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Ben Bernanke just spoke before the Senate Banking Committee. Here is what he said:
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“Our best judgment is that this surge in prices has been driven predominantly by strong growth in underlying demand and tight supply conditions in global oil markets,” Mr. Bernanke said in his prepared remarks. “Over the past several years, the world economy has expanded at its fastest pace in decades, leading to substantial increases in the demand for oil. Moreover, growth has been concentrated in developing and emerging market economies, where energy consumption has been further stimulated by rapid industrialization and by government subsidies that hold down the price of energy faced by ultimate users.”
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He went on to explain that speculation in the oil markets is good and even stated that there are two sides to a futures contract ! Sound like anything you heard anyone here explain ?
Oil will be priced high and will remain high until something happens to either supply or demand.
Do yourself a favor before the the central banks arrange for a mark in your forehead or hand and do a little research for once. They are liars, thieves, con-men and they are out to tell you anything you want to hear in order to control you, me and the rest of the planet. That's been the goal of central banking for millennia, and they've just about got it wrapped up. They control between $600 trillion and 1.2 quadrillion dollars already which is far more than the value of the entire planet- they are screwing with rates and values in order to force nations to surrender their natural and man-made resources to them, and OIL is a BIG DEAL to them because everyone needs it. The more you defend them, the more you sound exactly like one of their paid shills.
I wouldn't trust one word out of Ben Bernanke and neither should anyone else. First off, he's probably the most owned man on the face of the earth. He hasn't got your interest in mind any more than anyone else's. He lives to serve his secret masters at the Bank for International Settlements, which is a front organization to hide it's private owners, who have been on a quest to do exactly what I just said for the last 250 years, which is just the latest iteration of over 2000 years of banking history which you clearly have NOT studied.
His co-hort Paulson said last week that forcing the value of the dollar down and keeping it down was the goal of the IMF because it drives the price of gold higher- and they want to sell 11% (44,000 tons iirc) of their gold assets over the next few years. Now if you had done the research on the IMF instead of spouting out the shill party line, you would know that they force nations into surrendering gold to them at $35/oz and they sell it at fair market value- somewhere around $900/oz above what they bought it for. They already own all of the US gold- but they want to own the rest of the world's gold too, just like I said. So the arrange loans that can't be repaid, buy gold on their $35 exemption, sell it for $935, and arrange to print "money" in exchange for $.06 per note which they then inflate and deflate to the point where they can run their scam over and over again, especially when their agents of fortune which include all the alphabet soup agencies world wide arrange to start wars so the bankers can finance both sides of every conflict. Do you research and don't stoop to calling me a conspiracy nut job. I KNOW what I'm talking about for sound reasons that you clearly do NOT understand based on your history of being a troll for the central banks.
The price of oil will be set according to what drives nations to bankruptcy. There is NO "peak oil" there is no shortage, there is only greed driven at a level far higher than you have proven yourself willing to look at with your countless pot stirring and frankly, ignorant of the facts posts.
There's a lot more at stake here with what I'm saying than whether or not you feel right or vindicated, so I'm saying it- the entire world is being manipulated by a handful of men who are bent on ownership of EVERYTHING AND EVERYONE, and they are making themselves the mandatory middlemen to EVERY FINANCIAL TRANSACTION ON THIS PLANET. That's not something I'm afraid of as some have accused me of, it's something I'm warning people of so they can find means to survive in the years ahead.
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clam the powerstroke grinch
2000 Excursion LTD 4x4
Slightly tweaked HPCR 5.9 Cummins
Allison 1000 5 speed auto
Last edited by clamgulch : 07-15-2008 at 02:54 PM.
Ben Bernanke just spoke before the Senate Banking Committee. Here is what he said:
==================================
“Our best judgment is that this surge in prices has been driven predominantly by strong growth in underlying demand and tight supply conditions in global oil markets,” Mr. Bernanke said in his prepared remarks. “Over the past several years, the world economy has expanded at its fastest pace in decades, leading to substantial increases in the demand for oil. Moreover, growth has been concentrated in developing and emerging market economies, where energy consumption has been further stimulated by rapid industrialization and by government subsidies that hold down the price of energy faced by ultimate users.”
===================================
He went on to explain that speculation in the oil markets is good and even stated that there are two sides to a futures contract ! Sound like anything you heard anyone here explain ?
Oil will be priced high and will remain high until something happens to either supply or demand.
Bernanke is a parrot protecting large investment houses who desperately need cashflow because they are all leveraged to the max and will tank if forced out of commodities or if interest rates are raised a 1/4 point.
Find a better source Mack Daddy or better yet, show us oil and fuel price trends since the futures market was moved from a regulated to a non-regulated exchange.
