Friday, April 22, 2011
Oil Speculation: on the cusp of action?
Joe: I’m thinking the government & consumers will begin to demand that oil speculation be discontinued. The rise of oil has nothing to do with supply because according to OPEC they plan to cut back on production because they believe there is an oversupply at the moment. The rise in price is due to a weak dollar and we just hit an all time low today. Nevertheless the speculation is what really has us in trouble and has gotten the US in trouble with the massive financial scandal. The current speculators and those that bought housing derivatives and those individuals who “bought” houses they couldn’t afford did it all other somebody else’s dime in reality on credit, a line of credit. The simple solution for oil, and many other commodity markets is simply to require, banks, speculators, individuals, and others to gamble with their own money or at the very least with much higher balances of cash on hand. This would certainly lessen the big swings in the markets. I have also heard about only allowing those that actually need oil for their industry as the only ones who can speculate on it. Note Dick Morris (right) & R. Nader (far left) agree on eliminating speculation. –Bob
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