That could be changed to “Give us this day our daily gasoline”. We must have gasoline in order to get to the grocery store and buy “our daily bread”. We must have gasoline in order to get to work and earn money to pay for “our daily bread”. Gasoline is required to transport our daily bread to the grocery store.
Without gasoline, we can have no “daily bread”. The people who manipulated the price of gasoline recognized this. But they didn’t stop at gasoline, they manipulated the price of everything, including “our daily bread”, when they manipulated the prices of corn and soybeans.
The money they made from manipulating those commodities did not go into the pockets of the people you paid the money to; no, it went into the pockets of the “commodity market manipulators”. The people you paid, had to pay the manipulated price for the products they bought, they were just passing the “ripoff” down the line.
Let me explain the difference between a “speculator”, and a “commodity market manipulator”. If you decided the price of corn was going to rise in June of 07, and you bought one corn contract at $3.50 a bushel; then sold it in June of 08 for $7.50 a bushel, you would have made a profit of $20,000. A “buy” contract pays $50 for every 1 cent increase in the price of corn, a “sell” contract pays $50 for every 1 cent decrease in the price of corn. Your profit of $20,000 would have been 100% legitimate and above board. You took a risk, and at the same time you performed a necessary function, your open position provided the commercials insurance for catastrophic unpredictable events. You were a “speculator”.
On the other hand, if you and your cabal of “very deep pocket” manipulators got together and decided to buy unimaginable numbers of contracts in the commodity markets and run the prices up, you would be a “commodity market manipulator” because absolutely no risk would be involved. The only reason this hasn’t happened in the past is because of the CFTC’s oversight.
Most people are unaware of the fact that they buy into the commodities markets everyday they wake up. That toast is from wheat traded on various exchanges including The Chicago Board of Trade. That bacon is from “lean hogs” which are traded at The Chicago Board of Trade. FCOJ stands for frozen concentrated orange juice; that glass of juice you’re drinking was traded on the New York Board of Trade.
After you’ve had breakfast, it’s time to go to work. Better stop and get some gas; that’s traded on the New York Mercantile Exchange. What will you have for lunch? How about a Big Mac. That burger is from a cow that was traded at the CBOT. In order to become a cow, he had to eat corn that was traded at the CBOT.
Fried chicken sounds good for dinner. In order to become a chicken, he had to eat corn and soybeans that were traded at the CBOT. After dinner it’s time for some relaxation. Will it be TV, music, or log in on the computer; all of those items are loaded with copper that was traded on COMEX in New York.
So you see, everyday of your life is involved with the commodities markets. The reason you didn’t know this, is for the same reason you might not know how the thermostat keeps your home at the right temperature. Since it’s worked for as long as you can remember, who cares. As a matter of fact, you hardly know it’s there. The CFTC is the “thermostat” for the commodities markets. CFTC stands for the Commodity Futures Trading Commission. It has worked like a fine Swiss watch for so many years that nobody even knows of it’s existence or what it does. They regulated commodity traders and trades in order to prevent “commodity market manipulation”. How many times have you heard Republicans say that we had too much “regulation”. That regulation was the only thing that prevented them from exploiting us.
Do you remember when you went to fill up and saw that incredible price on the pump. From that day to this day, our standard of living has gone down, while the 1% standard of living has gone up. Charts on this website http://wp.me/p2vRlu-4
are a record of how much you paid for gasoline, and when you paid it. No one in the history of this country had ever paid that much for gasoline.
Everyone is talking about the drought, and the high prices you will have to pay for food as a result of the high grain prices. You have already been paying high prices for food as a result of the high grain prices, but nobody told you. If it’s not on TV, it didn’t happen. When you go to this website http://wp.me/p2vRlu-4 and click on “corn or soybeans”, you will discover that you paid “drought prices” for food in 08, and 2011 when there was no drought.
Now that we have a severe drought upon us, these even higher prices for food will reduce our standard of living lower than it’s ever been in many peoples lifetime. Each generation has always done better than the generation before it, up until now.
Those young “Occupy” people never had a chance; once Wall Street got involved in the commodity market manipulation, that was the end of this economy as we knew it. The depression seems to be going better than planned.
If you have any doubts about anything that I’ve written, jog your own memory and think back to 07 when things were, if you exclude the “subprime” fiasco, normal. But we can exclude it, because it’s effects across the country had not been felt; the gas prices on the other hand had an immediate effect. Before $4.00 gas prices, there were shopping malls, stores at the malls began to fold one after another when gas went to $4.00 a gallon.
Just recently, Judge Robert Leon Wilkins, who was appointed by Barack Obama, threw out the Dodd-Frank provision that empowered the CFTC to set position limits on commodity trading. Now why would a judge who was appointed by Barack Obama want us to get exploited by the same people who exploited us under the Bush Administration by manipulating the price of gasoline.
Now that the CFTC is taking a public stance against “commodity market manipulation”, Barack Obama supports the CFTC. That was awhile back that the Obama Judge threw out the limits. If this had gone quietly without any news Obama would have said nothing. Now that it’s gone public, he’s against the action that the judge he appointed took by throwing out the Dodd-Frank provision.
We can all thank DWBartoo for this diary, without his inspiration, I would not have written it.