Like it or not, when something no longer works, no longer serves the greater good or need, you REPLACE it.
WE ARE SHOOTING OURSELVES IN THE
FOOT.
(Reuters) - Oil prices pulled back sharply from a record above $135 a barrel on Thursday as dealers took profits from a dazzling rally and a
recovering U.S. dollar dampened commodities markets. U.S. crude settled down $2.36 at $130.81 a barrel after jumping earlier in the session to a
record $135.09. London Brent crude fell $2.19, to $130.51, after touching a peak of $135.14.
"Some people had set a target of $135 as part of their investment strategy and once that price was achieved, have started taking some profits.
Dealers also noted selling across other commodities markets as the dollar recovered on a drop in U.S. jobless claims. The pullback came after crude
rallied more than a third since the start of the year, driven by worries about tight stocks of refined products in the near term and mounting global
demand over the longer term. "The combination of increasing demand and constricted supply will continue to keep oil prices strong," Robin Batchelor,
manager of BlackRock's BGF World Energy fund, said in a research note.
Oil has risen sixfold since 2002, propelled by rising consumption in China and other developing countries. Concerns about long-term supply tightness
have recently pushed prices for future delivery even higher than prompt contracts. December 2016 U.S. crude reached $145.60 a barrel, making it the
loftiest contract on the futures curve.
Oil prices surged on Wednesday after U.S. weekly data showed crude stocks declined by 5.4 million barrels. OPEC Secretary-General Abdullah al-Badri
said Thursday the group can do nothing to lower oil prices, and called the oil market "crazy." The United States has repeatedly called on the
Organization of the Petroleum Exporting Countries (OPEC) to boost its output to try to calm markets, but the group has said no increase is needed.
uk.news.yahoo.com...
The NYSE has a rule that should the DJIA fall 500 points, the market is “recessed” or closed until the next day. This is to help stem the
“feeding frenzy” mob mentality that causes frenetic buying and selling decisions which feed on themselves!
The two most essential commodities for the human race - oil and food - have been deposited into the hands of a few 1000 people around the globe. We
cannot allow this idiocy to continue. Millions of people may starve to death before this year ends. Inflation can wreck many people who live on fixed
incomes. Small businesses could be driven out because they cannot finance the price increases.
OK, you say. Pretend we're out of ammo. What do you put in the place of those bastions of unregulated economic marauders? The sycophant minions of
the R&Fs who glorify themselves as
traders! How about
‘TRAITORS" to the human race?
First, the Big 6 oil companies are large enough, rich enough and powerful enough to deal directly with the oil producing countries. ExxonMobil can buy
oil wherever it chooses. Oil producers have nothing if they cannot ship, refine and retail their crude oil. It is a symbiotic relationship and the
FUTURES MARKET serves NO useful purpose, IMO.
Next, the same situation obtains in the case of food. Food is obviously more immediately essential than oil but oil is not far behind. One person in 6
on this planet is facing serious malnutrition and even death as prices rise without justification. The Christian Children’s Fund has warned us for
years that 27,000 children DIE every day from starvation and diseases exacerbated by malnutrition. We cannot continue to sit idly by while
1) mutual funds,
2) hedge funds,
3) pension funds,
4) sovereign wealth funds, and
5) rich people from everywhere
drive the price of food beyond the ability of 1,000,000,000 people to stay alive!
Conclusion. A few all too-wise market manipulators aided by weak minded and ideologically driven political collaborators have captured those
markets and are pushing us to the wall! There is no justification for the sharp rise in oil prices, topping $135 today. Nor for food prices like rice
that has doubled in the past 6 weeks. Like so many things that once served a useful purpose, futures markets are passe. What excuses once tended to
justify gambling on the future - but now a lottery with life and death consequences - is clearly OUT of control. Commodity future markets do not
serve a useful social purpose any longer. We cannot afford the luxury anymore!
[edit on 05/05/2008 by donwhite]
and make the electronic exchanges regulated again. 
