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2010-09-01
Study: CEO Compensation Totaled $598 Million At The 50 Companies That Laid-Off The Most Workers

Peak Oil And The German Government - Military Study Warns Of Potentially Drastic Oil Crisis

Mystery Over Russian General Found Dead On Turkish Beach

Internet Freedom - Will Russia's Bloggers Survive Censorship Push?

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Moral Bankruptcy At HSH Nordbank - Investigators Look At Frameup And Iniquity At German Bank

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Inquest Told MI6 Employee's Body Was In Padlocked Bag

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U.S. Sen. Murkowski Concedes Primary Election Race To Miller

2010-08-31
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U.S. Warns East Coast To Brace For Impact Of Hurricane Earl

Commentary: The Sarrazin Debate - Germany Is Becoming Islamophobic

Commentary: The Sarrazin Debate - Germany Is Becoming Islamophobic

Hell On Earth - The U.N. Documents Congo's Bloodbath

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Mexico Seizes 'La Barbie', Drug Lord Infamous For Beheadings

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Interview With Ex-CIA Agent Michael Scheuer - 'Only The Taliban Are Not Corrupt'

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Stock Investors Brace For Another Ugly September

Four Israelis Shot Dead Near Jewish Settlement On Eve Of White House Talks


How Speculators Are Causing The Cost Of Living To Skyrocket
2008-06-16 21:10:05 (115 weeks ago)
Posted By: Intellpuke
(Read 3654 times || 0 comments)
After investing in high-tech stocks and real estate loans for years, legions of speculators have now discovered commodities like oil and gas, wheat and rice. Their billions are pushing prices up to astronomical levels - with serious consequences for ordinary people's quality of live and the global economy.

Daniel Jaeggi is sitting at a conference table in an office building on Place du Molard in Geneva, Switzerland, only a few steps away from the lake. It is 1:45 p.m. on Friday of last week, and the price of a barrel of the benchmark Brent Crude oil is at $129.50 (€82).

Jaeggi, a 47-year-old Swiss citizen, is a petroleum trader. He and his partner, Marco Dunand, own a company called Mercuria. It is one of the world's 10 largest trading companies. At its offices in Geneva, approximately 110 employees analyze markets, handle contracts and track tanker routes. Last year Mercuria traded in petroleum products worth a total of almost $30 billion (€19 billion). That included millions of barrels of oil destined for China.

At 3:15 p.m., the price of a barrel of Brent Crude is at $131 (€83). During the course of the day, traders at Mercuria in Geneva trade up to 4 million barrels of "real" oil and about 10 times as much in so-called swaps - in other words, oil which only exists on paper - to hedge against risk.

"The oil price has gone up by about $10 in the last two days," says Jaeggi, adding that in the past it would have taken the market years to achieve the same price increase. Later on Friday, U.S. crude would hit a record price of over $139, up $11 in the largest-ever single day increase.

(story continues below)




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