Remember when the Saudis insisted that the world oil markets were well-supplied when oil went to $150/barrel over the summer? They said it was speculators and the low dollar were causing the high prices. I thought they were right then, and today's story confirms it:
Tensions generated by a widening conflict between Israel and Palestinian militants sent crude prices up sharply to above $40 a barrel Monday, with gasoline and heating oil also making sizable gains.Do the idiots that are trading oil even realize that there's hardly any oil in Gaza, the West Bank, Israel, Jordan, Lebanon, and Syria? The world's economy needs an enema to flush these stupid polyps from the system.
3 comments:
Rodger and I have LONG HATED the speculators...that's a part of this financial system that should have been 110% regulated from the start. They are ALL criminals. They ONLY profit when they can LIE the most. THANKS for this post, Gavin, however, I now must go take an aspirin. Hah.
And support the pharmaceutical industry?
The conservatives complain that regulation hinders free market capitalism - which is supposed to be based on supply and demand.
If there's one thing we've learned from the past year in economics, it's that, market speculation has replaced the law of supply and demand.
If we really want to get back to the *good* part of capitalism, speculation markets need to be HIGHLY regulated.
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