Saturday, May 28, 2011

Vladimir Lenin had a modest proposal for dealing with speculators...

Lenin was quoted once as saying the following about speculators:
"...speculators must be shot on the spot."
That may seem harsh, but then again, as was duly noted at the time here roughly three years ago, the reality for those most affected by the commodities bubble (which included oil) was harsh: deadly harsh in fact. I bring this up because Matt Taibbi has a piece up about Wikileaks uncovering the role that speculators did indeed play in inflating the oil bubble of 2008. Given that we've been experiencing another commodities bubble (once more with oil included) this spring, it would behoove us to ask what - if anything - why the speculators have been allowed to continue unabated. Nothing has been learned - certainly not by those in Congress, The White House, or Wall Street. And while the greedy fiddle and play their little games, the world burns.

1 comment:

Don Durito said...

Lenin was right! As a class, speculators eventually screw up everything they touch.

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