[Anyone] speculation

[totem at laplaza.org]

Nice of you to call the Americans, 4000+dead and thousands injured, terrorists.  Definitely states 
who you are.  You should move to Bagdhad  so you can be with your own.  Falujah, mayhaps?  Tikrit 
- the birthplace of your hero Saddam Hussein?

I surprised you didn't force your maid and cook to walk to work.  Do they have their green cards?



Mike in Taos <mikeintaos at hotmail.com> said:

> 
> tommy, 
> 
> Sounds like a fair trade off to me, plus all those dead terrorists help reduce global warming. 
> 
> Further more I've also had to sacrifice because of gas prices. 
> 
> I had to give the maid and the cook both a $20 a week raise to cover their gas.
> 
> > Date: Fri, 27 Jun 2008 17:24:27 +0000
> > To: anyone at laplaza.org
> > From: totem at laplaza.org
> > Subject: Re: [Anyone] speculation
> >
> >
> >
> > Free gas for mikey has only cost 93,000 civilian deaths in Iraq PLUS 4000+ American dead PLUS 
2
> > million displaced Iraqis and countless maimed, injured and other wise badly injured Americans
> > AND $532,018,363,123 in taxpayer dollars - but not mikey since he is a non-tax payer and 
sucks
> > the life blood of real americans who work and pay taxes - the real patriots of this country.
> >
> > We also note your new e-mail address.
> > Mike in Taos  said:
> >
> >>
> >> Well thank goodness a former cricket player from South Wales (Whitney) has clarified the 
reason
> > I'm so happy driving my Hummers on the highway with a lot less traffic to contended with.
> >>
> >> I love it1 My gas is paid for by one of my companies (and it becomes a tax benefit for the
> > company) and my oil stock keeps increasing in value.
> >>
> >> My gas is free and there is less traffic what's not to like?
> >>
> >> While tommy is whining Mike is driving.
> >>
> >>
> >>
> >>
> >>
> >>
> >>> Date: Fri, 27 Jun 2008 14:30:40 +0000
> >>> To: anyone at laplaza.org
> >>> From: totem at laplaza.org
> >>> Subject: [Anyone] speculation
> >>>
> >>>
> >>> GAS PRICE GORGING
> >>>> by Mike Whitney
> >>>>
> >>>>
> >>>>
> >>>> Blame the investment bankers for the current rise in oil prices. As
> >>>> commentator Mike Whitney points out, 'The whole scam is being executed
> >>>> by the same carpetbagging scoundrels who engineered the subprime
> >>>> fiasco. They are using the futures market to recapitalize their
> >>>> flagging balance sheets after sustaining huge losses in the
> >>>> mortgage-backed securities boondoggle.'
> >>>>
> >>>> 'I've seen this bad movie before. It's the Enron movie, which hit the
> >>>> West Coast power-markets like a bomb because the federal government
> >>>> was asleep at the switch. Now it's happening again with oil prices.'
> >>>> - Rep. Jay Inslee, D-WA
> >>>>
> >>>> There is no oil shortage, not yet at least. The reason oil has
> >>>> skyrocketed to nearly US$140 per barrel is because of rampant
> >>>> speculation. The peak oil doom-sayers are simply confusing the issue.
> >>>> This is not about shortages or scarcity; it's about gaming the system
> >>>> to fatten the bottom line. The whole scam is being executed by the
> >>>> same carpetbagging scoundrels who engineered the subprime fiasco; the
> >>>> investment bankers.
> >>>>
> >>>> The Wall Street Goliaths are using the futures market to recapitalize
> >>>> their flagging balance sheets after sustaining huge losses in the
> >>>> mortgage-backed securities boondoggle. That's the whole thing in a
> >>>> nutshell. Now they're on to their next swindle; distorting the futures
> >>>> market with gargantuan leveraged bets on food and oil.
