Friday, August 15, 2008
Oil: What Goes Up Must Come Down...
...But it sure doesn't get near the media coverage as prices radically plunge as it did when they radically rose.
If ever there was a better example of how the professional media is only in the game of spreading panic, whipping-up the masses, creating confusion, I don't know it.
They fed the public the transparent nonsense that prices were rising because--suddenly--people discovered that China and India existed, or that we were 'running out" of oil per se; or that, on a given day, prices were up because Hurricane Wilma was, maybe, kinda, going to strike the Gulf of Mexico or was it that Iran's leader said something that spooked the market?....
It was all lies, mere rationalizations for irrational activity, for speculation by Wall Streeters.
On the way down, the media, in much more subdued tones, of course, sticks to explaining the price reductions by citing more rationalizations, more lies. Weak demand my ass!
The price has fallen from $148 to $112 a barrel in a few weeks, 26%. Have China and India shrunk 26%?!? Are there no more hurricanes out there, no more tension in the Middle East?
As they--with a few notable exceptions--are displaying for all to see in their disinformation-lock-step-with-government coverage of the Russia/Georgia War, the media, though given explicit Freedom in the Constitution, march like lemmings to the tunes set by the powerful, be the power in Washington or the corridors of Wall Street.