OPEC chief Abdallah Salem el-Badri pumps the propaganda:
“The fundamentals should not lead to this dramatic reduction (in price). I believe that speculation has entered strongly in deciding these prices.”
Name a time when speculation did not play a role in markets? Asked why speculation was back, el-Badri said:
“I have no idea.” [Covel: “WTF!”]
Speculation never went away. The markets are zero sum. There will always be winners and losers. Some, like Abdallah Salem el-Badri, don’t like to lose and unnamed speculators thus get positioned as “bad”.
Bottom line, speculators just happen to be the wise winners this time.
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