Michael Greenberger - Secret Exemptions Allowed Wall Street & Hedge Fund Manipulators To Distort Commodity Futures Markets
WATCH THIS! This is what we have been harping on for years. Everything discussed in this video interview has been discussed on this blog. Except it is coming from a VERY credible and honest political insider in the United States.
I know I remark of this from time to time but for new readers, The Real News is quite possibly the best source for serious journalism in our country today. It’s on my blog link list and it is the source of this story. I don’t read anything out of Wall Street, I don’t read any mainstream financial bloggers and I sure as hell don’t watch any news on the television except public television. I would encourage you to watch and, if possible, support The Real News.
Excessive speculation by Wall Street crooks is causing an inflationary bubble. Those are the words of Michael Greenberger (sans the crook label) as he is again in the news. As we have highlighted before, Greenberger is one of our favorites to speak out in the search for reason and truth against the corrupt financial machine and its enabler, the corrupt political engine.
We have uniquely been writing about this since before the 2008 collapse. This is quite possibly the most criminal of all financial activities of Wall Street. It is the same dynamic as Enron’s manipulation of energy prices. I repeat, the same dynamic.
Greenberger points out what we have said for the last six years. That is, it is corrupt Wall Street speculation that is causing price gains in commodities. It is NOT inflation. People who equate Federal Reserve money printing to inflationary price increases HAVE NO IDEA what they are talking about. There is NO inflation problem. There is NO money printing problem. There is a MASSIVE financial corruption problem associated with manipulating commodity prices. And that corruption is killing people around the world and causing untold numbers of impoverished children to suffer by going without food. To repost what we have said numerous times, inflation is too much money chasing too few goods. 90% of Americans have little to no money. There is not too much money chasing too few goods. What we are seeing is too much money, leverage and speculation in futures markets causing aberrant price behavior that is causing massive pain and suffering around the world. Thank you Republicans and Democrats. Thank you Bill Clinton, George Bush and Barack Obama.
As we have said numerous times, every financial firm in this country should be banned from trading in all commodities markets. Period. By the way, so should large commodity trading firms in the agri-market who prey on small farmers, especially in poor countries as we noted many years ago. Of course, we would have neither issue if we had a public banking system and we enforced existing anti-trust laws; two of our major concerns on here.
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