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Obama, Holder Declare War On Oil Traders, "Speculators"
And for today's case of pure unadulterated idiocy:
- ( RTR ) 04/21 02:30PM OBAMA SAYS HAS ASKED ATTORNEY GENERAL TO CREATE TEAM TO "ROOT OUT" FRAUD, MANIPULATION IN OIL MARKETS THAT COULD HIT GAS PRICES
- ( RTR ) 04/21 02:31PM OBAMA, IN PREPARED REMARKS, SAYS TEAM'S FOCUS WILL INCLUDE OIL MARKET TRADERS AND SPECULATORS
- ( RTR ) 04/21 02:31PM OBAMA SAYS WILL MAKE SURE THAT NO ONE IN OIL MARKET IS TAKING ADVANTAGE OF THE AMERICAN PEOPLE FOR THEIR OWN SHORT-TERM GAIN
Number of mentions of the one true satanic culprit for oil price explosion? Zero. For everything else there is scapegoating. And again. And again.
And the next question: how long before executive order XXXXX decides that it is in the national interest to sequester all black gold held in speculative accounts? And how much after that will all gold be confiscated, without prejudice for color?
h/t Chris
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Young Men Dead is a great song. Thanks for the link.
Do you hear these last screams of a dying empire?
more like a gurgle
Can't hear it over the sounds of American Idol.
fck yeah! horrible singing, manufactured pop stars, banal... love it, feel it; I have a theory, If the art sucks the country/times suck.
Sounds like disco and Jimmy Carter.
You mean Led Zeppelin and Carter.
Just saying hello Rusty. No need to reply. Keep up the good p[osts
We might only have a few weeks before hell breaks loose...
http://fiatsfire.blogspot.com/2011/04/thesaster-thursday-silver-skyrocke...
As always good stuff..... love both sites
The exponential rise in silver and the unrelenting fall in the greenback may be the signal.
Turn up the Eagles
The neighbors are list'ning
Sometimes it feels as if we're all living in an Ayn Rand novel.
I can't wait to see Anti-Dog-Eat-Dog legislation.
Read the Healthcare Reform Act.
"Congress shall make no law abridging the
freedom of Production and Trade."
You mean we're not? WTF?
yes it's surreal, she knew the nature of the beast so well; and her predictions, estimations were spot on. She wrote Atlas Shrugs in 1957.
"While you were dragging to your sacrificial altars the men of justice, of independence, of reason, of wealth, of self-esteem -- I beat you to it, I reached them first. I told
them the nature of the game you were playing and the nature of that moral code of yours, which they had been too innocently generous to grasp. I showed them the way to live by another morality-mine. It is mine that they chose to follow.
All the men who have vanished, the men you hated, yet dreaded to lose; it is I who have taken them away from you. Do not attempt to find us. We do not choose to be found. Do
not cry that it is our duty to serve you. We do not recognize such duty. Do not cry that you need us. We do not consider need a claim. Do not cry that you own us. You don't. Do
not beg us to return. We are on strike, we, the men of the mind.
We are on strike against self-immolation. We are on strike against the creed of unearned rewards and unrewarded duties. We are on strike against the dogma that the pursuit of
one's happiness is evil. We are on strike against the doctrine that life is guilt.
There is a difference between our strike and all those you've practiced for centuries: our strike consists, not of making demands, but of granting them. We are evil, according
to your morality. We have chosen not to harm you any longer. We are useless, according to your economics. We have chosen not to exploit you any longer. We are dangerous and to be shackled, according to your politics. We have chosen not to endanger you, nor to wear the shackles any longer. We are only an illusion, according to your philosophy. We have
chosen not to blind you any longer and have left you free to face reality -- the reality you wanted, the world as you see it now, a world without mind." -- John Galt
Obama is so brilliant, I can't even figure out which part this is in his strategy to end our dependence on foreign oil!
Obama's 2-pronged approach, printing money and bombing oil-producing states, will surely reduce our dependence on foreign oil!
lol
I can't belieeeeve he is taunting oil speculators.... As if they didn't need another reason to bid oil higher outside of his appointed Money General's easy policies. Good grief...
Maybe it's a head fake.
