I've found this very extensive article about how your 401K and irresponsible futures traders are going to destroy the global economy. Have a look at your 401K index fund, I bet a portion is invested in futures.
It's scary what this rampant futures run up could really lead to. It's one thing when you make a fortune off of driving the price of oil into the stratosphere because we can "live" without oil. But when you are responsible for starving twenty percent of the World's population by making grain and rice 5-10 times more expensive than it should be....thats unconscionable, no matter how much money you make.
The Saudis are finally seeing the light. They realize that the current unrealistic price of oil will only lead to one of two things. The first could be a global recession that destroys either the demand for or crashes the price of oil. The second could be that these inflated prices will drive the world to find cheap alternatives to oil before the Saudis can sell the estimated 260 billion barrels of oil that they've got left. I'm not saying the second scenario is a bad thing but it would be better for it to happen over a 20-40 year time table and not in as little as 10 years. The disruption to the global economy caused by a rapid shift away from oil could be just as bad as a global collapse brought on by soaring prices.
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