The banks that are broke and getting handouts from Uncle Ben are dealing in OIL? Hummmmm... Using our money to screw us out of more of our money? Looks like a shell game to me.
The oil price today, unlike twenty years ago, is determined behind closed doors in the trading rooms of giant financial institutions like Goldman Sachs, Morgan Stanley, JP Morgan Chase, Citigroup, Deutsche Bank or UBS. The key exchange in the game is the London ICE Futures Exchange (formerly the International Petroleum Exchange). ICE Futures is a wholly-owned subsidiary of the Atlanta Georgia International Commodities Exchange. ICE in Atlanta was founded in part by Goldman Sachs which also happens to run the world’s most widely used commodity price index, the GSCI, which is over-weighted to oil prices.
"More on the real reason behind high oil prices: Part II" by F. William Engdahl. FSO Editorial 05/21/2008
Here's the first article in the series.
"‘Perhaps 60% of today’s oil price is pure speculation’" by F. William Engdahl. FSO Editorial 05/02/2008
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Last edited by UncleHoney; 05-21-2008 at 09:58 PM.
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