“We are in the Midst of an Epochal Tectonic Shift”
Lars Schall - March 12, 2011
Mr. Engdahl, is the oil price by and large driven by massive speculation? Mike Norman, the Chief Economist at the Wall Street firm John Thomas Financial (http://www.johnthomasbd.com), wrote to me in October of last year for example:
“Total NYMEX open interest in crude is 1.4 m contracts or about 1.4 billion barrels of crude. Daily volume of crude traded on NYMEX is over 1 billion barrels per day. Total daily global demand is only 83 million barrels per day. The amount traded on one single exchange is more than 10 times total daily consumption. It’s a giant casino with prices being driven up by speculators and consumers having to pay more and more.” (i)
What’s your opinion on that?
FWE: I wrote back in the 2008 period, when oil briefly spiked-up to $ 147 per barrel and Goldman Sachs was issuing client-advisories that it was going quickly to $ 200, and when JP Morgan was advising the Chinese government that China ‘buy all the physical crude you can get your hands on because it is going to $ 200,’ at that point I wrote that roughly 60-70% of the price of oil then was pure speculation, manipulated by the GSCI, the Goldman Sachs Commodity Index. It’s a perfect scenario that they have created on Wall Street to control the oil price irrespective of supply and demand. (ii) I would just add that the crucial ingredient these days is not the NYMEX for the global oil price benchmark, but the ICE Futures in London.
Why do I say that? Because the ICE Futures is a daughter company of the International Commodity Exchange of Atlanta in Georgia, owned by Goldman Sachs, Morgan Stanley, JP Morgan Chase etc. – the big oil banks that benefit enormously from the inside. There is absolutely no serious regulation of the ICE Futures. The British keep their hands off it, and the U.S. Commodity Futures Trading Commission, the CFTC, since 2006 under the “Commodity Modernization Act of 2000“ allows ICE Futures to trade energy futures without disclosure to CFTC in the U.S. market through London. So, in fact, it has deregulated and taken away from any government supervisory role the entire trade in energy futures, especially oil.
Tags: New World Order
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March 29th, 2011 at 2:12 pm
Engdahl’s analysis is excellent as always. But the thing that always proves a catch 22 for me though, is where the Anglo-American v.s Heartland scenario is concerned, I often find myself “siding” with the Anglo-Americans. Not because I have any love of the self serving, murderous Western Elite but rather because I think an ascended Chinese and Russian elite (despite the positive spin the Larouche crowd often puts on them) would prove even more totalitarian than Rockefeller and co. (Though maybe I’m being naïve) As bad as the Anglo-American coercive sterilizations and abortions have been, the Chinese 1 child policy is perhaps the most pernicious example of modern pop-control genocide. Of course one could make the case that the West pushed this on China through backroom deals in the late 70’s. “You go Malthusian and we’ll integrate you into global markets.” Even still, I hardly think China and Russia’s mass murder records (in the 10’s of millions) are completely a myth concocted by Western anti-communist (Not that Mr. Engdahl is in anyway implying this.) Of course there is also Anthony Sutton’s assessment that the Soviet Union only rose to power through Wall Street’s funding of the Bolshevik’s. Perhaps one could make the case that the entire Communist system was forced on the Heartland by the Western powers simply to keep them from achieving their full economic potential. It would be interesting to know Engdahl’s opinions of Sutton’s research.
It is also interesting that Engdahl presents the Euro as a threat to Anglo-American hegemony since other analysts often present the E.U as a creation of the Globalists via Bilderberg, something meant to transition to a world government with a world currency. I’m not implying that Mr. Engdahl is being deceptive, just that is an interesting alternative perspective. He’s clearly an independent thinker and no one’s puppet. His break with Larouche on certain issues (such as the veritable worship of FDR) proves that. Perhaps the truth about the E.U truth lies somewhere in between. Maybe, the whole thing was merely meant to serve as an economic anchor around the neck of Germany, weighing it down in Southern European debt, thus preventing it from outstripping the Anglo-American system.
