The Libor markets are being rigged, the souvereign debt markets are being rigged, the petrol markets are being rigged, the food markets are being rigged…Which is worse? EconMatters argues the oil market rigging — something even The Telegraph reported on this week — is far worse for consumers.
FORGET LIBOR-GATE: Oil Market Manipulation Is Far Worse
EconMatters | Jul. 20, 2012, 6:03 AM
Since the Global Community all the sudden seems to be preoccupied with Market manipulation even though the authorities knew it was a problem for over 5 years with Libor Rate Fixing. It is high time authorities look at the Crude Oil market which has been manipulated for the last decade and all the sophisticated participants know it is rigged or artificially higher than the fundamentals of the economy dictate. Consumers are paying an easy $35 dollars per barrel over what they would otherwise doll out for a barrel of oil if fund managers didn`t use the benchmark futures contracts as their own personal ATMs.