Oil could give kiss of death to recovery
This week oil climbed to $87 a barrel, its highest level since October 2008 and prompted concerns that triple-digit crude was once again in the offing.
This was after a period of eight months when oil traded between $70 and $80, a narrow band that pleased oil producers without hurting consumers too much.
The latest surge seems to have been prompted by rising confidence in a global economic recovery, even if most traders and bankers are still cautious about supply and demand fundamentals.
Worries about the Greek economy have pegged prices back over the last couple of days but the more bullish Wall Street banks see prices climbing further, with Barclays Capital forecasting $97, Goldman Sachs $110 and Morgan Stanley $100 next year.
But the higher prices go, the deeper the concerns that they will stifle global growth. Jeff Rubin, a former CIBC chief economist and author of a book on oil and globalisation, says: “Triple-digit oil prices are going to threaten a world recovery.”
You don't have to be a rocket scientist to see what is happening. Nor do you need to ask why or how or who is involved. It's as plain as the nose on your face. The same forces and the exact same people that drove crude oil to $4 a gallon plus across the nation eighteen months ago, are at it once again.
Not unlike someone needs to tell this piss poor excuse for a president ...."It the economy and joblessness stupid!" Someone needs to tell the majority of Americans and especially those in media, that "it's the speculators stupid!"
Here America sits, balancing precariously on the edge of utter economic collapse? And what do we have happening....We have a president that is hell bent to shove socialized medicine of our backsides regardless of the cost and at the worst possible time. And now we have our good friends on Wall Street poised to once again kick us in the butt right as the economy is teetering and faltering along with only the weakest glimpses of possible survival.
I guess that is good enough for our undertakers on Wall Street. If America the patient even quivers or gasps? Then it's time to stick the knives in once again and bleed the corpse once again for all it is worth.
It is no longer a question of whether this country is going to fail, it is only a matter of when and just how quickly these socialists in power can accomplish it. And I can promise those willing to listen one thing for damn sure. I will promise any American willing to listen, that America will have long since rolled over and died before the hocus pocus of global warming that Al Gore has been hustling for the past ten years now comes to pass, but it won't take much more than another years or two of this crap to sink America completely..
But who is listening. Who is actually paying attention when the reports bearing the truth are leaked through this wall of daily propaganda that the majority of Americans are spoon fed?
America is dying and it is a death by a thousand cuts. And everyday another cut is added. How much longer can we survive. How much longer can we sustain the runaway and rampant disregard of common sense as observed of both Wall Street and in Washington. Do either of these entities and those involved not realize that once the American capitalist mechanism is collapsed? Those involved in its demise won't simply be headed for their vacation properties to ride out the bad weather for a few months or years before they establish their proletariat to preside over.
Those responsible will be heeled and hauled before the people to answer for their treachery.