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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Sunday, February 13, 2011

Goldman Sachs's Commodities Speculation

Yesterday's posting about Goldman Sachs's Gary Gensler mentioned the hope that there would not be another speculative runup on the cost of food. Well, unless Gensler comes out with some really good regulations about how to stop these speculative runs, he will go back down in my estimation to confirm my belief that he does not have the public's interests at heart.

Read the article below (with a typo or two) by Gerald Celente and see the video:

Goldman Sachs behind Food Crisis Worldwide ?

by Gerald Celente, Trends & Forecasts

We're in the midst of a global food crisis — the second in three years. It's one factor fueling uprisings and protests in Tunisia, Egypt, and elsewhere. World food prices hit a record in January, driven by huge increases in the prices of wheat, corn, sugar and oils. Contributing Editor for Harper's Magazine Frederick Kaufman warns there's a direct link between the sky rocketing cost of food and Wall Street, particularly Goldman Sachs who own major shares of food commodities.I wonder how hard the banks lobbied for "ethanol" knowing that it would increase the value of their food positions?This is dliberate by UN and IMF causing food shortages, currency manipulation. artificial inflation, forced austerity etc, and uses firms like Goldman .

See the video and writeup here


Juan said...

Other than neglecting one or two large Swiss firms [and near monopoly positions in a few of the metals], Kaufman is right on the money so to speak.

You may be interested in what Frank Veneroso presented at the World Bank a few years ago and can be found on his company's site. In the same vein, work done by one of Citi's commodity heads, the late Alan Heap. Additionally Steve Briese at his Committment of Traders site or a close look into the ICE and its initial founders [to include GS and BP] even an IMF study and some work from Oxford.

Anyone who actually analysed global/national real economy fundamentals post-1997 could see the contradiction developng into a mania, certainly assisted by loopholes in the 2000 CFMA and CFTC failure to provide sufficient information re. swap dealers and indexers.



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