Moderator: Nicole Marie
yes..............but............Marye wrote:Remember the price of oil the last time the Suez canal was closed?
No.I was a child.
Since I hold oil stocks ... won't this benefit me?
Marye wrote: Since I hold oil stocks ... won't this benefit me?
dai bread wrote:Please, Americans, stay out of it. If Islamists take over Egypt, so be it. They're unlikely to be worse than the Wahabists of Saudi Arabia. Who runs Egypt is a matter for the Egyptians, no-one else.
dai bread wrote:I will probably accept foreign intervention to keep the canal running, but even that is doubtful. I note that last time there was foreign intervention, ostensibly for that purpose, Washington got heavy with the British and the French and made them get out. It is also doubtful that the Egyptians would accept it.
Any attempt at regime change or nation-building finds me dead against it. Haven't you had enough trouble in Iraq and Afghanistan?
jamiebk wrote:yes..............but............Marye wrote:Remember the price of oil the last time the Suez canal was closed?
No.I was a child.
Since I hold oil stocks ... won't this benefit me?
I will never understand the stockmarket:Ford Motor Co. reported its biggest annual profit in more than a decade Friday, but its stock tumbled because results fell short of Wall Street's expectation.
NEW YORK (MarketWatch) -— Exxon Mobil Corp. is expected to weigh in with a profit gain of $2 billion in its fourth quarter next week, as the oil major caps off a period of higher petroleum prices, but it remains to be seen if the company sparks any big moves in its shares.
insider manipulation IMHO
The surge in global food prices since the summer – since Ben Bernanke signalled a fresh dollar blitz, as it happens – is not the underlying cause of Arab revolt, any more than bad harvests in 1788 were the cause of the French Revolution. Yet they are the trigger, and have set off a vicious circle. Vulnerable governments are scrambling to lock up world supplies of grain while they can. Algeria bought 800,000 tonnes of wheat last week, and Indonesia has ordered 800,000 tonnes of rice, both greatly exceeding their normal pace of purchases. Saudi Arabia, Libya, and Bangladesh, are trying to secure extra grain supplies.
The UN’s Food and Agriculture Organization (FAO) said its global food index has surpassed the all-time high of 2008, both in nominal and real terms. The cereals index has risen 39pc in the last year, the oil and fats index 55pc. The FAO implored goverments to avoid panic responses that “aggravate the situation”. If you are Hosni Mubarak hanging on in Cairo’s presidential palace, do care about such niceties?
France’s Nicolas Sarkozy blames the commodity spike on hedge funds, speculators, and the derivatives market (largely in London). He vowed to use his G20 presidency to smash the racket, but then Mr Sarkozy has a penchant for witchhunts against easy targets.
The European Commission has been hunting for proof to support his claims, without success. Its draft report – to be released last Wednesday, but withdrawn under pressure from Paris – reached exactly the same conclusion as investigators from the IMF, and US and British regulators
The immediate cause of this food spike was the worst drought in Russia and the Black Sea region for 130 years, lasting long enough to damage winter planting as well as the summer harvest. Russia imposed an export ban on grains. This was compounded by late rains in Canada, Nina disruptions in Argentina, and a series of acreage downgrades in the US. The world’s stocks-to-use ratio for corn is nearing a 30-year low of 12.8pc, according to Rabobank.
The deeper causes are well-known: an annual rise in global population by 73m; the “exhaustion” of the Green Revolution as the gains in crop yields fade, to cite the World Bank; diet shifts in Asia as the rising middle class switch to animal-protein diets, requiring 3-5 kilos of grain feed for every kilo of meat produced; the biofuel mandates that have diverted a third of the US corn crop into ethanol for cars.
Add the loss of farmland to Asia’s urban sprawl, and the depletion of the non-renewable acquivers for irrigation of North China’s plains, and the geopolitics of global food supply starts to look neuralgic.
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