There is NO "peak oil" there is no shortage, there is only greed
Keep believing that, let us know how it works out for you. I'm still waiting for someone to reign in the speculators and get oil back down to $40 or was it $20/bbl. Please post here when it happens.
Quote:
show us oil and fuel price trends since the futures market was moved from a regulated to a non-regulated exchange.
I will if you show me the numbers for when oil was traded on a regulated exchange. What year was that ?
Keep believing that, let us know how it works out for you. I'm still waiting for someone to reign in the speculators and get oil back down to $40 or was it $20/bbl. Please post here when it happens.
I will if you show me the numbers for when oil was traded on a regulated exchange. What year was that ?
Google "Iran Oil Bourse," read the first ten articles and then you tell us when oil was NOT regulated...at GUNPOINT. The fact is, the world's oil producers are tired of getting screwed on the value of Federal Reserve Notes. You can read what I wrote above for the reason for that. Three countries that have enough oil to shake the Federal Reserve Note's monopoly on oil exchanges, Venezuela, Iraq and Iran were all central bank free countries- Saddam tried to establish an Iraqi oil bourse, and Chavez tried in Venezuela. Chavez was dissuaded when we had warships in his harbor in 48 hours. Saddam pushed back and you know what that got him. Now we have the Iranians going through with their bourse. Can you not see the pattern? Can you not blame them? The wars, the threats of wars, the price of oil- it's all tied together and it's all being manipulated by the top dogs of the world's central banks.
The fact is, there is NO "free market" when it comes to oil- it is dollar dominated and anyone who tries to break out of that is slated for "regime change," not because they are a threat to the world, peace or democracy, but because they are undermining the buck OUTSIDE of the plans of the World Bank, Federal Reserve, Bank of England, IMF, the BIS, and ultimately the families who own those banks. Believe me, the puppets who run those countries know who hold the purse strings and they do what they are told.
After you have studied those issues in depth and you know how they interconnect, then tell me it's not "regulated."
"...the powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basle, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations."
Carroll Quigley, Tragedy and Hope: A History of the World in Our Time (1966)
While I am doing research I am going to make a bet.
America's politicians will not allow America to have an energy plan that does not include a "Cap and Trade" scheme that will allow investment funds to change from bubbling oil prices to brokering Carbon Credits.
These Hedge Funds half to have something that allows them to make money without having to deal with any supply-chain issues, blue collar workers or produce any product whatsoever.
In the late 1990s, Jeffrey Sprecher, ICE’s founder, chairman, and Chief Executive Officer, acquired Continental Power Exchange, Inc. with the objective of developing an Internet-based platform to provide a more transparent and efficient market structure for OTC energy commodity trading. In May 2000, IntercontinentalExchange (ICE) was established, with its founding shareholders representing some of the world’s largest energy traders. The company’s stated mission was to transform OTC trading by providing an open, accessible, multi-dealer, around-the-clock electronic energy exchange. The new exchange offered the trading community better price transparency, more efficiency, greater liquidity and lower costs than manual trading.
In June 2001, ICE expanded its business into futures trading by acquiring the International Petroleum Exchange (IPE), now ICE Futures Europe, which operated Europe’s leading open-outcry energy futures exchange. Since 2003, ICE has partnered with the Chicago Climate Exchange (CCX) to host its electronic marketplace. In April of 2005, the entire ICE portfolio of energy futures became fully electronic.
When did Gasoline and oil prices really start climbing? Gee, was it in 2003?
ICE is not a U.S. regulated exchange and thus is regulated by a foreign body who's only interest is to asset-strip the United States.
Chicago Exchange is going to be the primary broker for carbon credits.
Again the solution is simple. If you aint pumping it out of the ground and if you aint burning it, you aint buying or selling it in the futures market.
I mean we both have our opinions, but Goldman Sachs didn't fight tooth and nail and spend millions lobbying because speculating is a "Zero Sum" game.
Sadly, yes. It's a hugely complicated game of fractional lending- and the mortgage companies and mortgage banks waltzed themselves right out off the sanity bluff and now the central banks are going to clamp down and put the screws to all of us who are breathing and able to be slaves to their BS. I'm not paranoid or afraid of it- I dread it like an approaching plague, and so would anyone else who has spent the time I have to understand who is doing what for what reasons. I've tried to simplify it- maybe too much, but I can't condense 10 years of study about 2000 years of lies and manipulations into a few paragraphs.
The difference this time around as compared with other iterations of central banks trying to take over nations and the entire world is TECHNOLOGY. For example- they now have the ability to know exactly when you deposit your faith based paycheck and how long they can limit you to only withdrawing $300 cash, while they lend the money out for a couple days at 8% interest and pay you NOTHING in the process. Don't think that doesn't add up world wide. But pressuring nations into surrendering their resources like gold for $35/oz for their faith based currency (meaning we're all trusting they won't withdraw all of if from circulation overnight by changing it to some crap like the "amero") and selling it $935/oz until they own virtually everything is just plain evil.