How about this initiative is in response to the disappointing market reaction to Goldplated Scrotum's advice from a few days ago that oil was not going to go up any more and people should sell (to them). Not many people bit, so Barry is stepping up to the plate to create a better profit making opportunity for them.
You win the best comment of the post award (LOL)
I agree. Best comment..straight and to heart of the matter.
These bankers should have been locked up 2 yrs ago.....
Oil is the biggest short ever...DUG;SCO will be the 2011-2012 asset:)
Well, as you can see the oil market thinks that's total bull shit.
And the feedback loop continues. This book sucked last time I read it.
Obama is about as bright as two gerbals fucking in a wool sock.
What a moron.
Can't someone just keep him on the golf course?
bob_dabolina,
That image made me laugh - excellent!
DavidC
yeah it was pretty funny joke about how stupid obama is after i figured out he was trying to spell gerbil
what
ever
just teasing you bob, it was a drive by zinger that I couldn't resist
I got zinged for improperly spelling gerbil. Who whudda thunk it
the zing wasn't for the misspelling, it was for the misspelling in the context of calling someone else stupid. always keep your right hand up a little high when jabbing with your left.
You're a gerbal hider
http://www.urbandictionary.com/define.php?term=gerbal%20hider
zing
Ah the good old days:
What did the brown gerbil say to the white gerbil? "New around here?"
What did the gerbil say when he went into the gay bar? "Let's get shitfaced!"
At least you didn't spell it Goebbels
LOL!
friggin moran can't spell gerbil hardeharharhar
GerBals Thery're males.
Only the American government is allowed to take financial advantage of their people.
---- CREATE TEAM TO "ROOT OUT" FRAUD, MANIPULATION IN OIL MARKETS THAT COULD HIT GAS PRICES=-----
that means a big spike in oil prices is coming soon
And it doesn't help that our stupid f**king president went out of his way to piss off Saudi Arabia.
No unions there so what does he care???
And no mention of Bammy fomenting wars,er, UN actions, in oil-producing places --'cos that's not going to impact the price at all...
He had to keep the Ponzi going a little while longer. Some Russian guy claims Gaddafi was going to ask for payment in gold not petrodollars. Same as the Iraq story...
http://www.youtube.com/watch?v=rgdn0bNsMkQ
This policy should be extended to the bond market. Thats where the real criminals are.
Like my friends Chavez always says:
PRICE CONTROLS ALWAYS WORK LIKE A CHARM!!
Yes, it's a dirty rotten crime... these people should be purchasing treasuries and investing in the S&P 500. CRIMINALS!
That, my friend Mr. Puff n Stuff, is the truth.
Prices going up in equities, massive fiat creation to buy T's and ensure savers get negative returns on their money...that's all good.
People running for real assets (gold, silver, ags, oil) - that's baaaaaddddd. (funny no one ever had a problem w/ housing prices being massively overvalued due to inflation, poor credit standards, blah blah).
I really can't state how much I loathe, no hate, no triple dog hate Obama. Only guy I hated more was Bush but big O is going to put that to the test.
"I really can't state how much I loathe, no hate, no triple dog hate Obama. Only guy I hated more was Bush but big O is going to put that to the test."
It's just a progression. As we move forward the wealthy elites will continue to crackdown on the masses as resource shortages escalate.
Gold possession will be demonized (but, of course, not for the "banks" and other "responsible" entities and people "doing god's work). As it always has been, the masses will be programmed to turn on one another, to rat out the evil folks holding PMs. The story will be that the lost confidence in the USD is due to PM holders. I'd seen (and mentioned quite a while ago) that this was how it was going to play out: and now you can see the story/mechanism unfolding with oil (first).
O wait, American Idol is on. What time is Kohl having its sale again. Royal Fuck America. Yes, bend over big time. How is the hopeless change coming along.
http://www.rense.com/general37/petrol.htm
http://en.wikipedia.org/wiki/Oil_reserves_in_Canada
Staged theater coming to a teevee near you. Like ZH won't be calling out the bullshit by the two clone brothers holder and obaaama. Why are we relying on the saudi's again? Serious question
Maybe they'll prosecute geologists.
They would maybe be a wiser target than speculators, who may be the only force holding the price down.
