On Jun 24, 2008, at 12:18 PM, Jim Devine wrote:
June 24, 2008
Beating the Oil Barons
... for the time being
the US economy has been able to pay the oil tax imposed by
speculators.
Unfortunately, proving that speculation is responsible for rising
prices is difficult...
...Whereas oil speculators have gained...
How illiterate can an "expert" get? Who does he think is on the other
side of
every speculative transaction except another "oil speculator?" How
can the gains of one set of speculators not be exactly (excluding
transaction costs profiting only intermediaries) offset by the losses
of the other set of speculators? Why are speculators always blamed
for rising prices but seldom if ever blamed for falling prices?
Shane Mage
"Thunderbolt steers all things...it consents and does not consent to
be called Zeus."
Herakleitos of Ephesos
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