It certainly would be interesting to hear economists and business analysts on this. This fellow is significant enough to be interviewed on BNN. I note that there are 175 comments on his article. Some of them are quite detailed. One critic claimed that the processes involved simply involve some speculators losing and some winning because of the fact that no real goods actually change hands. However this seems to miss the point that the price is artificially raised so that people are paying much more than they would for the real goods or at least that would be my understanding.
Cheers, ken hanly
Blog: http://kenthink7.blogspot.com/index.html Blog: http://kencan7.blogspot.com/index.html
--- On Thu, 11/12/09, Bryan Atinsky <bryan at alt-info.org> wrote:
> From: Bryan Atinsky <bryan at alt-info.org>
> Subject: [lbo-talk] The Global Oil Scam: 50 Times Bigger than Madoff
> To: lbo-talk at lbo-talk.org
> Date: Thursday, November 12, 2009, 7:43 PM
> http://seekingalpha.com/article/172797-the-global-oil-scam-50-times-bigger-than-madoff?source=email
>
> $2.5 Trillion - That’s the size of the global oil scam.
> It’s a number so large that, to put it in perspective, we
> will now begin measuring the damage done to the global
> economy in "Madoff Units" ($50Bn rip-offs). That’s right -
> $2.5Tn is 50 TIMES the amount of money that Bernie Madoff
> scammed from investors in his lifetime, yet it is also LESS
> than the MONTHLY EXCESS price the global population is being
> manipulated into paying for a barrel of oil.
>
> [...]
>
> I found a link to this on the Dvorak Uncensored blog http://www.dvorak.org/blog/ .
>
> What do you all make of this guys argument?
>
> Bryan
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