Posts Tagged ‘Bets’

New piece in Philadelphia Inquirer: Speculators smooth out the rough spots

by John Lott on Tuesday, March 13th, 2012

This is article 60 of 74 in the topic Oil Industry/OPEC

My new piece with Grover Norquist in the Philadelphia Inquirer starts this way:

With regular gas prices topping $3.70 last weekend, angry politicians are blaming the higher prices on speculators and greedy oil companies. On Monday, The Hill newspaper reported that 23 senators and 45 congressmen, all Democrats except for one independent, called for urgent action against the “speculators” they hold responsible. Sen. Bob Casey of Pennsylvania demanded, “Consumers shouldn’t be forced to pay higher prices at the pump because of speculative bets on Wall Street.”

These politicians want the Commodity Futures Trading Commission to use its new regulatory powers under a law signed by President Obama two years ago to limit the amount of oil that speculators can buy.

This isn’t a new concern. Last April, when regular gas prices hit $4 a gallon, the president launched a Department of Justice investigation into what he called “manipulation in the oil markets that might affect gas prices.”

Unfortunately, neither the Democrats in Congress nor Obama appear to have a clue how markets work. The policy reminds one of Richard Nixon’s attacks on speculators during the 1970s. . . .

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Nutty Sen. Bob Casey on oil prices

by John Lott on Monday, March 5th, 2012

Do any of these Democrats understand that speculation smooths prices over time? That speculators make money by causing price differences to get smaller over time? This article also shows how dangerous the stupid Dodd-Frank bill is. From The Hill newspaper:

Democratic Sen. Bob Casey (Pa.) is pressing the Commodity Futures Trading Commission (CFTC) to help ease rising gasoline prices.
In a letter sent to CFTC Chairman Gary Gensler on Sunday, Casey called on the agency to implement a rule that would limit speculation in the oil market and is two years in the making.
“Consumers shouldn’t be forced to pay higher prices at the pump because of speculative bets on Wall Street,” Casey said.
“Nearly two years ago Congress gave the CFTC the tools to crackdown on speculation in the oil market, and with sky high prices at the pump it’s time they used it.”
The Dodd-Frank law gives the CFTC the authority to limit the ability of speculators on Wall Street to inflate the price of oil by putting in place position limits. . . .

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Greece misses deficit target

by John Lott on Monday, October 3rd, 2011

This is article 462 of 1247 in the topic International

Any bets on whether even the current estimate for 2012 will prove estimate? This is a black hole for the EU and the US.

Greece will miss a deficit target set just months ago in a massive bailout package, according to government draft budget figures released on Sunday, showing that drastic steps taken to avert bankruptcy may not be enough.

The dire forecasts came while inspectors from the International Monetary Fund, EU and European Central Bank, known as the troika, were in Athens scouring the country’s books to decide whether to approve a loan tranche. Without that installment, Greece would run out of cash as soon as this month.

The 2012 draft budget approved by cabinet on Sunday predicts a deficit of 8.5 percent of gross domestic product (GDP) for 2011, well short of the 7.6 percent target.

The 2012 deficit is set to meet a nominal target of 14.6 billion euros, but at 6.8 percent of GDP it falls short of a target of 6.5 percent, because the economy will shrink further.

“Three critical months remain to finish 2011, and the final estimate of 8.5 percent of GDP deficit can be achieved if the state mechanism and citizens respond accordingly,” the Finance Ministry said in a statement. . . .

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Soros Bets on U.S. Financial Collapse

by Cliff Kincaid on Monday, November 8th, 2010

Media Matters recently received $1 million from Soros so that it could try to mute the effectiveness of conservative media organizations and personalities, some of them critical of Soros.

Another financial expert is expressing his deep disgust with the Federal Reserve’s decision to print more money and buy more U.S. debt, saying it is a sign that the U.S. capitalist system is moving closer to collapse.

“This is the type of stuff we accused the communist and socialist governments of doing—interfering in free markets through currency manipulation,” declared Zubi Diamond, author of The Wizards of Wall Street. “What the Fed is doing is not good for free market capitalism and it is not good for America.”

In an interview with Accuracy in Media, Diamond went on to say, “The Fed is following the economic models of Third World countries by printing more money and devaluing their currencies. If you keep doing what Third World economies do, eventually you will become a Third World economy.”

The Fed’s new action, labeled “quantitative easing” or QE2, follows a first attempt at “QE,” known as QE1. QE means that the Federal Reserve is printing more money and buying more government debt. In total, according to Investor’s Business Daily, “the Fed will have created $2.5 trillion out of the blue.”

Diamond said the result of the Fed’s policy will be to “increase the debt, devalue our currency and create a bigger problem that won’t solve the crisis.” Eventually, America could “collapse under its own weight of massive debt,” he warned.

The QE2 “will devalue the dollar and lead to higher commodity prices, asset and price inflation. It may even lead to the end of the U.S. dollar as the world reserve currency,” Diamond predicted. He noted that Obama Treasury Secretary Timothy Geithner floated the idea of the dollar losing its status as the world’s reserve currency, “only to backpedal from it when it raised some eyebrows.”

“What is most troubling to me about this,” Diamond added, “is that the Fed’s QE2 is in alignment with George Soros’s agenda to destroy global capitalism.” The decline of the dollar “is what George Soros wants and what he has proposed in the past,” he noted.

Soros, the billionaire hedge fund operator who finances various leftist and Marxist groups, including Media Matters, has made his fortune by betting on the collapse of national economies and currencies. He was convicted of insider trading in France.

Media Matters recently received $1 million from Soros so that it could try to mute the effectiveness of conservative media organizations and personalities, some of them critical of Soros.

In recent Fox News programs, Glenn Beck has been focusing on the decline of the dollar and how Soros has proclaimed that “an orderly decline of the dollar is actually desirable.” Programs like these have made Beck into a top target of Media Matters.

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More Primary Portent.

by Skip MacLure on Thursday, August 26th, 2010

With the notable exception of John McCain, the national Patriot movement has had significant results backing strong Constitutional Conservatives. Rinos continue to pay the price again, with that one notable exception.

To our Arizona friends. I hope you chose wisely. I can’t help thinking that people like Lindsey Graham and John McCain will revert to type. More than willing to sell out his principles, McCain is perfectly capable of secret deals with the DeMarxists, as is Graham. We have no choice but to watch them like hawks and force them to behave.

Hey! Anybody out there want to lay any bets on how long it’s going to take our boy John to revert to type? I say one week. But he has talked a hell of a tough game on the border and illegals, since he had his border epiphany.

Dick Morris is openly calling for both the House and the Senate to change hands in an historic repudiation of the leftward movement of our government. Yes, the people do have a voice in our system and they are making their voices heard in historic numbers.

The grim statistics that are coming out of the economy pretty much say it all. Record mortgage filings, the lowest real estate sales in fifteen years. We lost 500,000 jobs last month, companies are afraid to hire and investment is virtually frozen.

All political prognosticators are calling for a Republican sweep of the House. I think that’s great, and I say let’s take the damned Senate too.
While we’re doing that, let’s pray to God for the wisdom to do this right.

Semper Vigilans, Semper Fidelis

© Skip MacLure 2010

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