JP Morgan Chase Emerges As Massive Copper Buyer (Manipulator?)
Anyone who cites commodity prices as proof of inflation needs a basic lesson in economics. We have beat the drum incessantly since starting this blog that commodity prices are not reflective of fundamental demand but instead by massive manipulation by financial firms. That Wall Street has inserted itself in the commodity supply chain and is screwing Americans and other countries with high prices for industrial metals, agricultural commodities, energy products, etc.
We had an almost entirely hoodwinked society going so far as to tell us we are running out of copper when it was hovering around $4 a pound before the 2008 collapse. And the cost of mining copper is literally 5 cents. The high inefficiency in end market pricing is because Wall Street is manipulating commodities for their cut. The entire commodities supercycle is a corrupt pump by Wall Street crooks. They will be punished for their lies. Mark my word. We have been writing for years that a commodities bust will result from this endless fraud.
Our corrupt government has done absolutely nothing to fix any of this. And because very few understand it, they fall prey to Wall Street’s Enron-style lies. California electricity blackouts were a result of Enron manipulating demand under the exact same dynamic we see in the commodities markets. Enron went so far as to kill little old grandmothers who could not afford electricity during heat waves. And in taped conversations, they laughed about it.
Anyone who understands what happened at Enron, knows it was Wall Street that was the true force behind their scam. And while many Wall Street firms settled with massive fines for their corrupt involvement with Enron, the scam was never dismantled. It was just transferred to Wall Street when Enron went bust.
This is one of the most underreported scams on modern times. What the hell is a bank doing in any of the commodities markets? What privilege are these goons given that they are allowed to speculate endlessly with our savings while we are denied access to our own capital?
We need a public banking system that serves democracy and human development. Period. And people like Jamie Dimon, JP Morgan’s CEO, should be making a bureaucrat’s salary on a government wage scale. Because that’s about where his competency lies.
Link here.
We had an almost entirely hoodwinked society going so far as to tell us we are running out of copper when it was hovering around $4 a pound before the 2008 collapse. And the cost of mining copper is literally 5 cents. The high inefficiency in end market pricing is because Wall Street is manipulating commodities for their cut. The entire commodities supercycle is a corrupt pump by Wall Street crooks. They will be punished for their lies. Mark my word. We have been writing for years that a commodities bust will result from this endless fraud.
Our corrupt government has done absolutely nothing to fix any of this. And because very few understand it, they fall prey to Wall Street’s Enron-style lies. California electricity blackouts were a result of Enron manipulating demand under the exact same dynamic we see in the commodities markets. Enron went so far as to kill little old grandmothers who could not afford electricity during heat waves. And in taped conversations, they laughed about it.
Anyone who understands what happened at Enron, knows it was Wall Street that was the true force behind their scam. And while many Wall Street firms settled with massive fines for their corrupt involvement with Enron, the scam was never dismantled. It was just transferred to Wall Street when Enron went bust.
This is one of the most underreported scams on modern times. What the hell is a bank doing in any of the commodities markets? What privilege are these goons given that they are allowed to speculate endlessly with our savings while we are denied access to our own capital?
We need a public banking system that serves democracy and human development. Period. And people like Jamie Dimon, JP Morgan’s CEO, should be making a bureaucrat’s salary on a government wage scale. Because that’s about where his competency lies.
Link here.
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