To: dvdw© who wrote (18502 ) 6/24/2011 12:30:15 PM From: ahhaha Read Replies (1) | Respond to Why believe that moron? He says,I wrote back in the 2008 period, when oil briefly spiked-up to $ 147 per barrel and Goldman Sachs was issuing client-advisories that it was going quickly to $ 200, and when JP Morgan was advising the Chinese government that China ‘buy all the physical crude you can get your hands on because it is going to $ 200,’ at that point I wrote that roughly 60-70% of the price of oil then was pure speculation, manipulated by the GSCI, the Goldman Sachs Commodity Index. It’s a perfect scenario that they have created on Wall Street to control the oil price irrespective of supply and demand. (ii) I would just add that the crucial ingredient these days is not the NYMEX for the global oil price benchmark, but the ICE Futures in London. Why do I say that? Because the ICE Futures is a daughter company of the International Commodity Exchange of Atlanta in Georgia, owned by Goldman Sachs, Morgan Stanley, JP Morgan Chase etc. – the big oil banks that benefit enormously from the inside. There is absolutely no serious regulation of the ICE Futures. The British keep their hands off it, and the U.S. Commodity Futures Trading Commission, the CFTC, since 2006 under the “Commodity Modernization Act of 2000“ allows ICE Futures to trade energy futures without disclosure to CFTC in the U.S. market through London. So, in fact, it has deregulated and taken away from any government supervisory role the entire trade in energy futures, especially oil.
