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!
What is in store for the billions of poor people around the world who live on $1 a day? What is in store for the relatively rich populations of America and Europe when fuel prices have greater and greater impact on already rising food prices, driven up by these same speculators?
Give it another month and when the prophesy of $150 a barrel sinks into the collective consciousness of all the truckers, fishermen, farmers who use fuel and pesticides and fertilizers, not to mention the ordinary motorist trying to get to work, expect the proverbial ‘doodoo’ to hit the revolving air machine.
There have been many articles alluding to the fact that America is already bankrupt, having spent billions on the war in Iraq and Afghanistan, the burgeoning U.S. Department of Homeland Security, all in hock to China, Japan and Asian countries.
The dollar is steadily tanking and today the New York Times sent me a news alert, which said, ‘The Dow Jones Industrial Average fell about 400 points, driven by economic concerns and by oil prices that soared to near $140 a barrel.”
In 2008, for example, it took $21.57 to buy what $1 bought in 1913.
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