The value of the Euro went above $1.50 today for the first time in 14 months. Oil was approaching $80 but fell back on release of inventory data showing a glut of diesel fuel as the collapsing US economy makes it difficult for refiners to cut production far enough to keep the supply down. Traders were hoping to drive oil above $80 so that the large number of pending futures contracts would be activated forcing people to buy oil to cover their positions and driving the price still higher. The usual suspects like the "too big to fail" banks are hoping to make a killing.
Currency traders, also working for these same criminal enterprises, have been driving up foreign currencies by dumping huge amounts of Dollars (the Dollars they got from you and me for free), dumping them in countries with a strong currency like Brazil. This conversely drives down the Dollar and oil goes up ever closer to the triggers on all those futures contracts they own. It takes money to make money. It helps if you get that money for free and have no conscience. Jiminy Cricket is under glass in the CEO’s office with a pin through him. (a bit of history: some of Mickey Mouse’s biggest hits in the 30’s fed on the popular outrage over bankers throwing people out of their homes, the Sheriff was often the bad guy in early cartoons)
You can learn a little bit about how the usual suspects are able to loot and pillage our economy by watching the FRONTLINE episode The Warning that features the adventures of Brookslyey Born as Chairman of the Commodity Futures Trading Commission during the Clinton Adm.
Not to give away the plot but we do know how it all turns out; our heroine Brooksley Born is summoned before the most powerful man in the world and told by the Dark Lord Allen Greenspan that The Market will deal with fraud and she need not concern her agency with such things as enforcing the law. This meeting took place before she suspected that there was any systemic fraud going on. It would be ten years before the Ponzi scheme she tried to stop would grow to more than 600 trillion Dollars (maybe a 1000 trillion) and collapse. (the entire world GDP is less than 60 trillion)
My only problem with the FRONTLINE presentation is that they let Greenspan off as basically just being a fool. The man is a criminal with no equal since Hoover’s Sec. of Treasury Andrew W. Mellon, who single handed created the last Great Depression. Melon had a personal fortune would make Bill Gates look like he digs under the couch cushions for cigarette money. Mellon was put on trial by the FDR Adm. but died before the verdict. Greenspan’s pretense of stupidity is doubtless aimed at avoiding the same fate. Greenspan’s Doctoral Thesis was on land boom of the twenties that precipitated the crash and apparently served as his blueprint for running the Fed and creating the current Great Depression. The only question is do we have a new FDR? Greenspan would look good in an orange jumpsuit. www.prairie2.com