Blame Canada!
http://www.youtube.com/watch?v=vxPRHXgYVlk
I expect that Obama knows full well that creating a "team" to root out speculators will accomplish nothing. This is just something to do to look like he's "doing something." If creating a team were effective, the deficit commission would have solved our budget problems by now.
There's a reason you don't let little children play with matches around large volumes of highly combustible hydrocarbons. If you push the paper oil trade out of the US it will cease to be transacted in dollars that much faster, and the price will rise that much faster.
http://www.zerohedge.com/article/guest-post-did-world%E2%80%99s-largest-futures-exchange-enable-200-oil#comment-1179543
http://www.zerohedge.com/article/magnitude-71-monday-%E2%80%93-yet-another-quake-shakes-japan#comment-1159325
Or Team America save the World!
The Keystone Cops come to mind.
So the FED is going to have to short oil as well as silver and gold.
Working well so far.
:)
A Bernank hedge: long US treasuries, long the S&P, long the NASDAQ, short US treasury puts, short silver, oil, naturgal gas and gold.
American consumers would stand for immediate delivery on the oil contracts, as opposed to whenever on the PMs. I guess that's one way to end the FED, unless Bernanke can master the alchemy of turning cotton-linen blend into hydrocarbon chains, after which tungsten or lead into gold is a cakewalk.
This is what government always does: run the printing presses full blast and then blame "speculators" for the price increases.
Debasing the currency is an act of theft. Blaming innocent traders and speculators is false accusation.
What other crimes does Obama want to commit today?
this is hysterical. what they won't say is that they LOVE high gas prices because they and the states get huge tax windfalls. dirty rotten bastards, digging for any issue they can find. high energy prices are about as close as they can get to a national sales tax without going through Congress........if Barry was serious, he'd just threaten to open up the reserves. but he won't b/c higher prices is in fact the point.
Umm I may be mistaken but most taxes on gas are a set amount per gallon not a percentage of the price and high gas prices actually cause a reduction in revenue as people drive less and generally cut there consumption.
No, they don't "LOVE" high gas prices. First of all, high energy costs create far more problems for the government than they solve. Secondly, gasoline taxes are fixed, not proportional. So the tax revenue does not go up with increasing gross sales. In fact, tax revenue probably decreases as fuel becomes more expensive and people use less of it (and switch to other forms of transport besides gasoline-powered automobiles). On the other hand, the credit card companies (banks) probably don't mind since they get to pocket the additional credit card fees (which are a percentage of the gross sales) and of course the interest from people that carry a balance.
Obama does not love high gas prices because there is an inverse correlation between the price of gasoline and his re-election chances. He can raise all the money he wants, he can deliver whatever soaring rhetoric he wants, but if gas is $5.00 a gallon in Nov. 2012 he will lose. It's really as simple as that.
Unless his lame stream media lackeys can spin it and place the blame on Bush
He will win.
Not by the actual votes cast that is. But he will be the winner.
While we have not been watching, the system is in place.
Barrack Obama will win the next election. Just because every person you speak to or know will have voted for another candidate, he will still be the winner.
The DNC knows this is the last time a President will be elected. No way in hell are they letting their little teleprompter reader or his sleeping VP get moved out of the way before the real progressive plan is in place.
Big picture stuff.
BHO forever.
He will win because there are no alternatives.
Donald Trump? Haley Barbour? Mitt the Mormon? I think not.
Well, I guess that would be Goldmans buggered then (not sure if that word is allowed here, my apologies if not!).
DavidC
Obama seems to have a talent for forming "teams" that accomplish absolutely nothing productive. How many "teams" has this president formed already?
How many geologists will be on that team?
Nobel Prize laureates and ecologists, too!
Oh wait! And professional consultants from Glencore, Phibro, Gunvor and Kotch.
Everytime Obama speaks, I think 'that's the dumbest thing I've ever heard'. Then he speaks again.
Well, I said it before, Obama= the square root of stupid.
Funny!
Though I would reverse the equation and make stupid = the square root of Obummer.
That way, Obummer = stupid squared.
Had not considered that equation. Remember, 4 out of 3 people have problems with fractions.
Every time Obama or The Bernank speak, silver & gold find their wings.
