Friday, March 25, 2011

Tell the CFTC: Cut gas prices by reining in oil speculators now!



We need your help!!

Please sign this petition telling the CFTC to rein in the speculation that is currently pushing up food and energy prices. Thank you.

-Mike Norman

3 comments:

Severus said...

Mike,
On Oct 14. 2010, I posted in the comment section of your blog the following:

"Now commodities are rising and Mike cries "speculation!!". This was so predictable.
Next, Mike is going to demand that the government establishes price controls."

At the time you called me an "idiot", a "moron" and a "jerk".

Nevertheless, on at least this point you have to admit that I called it right!

Mike Norman said...

I don't remember the ad hominem attack, but are you still saying it's NOT speculation?

Severus said...

Well, there is speculation everywhere. As I recall you yourself speculated on the fall of the Euro last year. Wasn't that "profiting" from the troubles in Europe?
People buy oil futures for different reasons. It can be to simply hedge their portfolio. Nothing nefarious there. A lot of "oil speculators" lost their shirts in early 2009. It cuts both way.

The real question is, what is driving the speculation up? To a lot of people, the answer is the current debasement of the dollar (plus obvious other, more immediate worries such as the violence in Libya).

Market controls never work... (unless you get rid of the market all together)