TheBurningPlatform ^ | April 25, 2011 9:21 AM | By James Howard Kunstler
Posted on Monday, April 25, 2011 11:59:01 AM by fight_truth_decay
Obama going after oil speculators while holding fund raisers with the criminals who brought down the financial system.
That was a cute move by President Obama last week, calling out the “oil speculators” with a memo to his Attorney General, Eric Holder. The President proved a few weeks ago, in his energy speech to the nation, he doesn’t understand how these resources are produced and traded. Consequently, the people he addressed remain clueless, but ticked off nonetheless. And the logic of politics now compels Mr. Obama to call out the dogs on… people who make money trading paper claims on oil?
Funny, he didn’t show any interest the past two-plus years in people who make money swindling taxpayers via booby-trapped Collateralized Debt Obligations and Credit Default Swaps. Maybe those things sound too abstruse to get excited about – but believe me, it was a heckuva lot more money. In fact, a case could be mounted by God’s attorney general – if he has one – that Mr. Obama abetted a gigantic conspiracy in fraudulent financial paper which makes the oil speculators look like shoplifters in a Kentucky WalMart.
The price of oil is going to go way up, and way down, and way up again, and way down again until everyone is too broke to ask for any, and companies are too ruined to go get it for them, and governments are too broken to interfere in the process.
The oil speculators are normal characters in a market operating normally, which is to say doing what needs to be done on the margins of “price discovery.” The trouble arises when price discovery occurs in turbulent times and places, for instance, when people in a part of the world called the Middle East & North Africa..More
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