Prelude to price controls, we've been down this road before, you would think academics would learn from history but clearly they don't.
Obama thinks he is smarter than History.
This time is different. It can't happen here.
Indeed. Every generation thinks they've uniquely conquered history.
We are the people we've been waiting for...yadadada
Were Americuns, an' hist'ry don't hupply ta us.
Very well could be a prelude to price controls, so let's have a little thought experiment: suppose the gubmint institutes price controls on gasoline in the U.S.. Clearly this will cause dislocations in the market and distortions in other prices. What gets affected and how do we invest?
Sell BA. Barry's union henchmen want to dictate where Boeing can build their plants.
http://www.foxbusiness.com/markets/2011/04/21/nlrb-complaint-boeing-political-critics/
No word yet on when they'll declare war on corporations who spew millions of barrels of toxic sludge and oil into the sea?
They declared war and surrendered in the same press conference
take these dollars and SHOVE EM' UP YOUR ASS... thats America for ya'
.
why peak oil is just a buncha unstable insecure 3rd world countries... ocean oblivions... and oil sand mud slinging technologies away from being proven wrong
.
dont these guys know we can sue them
this is much better than Cats--i enjoy seeing it again and again
chicken soup, bitches, both of them!
Is he going to what?
What a fuck..ng ash..le.
This is just bread and circus for the masses.
Peak oil my friends, those are the two words nobody
want to hear or accept.
Anything else is parafernalia.
The Fed and the bankrupt and clepto organizations cant
print more money than energy you have to back it up.
You can bring plenty of myriad theories on
economic collapse but it's just as simple as that the
modern human civilization has been built on an carbon
based economy and guess what, we are running out of
cheap carbon based energy source aka (sweet crude).
Happy Eastern everyone.
Great news! When will they "root out" The Bernank?
And it's a relief to hear there's no speculation in equities or treasuries or...
Shades of Atlas Shrugged!
What happened to Obama's Energy Czar, Carol freakin Browner?
What's up with his Nobel Prize winning DOE demi-god Chu?
There is one difference between right and left. The MFM won't swallow for the right.
Jeebus.
At least Holder can work this for some fine, government approved graft.
Given that holder doesn't actually do any work- I am amazed to find that he does actually have a conflict of interest here. All of his very hard pardon work and paid lobbying on behalf of one of his financier masters, Marc Rich, who is definitely no stranger to oil trading, hedging and speculating, should disqualify him from any participation in the process- and allow him to resume his normal duties as full-time slacker in the prosecution of serious financial crimes.
Holder:
"As our nation's chief law enforcement officer, protecting the safety of the American people is my most important obligation"
-> http://www.youtube.com/watch?v=T0ow_fgZhoY&feature=related
Obama went to Harvard, ergo, he's really smart, and I am sure his plan on forming a team to root out speculators will get to the bottom of the cause of the rise in oil.
Yep, just like his debt reduction team fixed that whole deficit thingy. There. Once said, 'tis done.
Problems are just so easy to fix...when you are a member of the New American Marxist/Banker party.
Hey Ben...shoot me another box of hundo's...and...viola.
Not if the team has no geologists.
I'm guessing they'll conclude its the deliberate debasement of $ by the known terroritst known as "the Bernake" aided by the death sindicate JP Morgue. I'm looking at the two year chart of $WTI:$gold (oil : gold) and its constant at around between .06 to .07. So what's this "price" increase the chosen one is claiming? Perhaps they will conclude we need a gold based currency as Ron Paul has suggested? How long will it take this committee to plot the same chart I did (it took me 30 seconds)?
I'm guessing they'll conclude its the deliberate debasement of $ by the known terroritst known as "the Bernake" aided by the death sindicate JP Morgue. I'm looking at the two year chart of $WTI:$gold (oil : gold) and its constant at around between .06 to .07. So what's this "price" increase the chosen one is claiming? Perhaps they will conclude we need a gold based currency as Ron Paul has suggested? How long will it take this committee to plot the same chart I did (it took me 30 seconds)?
Another ball-less response. If he really wanted to fix commodities he would write a law that futures trades are the exclusive domain for those with a physical interest in the underlying commodity, and require delivery. Of course that would undermine the prop desks of the banking cartel, so zero chance of that.
