[Hawthorn]

> Sorry, but I don't believe a word of it. The oil price run-up is caused primarily by futures markets bidding up the price every time a barrel springs a leak and the decline of the dollar. Supply and demand have actually been in a relative equilibrium. <

Futures markets are very much a part of the supply-and-demand mechanism. Indeed, they are an extremely useful and important part of our economy. Without them, the efficiency of our truly miraculous econmic system would decline significantly.

In fact I'd go so far to say that by dismissing futures markets in such an offhand way, you seem to throw in your lot with Marxists, other leftwing "progressives," most of the MSM, and populist demagogues like Lou Dobbs and Pat Buchanan -- none of whom have a proper appreciation for the workings of a free-market, captialist economy.

[BikerJoe]

Futures markets are very much a part of the supply-and-demand mechanism. Indeed, they are an extremely useful and important part of our economy. Without them, the efficiency of our truly miraculous econmic system would decline significantly.

In fact I'd go so far to say that by dismissing futures markets in such an offhand way, you seem to throw in your lot with Marxists, other leftwing "progressives," most of the MSM, and populist demagogues like Lou Dobbs and Pat Buchanan -- none of whom have a proper appreciation for the workings of a free-market, captialist economy.

Sorry chief, but I ain't no Commie. Yes, I take a skeptical view of the efficiency of the futures markets and hedge funds. I think they are susceptible to manipulation, overreact to situations and are subject to a "herd mentality".

In fact, from today:

"Oil prices rose sharply Friday on news reports that a ship under contract to the U.S. Navy fired warning shots at two Iranian boats."

While our capitalist system is the best on the planet, it's not perfect, and I'll point out what I believe to be the imperfections whenever I feel like it. Marx didn't come up with "Marxism" just for the hell of it. He did so, in part, as a response to the problems and excesses of capitalism.