Wednesday, June 17, 2009

The Wall Street Tax On America - More Scheming In The Oil Markets

If it's not bad enough that crony capitalism has us bailing out banksters committing the greatest of crimes against humanity, Wall Street is back to its old shenanigans of shoving commodities. This has absolutely nothing to do with any commodities supercycle which is complete and utter bullshit that has been projected like vomit from the mouth of every Wall Street talking head alive today. Whew that's a mouthful! Haha. It's about the government handing the banksters trillions of dollars without instituting any market reforms. So we are back to distorting markets just as has happened time and again over the past decade including the Enron debacle which was accomplished with the complicity of Wall Street.

The chance that we are seeing Peak Oil at this very moment is completely ridiculous. While Wall Street was shoving commodities to the moon, we said this would end in a commodities bust and we are well on our way. if I have offended your Peak Oil instincts, then I have accomplished my objective. How many times in history has the vast preponderance of people on this planet accurately predicted the future as is the near universal case with Peak Oil today? How about never.

I don't know if I will be blogging by the time this happens, but I will tell you right now that I will go so far as to state that oil will very likely be less than $15 a barrel by the time we get out of this mess. And that means the asshats on Wall Street are likely to once again get their head handed to them for trading in commodity markets with our money. And anyone who understands anything about the futures and derivatives market knows that it is a zero sum game. So, when Wall Street speculates with our money and loses, we are required to bail them out. It's legalized stealing, as is the actual act of making money off of the world's consumers of energy and commodities. Wanna bet that won't happen again?

Last week the American Trucking Association joined seventy nine other trade associations seeking full transparency into commodity markets all while Wall Street seems hell bent on destroying whatever there is left of American industry. With the blessing of Washington politicians. Nearly a year after this crisis hit full bloom, we aren't even close to doing anything to curb Wall Street's predatory activities. Where is our government?
posted by TimingLogic at 12:09 PM