Abiotic oil theory is quite fascinating. To give you an idea of how unmentioned (one might dare say suppressed) it is in the oil industry, I asked my cousin (who’s a land buyer in an Albertan oil company) if she’d ever even heard the theory. She had not. Even if abiotic oil theory weren’t true, you would think it would be a known “quack theory” amongst the oil industry, something they ridicule like Bigfoot or little green men but, generally speaking, this doesn’t seem to be the case. Critics of the theory would probably argue that this shows how universal debunked and rejected the idea is but you could also argue that it seems conspicuous by it’s absence, especially given the fact that many prominent scientists and a world super power adhered to it.
March 31st, 2011 at 3:38 am
Speaking of the West’s war to secure oil, here’s a prediction of future events: expect to see U.S action in South America in the not to distant future. It seems to me no accident that Obama’s trip to Chile followed so closely on the heels of David Rockefeller’s recent presence there. Let us not forget the interest Rockefeller exhibited towards South America several years ago.
http://www.youtube.com/watch?v=w9NAlYt9920
Then check out this ominous excerpt from a Fox News article
“It’s an opportunity for the president to give a wake-up call to his own administration to pay attention to the priorities for security and the economic well-being of the United States. And the Americas are extraordinarily important there,” says Richard Noriega a former Assistant Secretary of State for the Western Hemisphere. “Brazil’s an important economic partner but we ought to pay attention to the fact that China is eating our lunch in the petroleum market in Venezuela. And the Iranians are mining uranium, sowing their terrorist network, evading sanctions all with the help of Chavez and Venezuela. So the administration needs to really pay attention to the challenges that are happening right under their nose.”
The full article is available here:
http://politics.blogs.foxnews.com/2011/03/18/obamas-south-america-trip-focus-economics-and-trade
Note the way Mr. Noriega is licking his chops over Venezuelan black gold (which of course is the U.S’s rightful “lunch”) while simultaneously attempting to tie Chavez to the same Axis of Evil boogeyman that President Bush employed when he drew America into an otherwise pointless war with Iraq. Further digging reveals that pounding the war drum against Venezuela is Noriega’s favourite pastime. Check out the articles he wrote as a visiting fellow of the American Enterprise Institute:
http://www.aei.org/scholar/102
The AEI is a Neo-Con think tank, whose founding fathers list includes Roscoe Pound a legal scholar and Freemason who received a medal from the Nazi government in 1934. It has also received funding from the Rockefeller Brother’s Fund at various times.
The above page also states that Mr. Noriega worked for the CIA linked USAID from 1986-1990. As is the case with the current action against Libya and the Western Manufactured Revolutions exploding throughout the Middle East right now, there is little doubt that the name of the game is Oil and Geopolitical Checkmate against China and Russia. To this end, the CIA, through various NGO fronts, has been attempting to oust Chavez for sometime now, as this excellent article by Kurt Nimmo points out.
http://www.infowars.com/obama-moves-to-undermine-iran-with-cia-linked-usaid-democracy/
Not only has Chavez nationalized Venezuela’s oil and closed the doors to free trade he has also banned abortion; perhaps the Elite’s most effective method of depopulation geared eugenics. These factors are all bound to make his regime a prime target for the Western Power Elite. What Paul Collins predicted on this very webpage 3 years ago might soon come to pass.
http://www.conspiracyarchive.com/Commentary/Deep_Oil.htm
The question is, can America, powerful a nation as it is, afford to fight simultaneous wars in Libya, Iraq (there’s still 50,000 troops stationed there), Afghanistan and the South America to boot? Perhaps, following the model of WWII they plan to “spend themselves out of debt” by mobilizing Western Industry towards an all out global conflict, that, should they be victorious, would have the additional benefit of destroying the competition. Who knows. I guess in the meantime all we can do is pray for the best but prepare for the worst.