I read all about it today, about this SPR gambit and how silly it was, how it won't work and how it is just a sign of desperation.
To which I say, we have thrown trillions of dollars and euros all over the place to get this world's economy moving again, and it is failing in some part because of oil being too high. Is it really such a nutty idea to hit the market with enough oil that the non-consumers who are hoarding it get blown out and the price falls? Is it really so crazy that we should criticize it when, already, it is working?
Sometimes people have to recognize the beauty of this. If all it takes to destroy the price is the release of a couple of days' supply of oil from our reserve to the marketplace, can't you see how phony the whole thing is? The critics would let us be hostage to that situation instead of having this artificial and easily manipulated market be brought to heel.
Yes, it is true, I think a raising of the margin rates to levels where silver is might have done the trick. I am not thrilled that they went this way. However, when I read, "Oh, but it is so little oil, it won't even matter," that is spoken/written by someone who is either long or doesn't have a screen, because oil went right through where "they" said it wouldn't go. In a chart-driven market, where people know that if they keep oil off the market it goes higher, the governments tipped the balance against the speculators and for the people.