> >>>>
> >>>> MarketWatch summed it up like this on Monday:
> >>>>
> >>>> 'NEW YORK (MarketWatch) - Speculators now account for about 70 per
> >>>> cent of all benchmark crude-oil trading on the New York Mercantile
> >>>> Exchange, up from 37 per cent in 2000, according to congressional
> >>>> findings cited in a Wall Street Journal report Monday. The report
> >>>> comes ahead of a House oversight subcommittee hearing slated for later
> >>>> Monday on Capitol Hill to study the role of financial investors in the
> >>>> crude futures market. There has been much discussion recently about
> >>>> how big a role so-called speculators have been playing in the sharp
> >>>> rise in energy prices, though no consensus has emerged on this point.
> >>>>
> >>>> 'Congress, however, has grown increasingly concerned over speculative
> >>>> investors' role in the energy market in comparison with those buying
> >>>> futures contracts to hedge against risk from price changes. Lawmakers
> >>>> are expected to consider legislation to set strict limits - or in some
> >>>> cases, an outright ban - on speculative trading in energy futures in
> >>>> some markets, the Journal reported.
> >>>>
> >>>> 'In 1991, the Commodity Futures Trading Commission authorized the
> >>>> first exemption from position limits for swap dealers with no physical
> >>>> commodity exposure, the report said. This began what Dingell said was
> >>>> 'a process that has enabled investment banks to accumulate enormous
> >>>> positions in commodity markets,' according to the report.'
> >>>> (MarketWatch)
> >>>>
> >>>> So it's not really Big Oil or 'greedy Arabs' after all? Nope, it's the
> >>>> cutthroat banksters again.
> >>>>
> >>>> Over the weekend, Saudi Arabia's King Abdullah convened an emergency
> >>>> Oil Summit in Jeddah, Saudi Arabia to deal with the disastrous effects
> >>>> that oil prices were having on the global economy. Rising prices are
> >>>> responsible for everything from food riots in Haiti to truckers
> >>>> strikes in Spain, Portugal and France. US Energy Secretary Samuel
> >>>> Bodman delivered a prepared statement supporting the Bush
> >>>> administration's position on the issue:
> >>>>
> >>>> 'Market fundamentals show us that production has not kept pace with
> >>>> growing demand for oil, resulting in increasing - and increasingly
> >>>> volatile - prices. Even despite higher global production for oil so
> >>>> far this year, inventories have been drawn down and current world
> >>>> production (spare) capacity is below historic levels - at fewer than
> >>>> two million barrels per day.'
> >>>>
> >>>> Baloney.
> >>>>
> >>>> Demand is not out-pacing supply. That's a myth started by the people
> >>>> who are profiting by betting up oil futures; investment bankers.
> >>>> They're led by their chief defender and former G-Sax scalawag, Henry
> >>>> Paulson.
> >>>>
> >>>> Consider the remarks of Philip Davis in a recent post at Seeking Alpha:
> >>>>
> >>>> 'Now we have the Saudi oil summit this weekend and Saudi Arabia took
> >>>> 1.5M barrels a day off-line since July of '05 in a series of cuts and
> >>>> is currently producing just over 8Mbd out of their estimated 10.5Mbd
> >>>> maximum capacity. It is forecast by the EIA that next year OPEC alone
> >>>> will have over 3Mbd of spare capacity so this would be a terrible time
> >>>> for global demand to take a nose dive or there are going to be a lot
> >>>> of idle wells� Should global demand drop another 5 per cent in the
> >>>> next 12 months, we could be looking at 8Mbd less demand than there was
> >>>> just a year ago.
> >>>>
> >>>> 'As the London Telegraph points out, not only does OPEC have a current
> >>>> production surplus of 2M barrels a day but that surplus will rise to
> >>>> 3.5M barrels a day by next year. Also, non-OPEC production is rising
> >>>> fast with a 1.5Mb gain in non-OPEC production coming down the pike
> >>>> next year... Iraq, by the way, is no longer included as OPEC or
> >>>> non-OPEC production, a very clever way to hide 2.4 million barrels of
> >>>> production by the energy apologists.' (Philip Davis, 'The Oil
> >>>> Shortage, and Other fairy Tales' Seeking Alpha).