Correct! Speed up ye old delivery schedule and presto...better price discovery. But you are also correct that the New American Marxist/Banking Party would not go for that. Aw, shucks. And you were all over that thing, too. Oh well, I guess all a guy can do is eat his iPad, watch Dancing with the Stars and STFU. After all, fighting the Fed is so hard, and fighting with Marxists is actually a bit more dangerous than that.
I see serfdom on the road...just up ahead. You?
Although Obama has been operating above the law, we do not yet have a true imperial presidency.
The law enforcement, and military seem neutral on his total disregard of the Constitution. Maybe the states will show some spine.
+ The Bank
You sir, are absolutely correct.
Let the prop traders take - no, make them take - oil that they've bid on. I'm speaking of physical freaking delivery.
Let them store it, guard it, and find other buyers for it. Every barrel, every ounce.
Instead of tying up 61 dollars of oil for 1 dollar, never to take delivery, have to store it, guard it, sell it - they just roll the contracts over, again and again and again.
Commodities today are merely warmly embraced never let go of in a virtual hug.
Make them take delivery within 30 days of purchase, and watch the price crash.
As gas prices rise, presidential approvement numbers decline.
Election time again, time to con some voters.
Voters don't care about what Obama or his "team" says they are going to do. Voters only care about the 3-digit number they see when they drive past the gas station. Basically, he has two choices. He can watch gasoline prices continue to climb, or he can watch the U.S. stock market crash by 30% or more. No real good choices there.
They now what is coming this weekend.
China has already dumped the US Dollar.
Oba.a and company know this news coming.
They know the next stop is 120 dollars per barrel, next
week.
But you see, Obama is there for the 'little guy' - which is part of his current campaign rhetoric. So he's willing to look into manipulation with oil - but not Silver? Probably why he didn't put the CTFC in charge of this one - he'd have nothing to talk about after the investigation...
I don't think I can recall a President being more dodgy than Obama. What a piece of work.
The New American Marxist/Banker party would prefer you not mention such things, Tyler. Anyway, this is code for Release the Oil from the SPR! Never mind that there is no place for the oil to go. Never mind the crony contracts on that oil...and certainly, never mind the man behind the printing press.
Sheesh, what's next....you gonna get all uncomfortable with the fact that market darling Steve Jobs is tracking every last move of its iPhone users? Yeah, bother you...why? The company says the file that is created, with GPS coordinates and time stamps, does not communicate back to iHeadquarters...so relax, dude.
The Marxist/banker party? Is that like the First Church of Sanctified Athiests?
I wonder if they'll "investigate" any HFT firms trading in the Crude Market?
I am cheering $6/gallon gasoline on.
Any true Patriot would.
It's the only way to get the sheeple incensed enough to do something...anything.
When it costs $100 to fill up, there will be rage in the eyes of the sheeple.
The icing on the cake will be hearing The Bernank on the fence about whether inflation is or isn't too low.
At that point, one or two Americans interviewed on the street by Jay Leno will know who Ben Bernanke actually is.
Amen brother Truth, you got that all right.
And when Jay asks, and Average Joe knows, Steve Jobs will alert Skynet as to where the individual who has become aware is with a GPS coordinate and a time stamp so that the individual can be "assisted." Unless, of course, Eric Schmidt beats Steve Jobs to the location, having decided that Average Joe's search queries indicated too many disconcerting thoughts.
Ah...all I need right now to complete my total sense of peace and satisfaction is a $14 [inflation adjusted] Health Burrito, and one of those things that electrocutes your abdominal muscles so that I can also think that I am exercising instead of eating.
Brother Truth, you know I think I love big brother.
It is only by pain - real pain - that the Sheeple can be enlightened as they become motivated to become aware of their and their childrens' true enemies, and source of debt slavery.
The hungrier they are, the more they will seek and find truth.
Nah, the hungrier they are the more they will demand government pillage and steal on their behalf from those who still have property.
It would be nice to believe they could wake up, but it's too late, all of the exits have been sealed.
Welcome to Hell.
I think these were the words you were looking for ...