I don't have the answers on how to fix it, and knowing the military resources behind enforcing their system where they have the armies of the entire world at their disposal when they blackmail them, I don't personally think it's going to get better, short of the second coming of Christ.
Is that grim? Yes. Is it something I lose sleep over? No. Is it delusional thinking on my part? I wish.... Try this concept on for size: How would you like to have to deliver that kind of bad news to people that don't want to hear it? Would you take the easy route and just start building a fire and radiation proof ark with it's own air supply? Personally, there are times I'd just as soon change my name to "Jonah" and move to another galaxy just to be away from the endless barrage of overlooked details that have gotten us into this mess that NOBODY is doing anything to change. Gee...I wonder where we'll end up? Duh..."where ever you go, there you are."
I find it irritating as hell that there's nothing I can do but slow it down, and that is only by warning people to resist it. I find it annoying when other people cannot see or understand the big picture that I see, but in reality, it's MY responsibility to see, report and warn about it, but not to change the minds of those who refuse to understand or be convinced.
There are certainly many things that are happening at a much lower level involving all sorts of decisions or lack there-of world wide- I'm not addressing those things. That's for others to do. I'm simply trying to explain that by following the trail of those with the money and the lust for power with an open mind that adapts prior beliefs into what aligns with newly presented facts, one can "see" and learn a great deal more than they otherwise would- and the "secrets" of the history and plans behind central banking are NOT pleasant, nor are they accurately portrayed in the media or on their websites. You have to look at their behavior when they get nations over a barrel- they "rescue" them with handcuffs and leg irons and usually while hiding behind the armed forces of some other nation, and they rob them blind. Remember that banks exist to hold YOUR money and valuables for a profit- and when you are talking about $1.2 quadrillion dollars, that's a lot of money you can use to bully, buy and manipulate ANY nation on earth, and it's especially convenient when you can come by that money without even earning it because you convince countless people that you are "there for them."
WAMU is in terrible trouble as everyone knows. WAMU is short for "Washington Mutual Savings" which called themselves, "The friend of the family" 25 years ago. Myriads were convinced of that- and now 300 million of us Amerikanos and God only knows how many foreign investors are about to have to pay off BILLIONS they lost by being irresponsible liars. WAMU is just one small bank chain. Central banks are far, far worse.
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clam the powerstroke grinch
2000 Excursion LTD 4x4
Slightly tweaked HPCR 5.9 Cummins
Allison 1000 5 speed auto
Last edited by clamgulch : 07-16-2008 at 02:08 AM.
Obviously you are correct that demand drives the price. However the part you leave out is when demand and production are very close this opens the opportunity for speculation.
Suppose I own oil (I do BTW) and you own an airline along with 20 or so other airlines. Suppose you 20 airline guys all need my oil. So you 20 guys are bidding on my oil. Now suppose 500 other guys that don't want oil jump into the bidding process BUT they are only risking 5% of the bid.
Now you 20 guys that really want to buy oil are competing with 500 others that only are trying to bid it up!!!!
Now you 20 guys the ONLY ones that really want to purchase oil because you really will use it eventually buy oil but you have bought at an inflated price.
This is what it is happening.
I don't advocate government controls on who can bid on oil, but I do advocate 50% investment on the bids as with other margin accounts.
Rewind!!!! If the government put a regulation on banks requiring them to require a strong credit report, a strong appraisal, and 15% down, do you think the banking industry would be where it is right now!!! I say NOT!
Literally zero down in oil, housing or banking or even the 1929 stock market is the recipe for disaster. History has proved this time and again.
I am a partner in 30 wells and each month I get checks. Last month I got a payment for about $89 a barrel. Where is the rest of the $147????
BTW: side note: did you know that in the price of EVERY barrel of oil there is about $20 for terrorism insurance? Sooooooo a barrel of ME oil had $20 of insurance added to it.....OK I guess but a barrel of Canadian or Texas oil ALSO has the $20 terrorism insurance factor added????? Hmmmmm terrorism in Canada and Texas??? now where is the $20 really going?
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Too much junk/toys to mention, ever changing due to too getting bored too quickly. I need a 10 step program!
Want to call? I'm in the book. Want to argue....First explain the square root of negative one....lol
Try this concept on for size: How would you like to have to deliver that kind of bad news to people that don't want to hear it? Would you take the easy route and just start building a fire and radiation proof ark with it's own air supply? Personally, there are times I'd just as soon change my name to "Jonah" and move to another galaxy just to be away from the endless barrage of overlooked details that have gotten us into this mess that NOBODY is doing anything to change. Gee...I wonder where we'll end up? Duh..."where ever you go, there you are."