Who is the “Root of all Evil”?

Corrupt politicians or corrupt billionaires?

Four decades ago we experienced a huge run up in the price of precious metals, and in particular, the price of silver. Silver futures reached into an unheard of and totally unwarranted $80 price range from a normal $4 price. Based upon normal market factors, like supply and demand, the value of the dollar, and world stability this run up made no sense. What turned out to be behind the extraordinary run up was a pair of oil billionaires, the Hunt brothers. They determined that the float in silver futures was small enough for them to gain a monopoly. They gave it the old “college try”, and nearly succeeded. But the US government stepped in at the last minute to save the day. The treasury released enough stockpiled silver bullion to pop the Hunt’s balloon. Since the Hunts were borrowing money to finance their diabolical plot they nearly caused a major bank failure in the process.

Next we saw a real estate boom financed by greedy bankers and real estate speculators. This has also required a government bail out. Could these scenarios possibly be precursors to today’s commodities manipulations? According to the Saudis they are producing enough oil to satisfy current world demand. Russia has moved into second place among the world’s oil producers and is providing for the large increase in demand in Southeast Asia, by way of a pipeline project similar to the Alaskan pipeline. The decline in the dollar is miniscule, when related to the increase in oil prices. All is quiet on the world stage with the exception of our unwanted intrusion into the Middle East. So absent any fundamental factors which could be responsible for the current price of oil, we are left with market manipulation by commodities billionaires. (The names may change but the irresponsible nature of the greedy remains the same). It appears that without our government stepping in and dumping huge reserves of oil on the market from its strategic stockpiles, manipulators will enrich themselves yet again at the expense of people who can least afford it.

As to corrupt politicians, consider this. Do you suppose this unprecedented run-up in oil prices could have occurred if we didn’t have an “oil ticket” benefiting directly from and facilitating the manipulators? First they stirred up the world’s major oil suppliers like Venezuela and the Middle East. Secondly, they have done nothing from a legislative point of view such as eliminating tax breaks to profiteers and spreading that wealth around, or dumping oil on the markets to depress prices.

For me the answer seems obvious. Big government, together with big business, is acting without a conscience to conspire to hold the world hostage to their will and egos. Corrupt politicians, together with corrupt billionaires, are the root of all evil. And the world’s poor and starving can’t afford to put rice in their bowls or purchase a loaf of bread for their table. For shame, for shame.

Bob Parmelee www.parmsplace.com