromised politicians, a compromised media and central bankers that know who butters their bread are taking everyone on a ride that GAURANTEES a lower standard of living for the majority of american's and most other's in the world.

Their is a anti oil speculation bill in congress right now that may work if we have enough congressmen that are not compromised to pass this, mind you a similiar bill in the parliment would need to be passed to regulate I.C.E futures trading in Europe and then poof their would be a rush for the exits. However a Food speculation bill must be attached because other wise the money would just flow from oil to food because big investment banks in the world are desperate to repair their balance sheets from the Home mortgage mess.

We need a INFORMED and ACTIVE public to show an arrogant financial elite that the people of this country still have the will and means to engage positive change for our futures, we can't wait and naively hope for our compromised secretary of treasury Hank paulson (who used to be head of GoldMan Sachs to do something about this) we can't wait on central bankers (that no who butters their bread) in the FED or ECB to stop providing the accomodative intrest rates that keep the dollar low/ euro high so global investment banks can recoup their mortgage losses in oil and food futures. These banks are greedy yes but unless we the people use our knowledge and means to do something about it we are responsible as well.

[edit on 23-6-2008 by cpdaman]




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