Here’s The Speculators Who Cost You 35 Percent More Per Tank Of Gas

Benchmark oil, West Texas Intermediate (WTI), has dropped nearly 30 percent in price over the past five months – $107 to $76 per barrel, with North Sea Brent on a similar trajectory. Anyone with one eye and half sense knows that has absolutely nothing whatsoever to do with supply & demand. It’s all about running the price of oil up, extracting billions of dollars in profits then jumping out of the market which results in plunging prices. So who’s doing this?

ben-stein-speculatorsIt’s billionaires who insist on becoming wealthier at the painful expense of the commoner. The former accomplishes that by buying produced oil, holding it in reserve to create a “shortage” then selling it at huge profits. They’re best known as “speculators”; gamblers. But exactly who are these people? We should put names and faces to them.

The top 10 oil traders around the world include three U.S companies: Archer Daniels Midland Company (CEO: Patricia Woertz, net worth: $50 billion), Koch Industries (Charles & David Koch, combined net worth: $88 billion) and Cargill (CEO: Greg Page, net worth: unknown; owners Cargill-MacMillan family net worth: $43 billion). Collectively the three company’s 2012 revenues exceeded $340 billion.

So those are the biggest of the big speculators. But there are other smaller ones, although with new lending rules in place now many of them are now struggling. On the other hand, some well-known international banks trade in commodities albeit not to the extent of the big 10.

These guys and gals “control more than half the world’s freely traded commodities” and are worth over a trillion dollars in annual revenue. The top five alone piled up $629 billion in revenues in 2010.

Most of them hide in tax-haven countries in order to avoid paying their fair share of the expense to keep our country running. With little to no government oversight, they have been known to manipulate the markets – in particular, oil – in order to run up the price which in turn cost the commoner like you and me an extra one to one-half bucks per gallon of gasoline.

So every time you fill up your auto, know that you just spent an extra $20 to $25 that goes right into the pockets of billionaires.

New billionaires are created each and every year through commodity speculation. By April of this year 4 new billionaires made the roles. One of them was Marco Dunand, CEO of Mercuria Energy Group, and another is Dunand’s partner, Daniel Jaeggi. They started their company less than ten years ago with only 10 people. Today they are a $100 billion commodity trading company.

There’s so much profit in the commodity trading business that they are growing by leaps and bounds, taking more and more risk as they go. The only good coming out of this is that most of the U.S. Wall Street banks are getting out of the commodity business by selling their units to other companies.


lemming


Mormon Founder Joseph Smith’s Polygamy ‘Revelation’ Didn’t Come From Above

joseph smithMaybe you’ve already heard that Mormon found Joseph Smith was not as ‘pure’ as has been promoted by the Church which claimed he had only one wife. As it turns out Smith had as many as 40 wives with one of them a 14 year-old teenager. Furthermore some of his wives were married to other men.

Today the Church is attempting to defend Smith’s taking of multiple wives. They claim he didn’t want to have more than one but he received a revelation from an Angel who said that he, Smith, would face destruction if he didn’t take more wives.

I suggest he had a revelation alright, but not from above — the “revelation” came from just below the belt line.

One thing I’ve learned about religions over my 70-plus years on this earth is that religious people – in particular, religious leaders – tend to “justify” things they want to do that don’t exactly align with God’s true word. And I suspect Smith was most likely a sex addict, unable to be completely satisfied by just one woman. As such, and knowing that having mistresses would never be accepted by his followers, he invented the Angel story. Having had a gift of persuading people to follow and believe in him, what better working story to come up with to satisfy his sexual desires.

The Church (Latter Day Saints) went even further in trying to “sanitize” Smith’s sins:

Although Smith wed as many as 40 women, he did not necessarily consummate the marriages, the LDS church said. Some might have been “eternity-only sealings [sic],” meaning that the relationships were held on reserve for the afterlife.

Yeah, and I’ve still got some of that waterfront property for sale out in Arizona if anyone is interested.


lemming


The People Some People Will Elect

You may have noticed that the Old Man publishes a detail elections page beginning with the first round of campaigns each election year. This year I decided to include links to reports about candidates that should be of interest to voters. In doing so, I got a pretty good picture of what some candidates are made of. After the election it also gave a picture of what some voters are made of: The people some people will elect is mind-blowing.

Here’s a few example.

Georgia’s David Perdue for Senate:

Iowa’s Joni Ernst for Senate:

Kentucky’ Mitch McConnell for Senate:

Colorado’s Doug Lamborn for House:

Florida’s Ted Yoho for House:

New York’s Mike Grimes for House:

Tennessee’s Scott DesJarlais for House:

Dozens of elected candidates want to seize and sell public lands such as Yellowstone, Yosemite National Park, Grand Canyon, The Grand Tetons, etc. Many voted against punishing companies who steal wages from employees.

These are just the most glaring idiots people elected. Visit here and here to see them all.


lemming