Regards,
Cooter
+100
Price of light crude expressed in gold since 2008: http://stockcharts.com/h-sc/ui?s=$WTIC:$GOLD&p=W&b=5&g=0&id=p19723090537
If Obama is gonna go after the oil speculators for driving up oil prices, then he first needs to go after his Boy Ben for giving them the ammo to do this. Fat chance of this ever happening!
Well it worked out well for Ukrainians when Stalin went after Kulaks (grain traders) in the 1930s.
hey obama, are we not currently bombing the hell out of a large producer of light sweet crude oil, has saudi arabia not cut production by 0.8 myn b/d in march, is ben not financing 30 byn usd per week the big guns to create some inflation?
hey obama, are we not currently bombing the hell out of a large producer of light sweet crude oil, has saudi arabia not cut production by 0.8 myn b/d in march, is ben not financing 30 byn usd per week the big guns to create some inflation?
All the great dictators warn about "speculators".
Here's Chavez
http://www.youtube.com/watch?v=SD1TS6ohfu4
Mugabe did the same.
"By 301, however, the system was in trouble, strained by a new bout of inflation. The Edict on Maximum Prices...Diocletian declared that the current pricing crisis resulted from the unchecked greed of merchants, and had resulted in turmoil for the mass of common citizens. The language of the edict calls on the people's memory of their benevolent leaders, and exhorts them to enforce the provisions of the edict, and thereby restore perfection to the world. The edict goes on to list in detail over one thousand goods and accompanying retail prices not to be exceeded. Penalties are laid out for various pricing transgressions."
Obumble...genius!
http://en.wikipedia.org/wiki/Diocletian#Currency_and_inflation
Some people never learn.
Who's Eric Holder? Obama and who?
This man is far to ignorant to be president. The sooner he leaves in the disgrace he deserves the better.
No Price Discovery in this country until there is . . . RE-DISCOVERY of this country!
(Get it . . .my pen name. .)
Are we to uncover the pen name or realize our national potential?
Coming soon to the evil silver speculators market!
JP MORGAN? Because last time I checked, 90% of the speculation that made the barel of oil 150$ in 2008 was coming from JPMorgan.
JPMorgan and Bernanke for his insane QE policy.
Obama is still smoking crack? I thought he stopped that years ago.
Proof that the idiot has crap for brains or is a dangerous scapegoating demagogue.
Driving out liquidity from the oil markets means the prices will go even higher when there are market moving events.
Remove this crap from the people's house in 2012.
OBAMA SAYS HAS ASKED ATTORNEY GENERAL TO CREATE TEAM TO "ROOT OUT" FRAUD, MANIPULATION IN OIL MARKETS THAT COULD HIT GAS PRICES
Look no further than the source of the rising oil market prices than Ben Bernanke.
Prosecute him. Make him stop printing money. Then oil prices will stabilize.
Obama, you can chase "speculators" out of oil, but they will go to other commodities, like food, for example. Will you go after all Americans who have extra food in their closets because they are "speculators" and "hoarders"?
Targeting "speculators" is just a red herring. The source of the problem is the FED, and you know it. Don't punish Americans for protecting their purchasing power from the FED's madness. Punish those truly responsible for high oil prices.
The source of the problem is geology and YOU know it.
finally somebody addressing the real problem (at least the biggest part of it).
+++ Yes. Physics trumps economics every time.
+++ Yes. Physics trumps economics every time.
LOL..... This guy in Black Face is Funny !!!
What!?! No war on silver speculators yet?
www.silverdoctors.com
Another remarkably stupid press release from Obummer.... but given Holder's record so far, isn't this just a green light to increase oil speculation?
Speculators are the only thing holding oil's price DOWN.
shades of boss hogg & deputy cletus!
Hey look, he's gonna get those duke boys trading oil any minute ... !
http://www.youtube.com/watch?v=42yoDIv83W4
I will resist posting any further DoH youtube links ...
Regards,
Cooter
If framed in the context of "a healthy economy should use debt to fund entrepreneurs and should not use debt to speculate in assets or to fund consumption" then this would be a worthy initiative since asset speculation and debt based consumption are at the core of our problems (physical constraints to resource growth being the other).
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tHANKS FOR THE LAUGH hOPEY.