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The International Writers Magazine - Our Tenth Year: Economy Stupid

The New Propaganda Induced Oil Bubble
Michael Levy

Sadly, the lessons of the past few years has not taught the financial markets anything other than more of the same. The speculative insanity once again is allowed to get out of control. From a low of $32.00 a barrel a few months ago oil is trading above $72.00 a barrel. Without any signs demand will pickup on a global scale, and supply overflowing, one must assume the speculators still have carte blanche to push the price above $100.00 before the end of the year.

China is once again being used by the propaganda merchants. The fact is China will not expand its economy without the USA consumer sucking in 60% of its manufacturing goods. Since this will not happen any time soon, the money they are spending on infrastructure will run dry within six months. An even bigger collapse in the world economies is a distinct possibility if inflation in commodities continues to roar like a lion.

The only solution is to halt the speculation in oil prices by bringing in stronger control on who is allowed to trade oil contacts and to restrict anyone who is not directly related to the oil industry from trading futures. The question now is how effective is this administration from the past one at halting the speculative propaganda merchants in their erroneous, greedy tracks.

(If they dont expect the second shoe to drop on this recession. Ed)

In Love and Joy
Michael Levy Professional optimist

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