> >>>>
> >>>> There's no shortage, no scarcity. In fact, oil is being deliberately
> >>>> kept off the market to keep prices high. Consider this: if supply
> >>>> isn't keeping up with demand then why aren't there any lines at the
> >>>> gas stations like there were during the '70s?
> >>>>
> >>>> Because it's all a fabrication. Prices are up because of speculation;
> >>>> that's all.
> >>>>
> >>>> Here's what Saudi Arabia's King Abdullah said on Sunday: 'Among other
> >>>> factors behind this unjust increase in oil prices is the abhorrent
> >>>> acts of speculators seeking to undermine the market.' That's why he
> >>>> called the meeting to begin with. The King insists that 'speculators'
> >>>> have played a key role.' (AFP)
> >>>>
> >>>>
> >>>>
> >>>> Consider this: if supply isn't keeping up with demand then why aren't
> >>>> there any lines at the gas stations like there were during the '70s?
> >>>>
> >>>> How about Kuwait?
> >>>>
> >>>> The Kuwaiti Oil Minister Mohammed al-Olaim insisted that 'there is
> >>>> enough oil to supply the market... We believe that the market is in
> >>>> equilibrium. The price is disconnected from fundamentals. It is not a
> >>>> problem of supply. Why would you have a supply problem when demand is
> >>>> going down'. (AP)
> >>>>
> >>>> Of course, demand goes down in a recession.
> >>>>
> >>>> What about Libya?
> >>>>
> >>>> 'We believe speculation has its impact,' the OPEC chief said. Libya
> >>>> may reduce its oil production because there is more than enough oil in
> >>>> the market, according to Oil Minister Shokri Ghanem. 'We may have to
> >>>> cut production... We don't see any need for more oil. There is plenty
> >>>> of oil in the market,'' Ghanem said, commenting on Saudi Arabia's
> >>>> decision. (Bloomberg News)
> >>>>
> >>>> How about Iraq? Can we at least count on our brothers in Iraq to
> >>>> maintain the administration's falsehoods about supply problems?
> >>>>
> >>>> According to Reuters: Iraq's Oil Minister Hussain al-Shahristani said,
> >>>> 'Any increase in world oil output would not have a significant impact
> >>>> on record-high crude prices that are being driven by speculation...
> >>>> Regulations needed to be introduced to stabilize oil markets. I do not
> >>>> think increasing any amount in the international market will have a
> >>>> significant impact on the prices. It is up to the stock exchange and
> >>>> the regulations in the industrialized nations. It is not something
> >>>> OPEC can contribute to. We did not see any impact on the prices from
> >>>> the Saudi's previous increase.' (Reuters)
> >>>>
> >>>> Venezuela?
> >>>>
> >>>> Venezuela Oil Minister Rafael Ramirez refused to join the weekend
> >>>> conference because 'We believe it is not necessary to increase
> >>>> output... Oil production levels aren't behind the increase in prices,'
> >>>> Ramirez said, adding that soaring oil prices were caused by
> >>>> 'speculative interest, a falling dollar and global inflation'.
> >>>> (Reuters)
> >>>>
> >>>> So, are all the oil ministers lying or is the Bush administration
> >>>> intentionally misleading the public about supply problems?
> >>>>
> >>>> It's always easy to point the finger at Big Oil or 'greedy' Arabs for
> >>>> price gouging, but that's not what's really going on. The Bush
> >>>> administration is colluding with their Wall Street buddies to fleece
> >>>> the public by inflating another bubble; this time in commodities.
