George Soros: Rocketing Oil Price Is A Bubble
Ever wonder how Hussein did it? Look at the man circled in the photo…
Soros knows best how to tank the US Dollar……
I wonder how long he has been manipulating the price with the Iranians..
Telegraph UK
Speculators are largely responsible for driving crude prices to their peaks in recent weeks and the record oil price now looks like a bubble, George Soros has warned.
The billionaire investor’s comments came only days after the oil price soared to a record high of $135 a barrel amid speculation that crude could soon be catapulted towards the $200 mark.
In an interview with The Daily Telegraph, Mr Soros said that although the weak dollar, ebbing Middle Eastern supply and record Chinese demand could explain some of the increase in energy prices, the crude oil market had been significantly affected by speculation.
“Speculation… is increasingly affecting the price,” he said. “The price has this parabolic shape which is characteristic of bubbles,” he said.
‘We face the most serious recession of our lifetime’
The comments are significant, not only because Mr Soros is the world’s most prominent hedge fund investor but also because many experts have claimed speculation is only a minor factor affecting crude prices.
Oil prices stalled on Friday after their biggest one-day jump since the first Gulf War earlier in the week.
At just over $130 a barrel, the price has doubled in around a year, causing misery for motorists and businesses.
However, Mr Soros warned that the oil bubble would not burst until both the US and Britain were in recession, after which prices could fall dramatically.
“You can also anticipate that [the bubble] will eventually correct but that is unlikely to happen before the recession actually reduces the demand.
“The rise in the price of oil and food is going to weigh and aggravate the recession.”
The Bank of England recently warned that soaring energy and food costs would push inflation above its target range for most of the next 18 months, making it more unlikely that it will cut borrowing costs soon.
Mr Soros warns Britain is facing its worst economic storm in living memory, dwarfing those of the 1970s and early 1990s, with a housing slump and serious recession.
He said: “The dislocations will be greater [than in the 1970s] because you also have the implications of the house price decline, which you didn’t have in the 1970s.”
The warning undermines predictions that Britain will suffer only a brief and relatively painless recession, unlike the precipitous dives of previous years.
Mr Soros also warned that the Bank’s inflation report represents a “Faustian pact”, obliging it to keep interest rates high to control inflation, even as the economy is starting to slump.
“You had the nice decade,” he said. “Now that is over and you are in a straitjacket.”
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Soros should have been killed years ago.
May 27th, 2008 at 7:46 pmAnd this SOB is an American citizen?
May 27th, 2008 at 7:57 pmWTF is that?
Who the hell let this happen?
WTF is going on around here?
I hear ya man. years ago
May 27th, 2008 at 8:05 pm“…the crude oil market had been significantly affected by speculation.”
Yeah. To the tune of about 30% or more you fuck. And you’ve been driving this economy toward recession since 2005 so the Dhimmis could re-sell that “malaise” shit from days gone by.
May 27th, 2008 at 8:10 pmBullet is too good for your lying ass.
Keeping in mind that Soros is a hedge fund operator, he makes money when businesses fail. The obvious implication is that Soros would be making trillions if the US economy tanked. He doesn’t give a damn if the price of oil drops through the floor. Its not something he’s investing in.
Yes, we should have taken him out a long time ago - just like bin Laden.
May 27th, 2008 at 8:28 pm“…Soros would be making trillions if the US economy tanked.”
That’s what Obambi is for…. the perfect shill.
May 27th, 2008 at 9:09 pmSoros tanked his good friends the Clintons because he believes Obama would follow orders better.
I am tired of hearing that speculation has nothing to do with the price of a barrel of crude, so for one time in my life I think George Soros right. For anybody still dumb enough to believe $130 the fundamental price, I wish the same people would tell me why NG is almost $12.00 an MCF being that it’s almost entirely domestic.
I guarantee you that is simply following the crude price and at least half of that built in fudge is simple speculation and a few profiting at the expense of millions
.
May 27th, 2008 at 9:26 pmSoros, the man who would play god…
May 28th, 2008 at 1:28 amOil prices were high in the 70ties, then they decreased ;
now, we are assisting to a reajustment at the real price that we should have paid the barrel for a few decades, “lois de l’offre et de la demande” justifies it nowadays.
and the “Rapaces” (raptors) such the Soros are the “profitors”, same as those who organised the black market during war times… till pax glorious years’ll take place again, though these kinds of person will still sit on an amount of money that can make raining or sunshine…
I wonder why there isn’t an investigation on how they earn their money ?
May 28th, 2008 at 2:07 amRe: “Ever wonder how Hussein did it?”
May 28th, 2008 at 4:13 amI discussed this idea yesterday before this posting.
I think soros and his cronies have found a malleable power hungry neo commie that they can own. I think hussein drinks from the cock of soros.
The hussein has spread a lot of money around in local demonrat campaigns buying support away from hillary. That’s the way politics works when loyalty to party rises above loyalty to nation; but the hussein has raised a lot of funds from somewhere, it reminds me of the dean campaign. I wonder, how easy it to wash donations from the internet?
BTY, Have the monks donated yet?
I’m not one who generally believes that conspiracies lurk around every corner, but, given his nature, (a piece of shit) and more important, his history, I am convinced soros has been “shorting” the dollar and is behind it’s drop on exchange markets. He is a “currency speculator” and was behind the precipitous drop of the British Pound in the late ’80s and became known as the man who “broke the Bank of England”. He WANTS the U.S. to have a recession so that his sorospuppet party has a better chance at winning the White House.
Although on an emotional level, I couldn’t agree with you more, at the very least, this anti-American scumbag should be permanently kicked out of the country.
I think if Americans understood what this prick has been doing and is trying to do to our country, and especially how he has bought the democrat party, (spent $300 million trying to get Kerry elected), they would never elect a democrat to any office anywhere.
May 28th, 2008 at 5:31 am
Charles, He is fucking up the system for his personal gain. His unnatural death is welcomed. I am not a person of wealth that can simply ride above this. He is taking food from my children’s mouths.
May 28th, 2008 at 6:17 amSoros made his money cornering the commodities markets. You can bet he is profiting mightily now, with the dollar tanking, and all other commodities skyrocketing. This market is bad for consumers, but great for speculators. Face it, we are outnumbered.
May 28th, 2008 at 8:21 amThis market is bad for consumers but great for speculators because speculators made it bad for consumers because the Dhimmis NEED a ‘bad’ economy to make sure their guy wins.
May 28th, 2008 at 8:47 am