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” Cheap cialis: opec has repeatedly called for the need to reduce the role of excessive speculative activity in the market,” el-Badri, who will attend this week’s World Economic Forum in Davos, Switzerland, said in an e-mailed response to questions.”Today, it is impossible to know who is actually buying and selling oil futures.”
OPEC blamed speculators for last year’s record surge, saying that it was supplying enough oil to meet demand. Click for ARTICLE
- OPEC Calls for Curbing Oil Speculation, Blames Funds (Update1)
- Maher Chmaytelli
- Bloomberg
- January 28, 2009
Last year when OPEC was blaming speculators for the run up in prices, cynics waved it away saying that OPEC was just trying to deflect blame. Now that oil is in the $40 per barrel range (instead of $140) and OPEC is determined to push for greater regulation I think you have to take them much more seriously. Even if you are the world’s greatest cynic believing that OPEC wants to manipulate oil prices to their benefit, their calls for greater regulation show that they’ve lost their power to dictate price. Price is now dictated by large financial speculators and is devoid from supply and demand reality. OPEC knows better than anybody else what supply was in July and what supply is today. I think even the cynics need to listen to them.
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“And there were still more bubbles for local government borrowing, leveraged buyouts, hedge funds, commercial and industrial loans, corporate bonds, commodities, and credit-default swaps; cheap online cialis….” Click for ARTICLE
- Warning: More Doom Ahead
- Nouriel Roubini
- Foreign Policy
- January/February 2009
It should not surprise anyone that Dr; cheap online cialis. Cheap online cialis: doom believes that commodities were a bubble in 2008. His academic adviser at Harvard, Jeffrey Sachs, has also acknowledged the bubble we experienced in commodities.
Any economist with even the slightest monetarist leaning would have to believe that the more money flows into something the higher the price is going to go. It therefore becomes impossible to look at the nearly $200 billion that flowed into commodities in the last few years and conclude that those money flows were having no effect on prices.
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” Buy cialis online now: in recent weeks, commodity funds have seen an influx of several billion dollars, a stark reversal from the brutal forced selling that dominated the second half of last year….
Commodities’ crash in the second half of last year shocked some new participants and proved a huge disappointment for those counting on the sector’s diversification value. Buy cialis online now: but many commodities were brought back to levels not seen in years, possibly creating opportunity for investors seeking long-term exposure to prices of raw materials.” Click for ARTICLE (subscription required)
- A Wave of Buying Hits Commodity Funds
- Carolyn Cui
- Wall Street Journal
- January 12, 2008
The article goes on to talk about the ColPERS (Colorado) and CalPERS (California) and other institutional investors that are looking at commodities and saying “that looks like a good investment.” What we saw in the last 6 months is that commodities provide ZERO diversification value. Stocks were down 40% the commodity indices were down 60% and oil itself was down nearly 80%. What is the rationale for speculating with pensioners money in oil futures!? Go buy Exxon stock! At least it was only down 30% before bouncing back and it has an actual return associated with it called a dividend. This seems like a blatant dereliction of fiduciary duty and if I was a public employee in one of these states I would be furious.
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“But just as the stampede of nontraditional investors into the oil futures market helped to push prices up cialis buy, their exit has had a hand in bringing them down.Many hedge funds and institutional investors have unwound losing positions or have been forced to sell to meet margin calls elsewhere in their portfolio, analysts say – cialis buy….
“The new speculators-those who were caught up in a herding mentality and helped to cause the bubble trouble-have exerted added momentum to the swift price declines cialis buy,” says Bart Chilton, a commissioner with the U.S. Cialis buy: commodities Futures Trading Commission, which regulates oil trading” Click for ARTICLE
- Falling Oil Prices: Again, Blame Speculators
- Steve Levine
- Businessweek
- January 8, 2009
I think this is the first comment from a CFTC Commissioner that alludes to a commodities bubble. That is a very telling statement. I am sure at this point that Wall Street will lobby President Obama to dump Bart Chilton from the CFTC.
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” Buy cialis online: the choice of Gary Gensler to lead the Commodity Futures Trading Commission, which regulates futures contracts, is more troubling.
Mr. Buy cialis online: gensler, a former investment banker from Goldman Sachs, one the biggest brokers of commodities, was an assistant Treasury secretary under President Bill Clinton.In 2000 buy cialis online, he oversaw the drafting of legislation that exempted derivatives from oversight by the federal commodity regulator, including the viral credit default swaps that have amplified the current crisis. Buy cialis online: swaps and other derivatives must be regulated.The country needs an exchange where they are openly traded and subject to the full range of regulatory scrutiny.
Ultimately buy cialis online, new laws for trading derivatives must be enacted by Congress, but the input of the main regulator of the commodity exchange will be important in writing and implementing the laws.Where does Mr. Buy cialis online: gensler stand? How do his close ties to Wall Street affect his choices, his sense of what is right and what is needed?” Click for EDITORIAL.
- “Starting the Regulatory Work”
- Editorial Board
- New York Times
- January 7, 2008
Great questions for which we need real answers.