> >>>>
> >>>> Congress could end this charade in a minute by passing legislation
> >>>> that would close the Swaps Loophole and require steeper margin limits
> >>>> on oil futures. But don't hold your breath. Wall Street is the biggest
> >>>> contributor to political campaigns which explains how we got into this
> >>>> pickle to begin with. It also explains why Congress's public approval
> >>>> rating has shriveled to 12 per cent.
> >>>>
> >>>> Do Bush and (Ben) Bernanke know what the banks are up to? Do they know
> >>>> that billions that are being loaned to the banks via the Fed's
> >>>> 'auction facilities' are probably being diverted into the commodities
> >>>> market and driving up the prices of raw materials and oil, while
> >>>> pushing the world towards global recession?
> >>>>
> >>>> You bet they do and they're probably doing everything in their power
> >>>> to keep the banking system from buckling beneath the weight of its own
> >>>> massive debts.
> >>>>
> >>>> Here's an excerpt from Spiegel Online's 'Are Pension Funds Fueling
> >>>> High Oil? which explains the whole scam:
> >>>>
> >>>> 'Commodities exchanges limit the number of positions an investor can
> >>>> take in the market, but Michael Masters, of Masters Capital
> >>>> Management, says the Commodity Futures Trading Commission (CFTC) has
> >>>> allowed unlimited speculation in these markets through a loophole.
> >>>> This so-called swaps loophole exempts investment banks like Goldman
> >>>> Sachs and Merrill Lynch from reporting requirements and limits on
> >>>> trading positions that are required of other investors. The loophole
> >>>> allows pension funds to enter into a swap agreement with an investment
> >>>> bank which can then trade unlimited numbers of the contracts in
> >>>> futures markets.'
> >>>>
> >>>> 'Some experts fault the CFTC, charged with regulating commodities
> >>>> markets, for allowing such loopholes. 'Congress has provided the CFTC
> >>>> the power to control this unlimited [speculation]; the law is very
> >>>> specific about establishing position limits,' says Steve Briese,
> >>>> author of The Commitments of Traders Bible and
> >>>> CommitmentsOfTraders.org, a site that focuses on US futures markets.
> >>>> 'The problem is they have abdicated this role.'
> >>>>
> >>>> 'The dramatic surge in energy prices has helped to spark inflation
> >>>> across the economy and, as others at the hearing testified, has cut
> >>>> into profits of most in the supply chain. Briese points to Treasury
> >>>> reports that the the top five users of swap agreements are investment
> >>>> banks, four of which dominate swap dealing in commodities and
> >>>> commodities futures: Bank of America, Citigroup, JP Morgan Chase, HSBC
> >>>> North America Holdings, and Wachovia.' (Spiegel Online)
> >>>>
> >>>>
> >>>>
> >>>> The Bush administration is colluding with their Wall Street buddies to
> >>>> fleece the public by inflating another bubble; this time in
> >>>> commodities.
> >>>>
> >>>> Citing the harmful impacts record high crude oil prices are having on
> >>>> consumers, US Rep. Bart Stupak (D-Mich.) introduced a bill to close
> >>>> regulatory loopholes:
> >>>>
> >>>> 'The numbers back this up: Between Sept 30, 2003, and May 6, 2008,
> >>>> contracts held by traders jumped from 714,000 to more than three
> >>>> million, a 425 per cent increase. Since 2003, commodity index
> >>>> speculation has increased 1,900 per cent from an estimated $13 billion
> >>>> to $260 billion invested. Stupak said CFTC data show that in 2000,
> >>>> physical hedges that airlines and other businesses use to ensure a
> >>>> stable price for fuel in coming months and actually imply delivery
> >>>> accounted for an estimated 63 per cent of the total futures market,
> >>>> while speculators represented about 37 per cent. 'By April 2008,
> >>>> physical hedgers only controlled 29 per cent and speculators had taken
> >>>> over a whopping 71 per cent of the oil futures market.'
