See other World News Articles
Title: The $2.5 trillion global oil scam
Source:
[None]
URL Source: http://www.ngoilgas.com/news/25-trillion-dollar-oil-scam/
Published: Nov 17, 2009
Author: Dan Jones
Post Date: 2009-11-19 02:03:16 by wudidiz
Keywords: None
Views: 60
Comments: 2
Global Oil Scam Apparently, there's a global oil scam making Bernie Madoff look like a petty thief. If serial entrepreneur and Seeking Alpha columnist Philip Davis is to be believed, the world is being scammed out of $2.5 trillion, 50 times greater than the sum Madoff took from the duped investors. According to Davis, the scam starts in 2000 with the formation of the ICE - the Intercontinental Exchange. The ICE - founded by Goldman Sachs, Morgan Stanley, BP, Total, Shell, Deutsche Bank and Societe Generale - is an online commodities and futures marketplace that exists outside the US and operates free from the constraints of US laws. After a Congressional investigation into energy trading in 2003, the ICE was found to be facilitating "round-trip" trades. This is where one firm sells energy to another, and then the second firm sells the same amount of energy back to the first company, at the same time and at the exact same price, as told by Davis. No commodity ever changes hands Quite shockingly no commodity ever changes hands, but the transactions still send a signal to the market, artificially boosting company revenue. Angry yet? There's more. Because the trading is unregulated by Washington, its difficult to gauge the scale on which "round-trip" trading takes place. But when DMS Energy were investigated by Congress, the company admitted that 80 percent of its trades in 2001 were round-trip trades. This means 80 percent of all trades in that year were false trades. Not a drop of oil changed hands, but the balance sheets showed increased revenue. The idea is to hike up commodity prices. For example, according to Davis, after the ICE turned commodity trading into a "speculative casino game where pricing was notional and contracts could be sold by people who never produced a thing, to people who didn't need the things that were not produced", Goldman Sachs were able to triple the price of commodities in just five years. ICE can create artificial shortages and drive speculative demand The beauty (or rather the horror) of the scam outlined by Davis is that because they control the oil markets, the ICE can create artificial shortages and drive speculative demand in order to charge consumers an extra dollar per gallon of gas. And whereas this may not seem like much, this $1 soon becomes $50 billion A MONTH as global drivers consume 1.7 billion gallons of gas every single day. Whereas, at this stage, it would not be accurate or indeed wise to suggest what Philip Davis claims is either true or false, one cannot ignore the issue. There have been concerns for may years that global markets are controlled by a monopoly of mega-organizations, but there could be a strong case for suggesting the ICE is close to becoming just that - a super-organization with the power to push oil prices up or down. Good luck Washington, you might just be getting a deluge of mail demanding answers. The slide show below comes from SlideShare.net and gives a breakdown of the global oil scam. The $2.5 trillion global oil scam
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: wudidiz (#0)
Goldman Shylock would do THAT? I am sure Blankfein Boobala is double sorry about this. bump
"Judaism is the world’s oldest organized criminal conspiracy. As the Jew TV reporters and Jew financial experts obfuscate where all of the money disappeared, eventually the People give up trying to figure out what happened to all of those trillions of dollars because we trust our politicians to do their jobs. But the Jews bribe, blackmail and own the politicians as well as all of the Media. And so, by Jewish Law, all of that money automatically belongs to the Jews because We the People, gave up on trying to figure out where it all went." -Banjo Billy
_________________________________________________________________________Apparently, there's a global oil scam making Bernie Madoff look like a petty thief.
#2. To: your_neighbor (#1)
"This man is Jesus,” shouted one man, spilling his Guinness as Barack Obama began his inaugural address. “When will he come to Kenya to save us?”
-Schweizerische Schuetzenzeitung (Swiss Shooting Federation) April, 1941
Top • Page Up • Full Thread • Page Down • Bottom/Latest