by Marvin J. Ramírez
Marvin J. Ramirez
If we start believing in ourselves, and stop believing to our current Congress, which along with our court system, I believe are super corrupt, we can still change the route to collapse our beloved nation is heading to.
I just received an email with an open letter from the international airlines to “All airlines customer.”
While acknowledging the almost inevitable economic downturn of the nation caused by skyrocketing oil and fuel prices, it highlights one big hope that can change the course of the economic destruction.
“We can all do something to help,” says the letter.
With no doubt, thousands of jobs will be eliminated, while air service will be greatly affected in large and small communities around the nation.
However, the letter says, there is another side to this story because normal market forces are being dangerously amplified by poorly regulated market speculation.
The mantra of speculators, ‘free market’, free market’, is, for the first time that I remember, being put into question by major corporate forces, such as the major world airlines, by suggesting that ‘normal market forces are being dangerously exagerated.’
The letter continues as follows:
“Twenty years ago, 21 percent of oil contracts were purchased by speculators who trade oil on paper with no intention of ever taking delivery. Today, oil speculators purchase 66 percent of all oil futures contracts, and that reflects just the transactions that are known. Speculators buy up large amounts of oil and then sell it to each other again and again. A barrel of oil may trade 20-plus times before it is delivered and used; the price goes up with each trade and consumers pick up the final tab. Some market experts estimate that current prices reflect as much as $30 to $60 per barrel in unnecessary speculative costs.
“Over seventy years ago, Congress established regulations to control excessive, largely unchecked market speculation and manipulation. However, over the past two decades, these regulatory limits have been weakened or removed. We believe that restoring and enforcing these limits, along with several other modest measures, will provide more disclosure, transparency and sound market oversight. Together, these reforms will help cool the over-heated oil market and permit the economy to prosper.
“The nation needs to pull together to reform the oil markets and solve this growing problem. We need your help. Get more information and contact Congress by visiting www.StopOilSpeculationNow.com.”
Thank you corporate masters of the airlines, you participation on this world protest will move other world market titans to understand that is time to step up and change the rules of the world market as we know today.
And, we all either write a letter to Congress to step in and outlaw the speculators, as an emergency move to save the nation and the world or we all are going to lose everything: our pensions, our world savings to the fall of the dollar, and every investment we have accumulated to inherit to our post generations.
But I must add to one important fact that is never discussed in the media, that by continue allowing a private bank, the Federal Reserve Bank, to print our money, and indebting our nation by continuously borrowing from this bank the money to sustain our economy, we will never going to be free from debt. And these are only a few of the ills that affect our nation.
