"Oil speculators under fire" is on the front page of the Wall Street Journal today. The Journal also publishes am opinion piece by French president Sarkozy and British Prime Minister Gordon Brown calling for a curb is speculative activity on oil and commodities because it could fuel volatility (meaning higher price). This piece is totally misinformed : volatility and higher price in commodities is the result of the huge deficit run by the US and fear of a collapsing US Dollar and runaway inflation.
Jean Jacques Chenier, New York July 8th, 2009
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