> >>>>
> >>>> He said 85 per cent of the futures purchases tied to commodity index
> >>>> speculation comes through swap dealers-investment banks that serve as
> >>>> intermediaries for their pension fund and sovereign wealth fund
> >>>> customers. One report found that $55 billion of total worldwide
> >>>> commodity trading over 55 days came in as swaps. 'The CFTC has allowed
> >>>> 117 exceptions to swaps. When that many exceptions are allowed, they
> >>>> are not really subject to oversight. We have a CFTC that's supposed to
> >>>> be doing its job. I'm not certain that it is,' he said.
> >>>>
> >>>> Another Smoking Gun
> >>>>
> >>>> On May 20, 2008 Michael Masters, testified before the Senate Committee
> >>>> on Homeland Security and Governmental Affairs, on the role that
> >>>> speculation has played in recent commodity price movements. He said:
> >>>>
> >>>> 'In the popular press the explanation given most often for rising oil
> >>>> prices is the increased demand for oil from China. According to the
> >>>> Department Of Energy, annual Chinese demand for petroleum has
> >>>> increased over the last five years from 1.88 billion barrels to 2.8
> >>>> billion barrels, an increase of 920 million barrels. Over the same
> >>>> five-year period, index speculators demand for petroleum futures has
> >>>> increased by 848 million barrels. The increase in demand from Index
> >>>> Speculators is almost equal to the increase in demand from China!'
> >>>>
> >>>> Masters is right; there is massive speculation which is distorting the
> >>>> market, but who is responsible? Clearly, the pension fund managers
> >>>> aren't to blame. After all, the largest US pension funds, which is the
> >>>> California Public Employees Retirement System (CalPERS), has only
> >>>> invested about $1.1 billion in commodities swaps contracts. That's a
> >>>> far-cry from $260 billion. The investment giants and hedge funds are
> >>>> probably leveraging the money they receive from the pension funds many
> >>>> times over to increase the size of their bets. Keep in mind, oil
> >>>> futures can be purchased for a mere $.06 on the dollar; that's a lot
> >>>> of potential leverage.
> >>>>
> >>>> Masters again: 'Commodities prices have increased more in the
> >>>> aggregate over the last five years than at any other time in U.S.
> >>>> history. We have seen commodity price spikes occur in the past as a
> >>>> result of supply crises, such as during the 1973 Arab Oil Embargo. But
> >>>> today, unlike previous episodes, supply is ample: there are no lines
> >>>> at the gas pump and there is plenty of food on the shelves. Today,
> >>>> Index Speculators are pouring billions of dollars into the commodities
> >>>> futures markets, speculating that commodity prices will increase.'
> >>>>
> >>>> Index Speculators have now stockpiled, via the futures market, the
> >>>> equivalent of 1.1 billion barrels of petroleum, effectively adding
> >>>> eight times as much oil to their own stockpile as the united states
> >>>> has added to the Strategic Petroleum Reserve over the last five years:
> >>>>
> >>>> 'We calculate that Index Speculators flooded the markets with $55
> >>>> billion in just the first 52 trading days of this year. That's an
> >>>> increase in the dollar value of outstanding futures contracts of more
> >>>> than $1 billion per trading day.
> >>>>
> >>>> Doesn't it seem likely that an increase in demand of this magnitude in
> >>>> the commodities futures markets could go a long way in explaining the
> >>>> extraordinary commodities price increases in the beginning of 2008?'
> >>>>
> >>>> Yes, it does. And it also explains where billions of dollars from the
> >>>> Fed's 'auction facilities' are going. After all, they're certainly not
> >>>> going into mortgage-backed securities anymore, and MBS represented
> >>>> nearly 70 per cent of bank revenue. So, where would a desperate banker
> >>>> turn if his main revenue-stream had dried up and the corporate bond
> >>>> market was frozen solid?
> >>>>
> >>>> How about oil futures and commodities; the only game in town? As the
> >>>> MarketWatch article suggests, oil prices are inflated by about 70 per
> >>>> cent.
> >>
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> >
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> >
> >
> >
> 
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