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What is the cause of the word-wide rise in oil and food prices?

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What is the cause of the word-wide rise in oil and food prices?

By Ibrahim Turner

· Searching for ‘truckers strikes over high fuel prices’

338,000 entries from Google.

· Searching for ‘fisherman’s strikes over high fuel prices’

336,000 entries.

· Searching for ‘food riots over high prices’

710,000 entries.

· Searching for ‘demonstrations over high prices for food’

2,980,000 entries.

· Searching for ‘articles about high oil prices’

85,900,000 entries.

The world price of oil hit another record today at $138 a barrel.

Many of these articles blame the high prices on speculators on ‘oil futures’ gamblers on Wall Street and stock exchanges around the world. Morgan Stanley predicts $150 a barrel by July 4th.

What is going on here? Why are speculators, who lost billions in the last fiasco of sub prime mortgages racket, being allowed to drive up oil and food prices into another bubble? Where the hell are the regulators? Oh that’s right, oversight has been whittled away, at least in America by pressure from these same ‘bankers’, with a capital ‘W’ on Congress, who of course own shares in oil, munitions, and Monsanto, the Genetically Modified Seed and Food Giant Corporation.

What a crock! What a blatant and absolute fraud!

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A well traveled and slightly worse for wear 72 year old Englishman; widower, several children and grandchildren and a penchant for wondering 'what is the hidden agenda' in almost everything I read. A keen interest in American culture (an oxymoron?) (more...)
 
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