Dumb and Dumber
By: Kian Mokhtari
It is hard to describe the sheer numb-headedness of the Organization of Petroleum Exporting Countries’ recent decision to shy away from getting surplus oil off the market. Most economists within OPEC’s executive echelons were livid with the impotence demonstrated in making hard decisions to suit the current economic climate.
Like rabbits caught in the headlights of a fast approaching freight train the OPEC resolve deserted it when it was most required. The OPEC is heading back to its 1980s near demise and it has fallen at the first hurdle of Western con-artistry yet again.
Mr Ben Bernanke of the US Federal Reserve says the recession will most likely be over by the end of 2009. It has not occurred to anyone to ask Bernanke just what he is basing his predictions on; or indeed which orifice he is speaking out of.
A slight financial upward blimp has sent the Western conmen out to do the world out of yet more money. Has it not occurred to anyone that the microscopic improvement in liquidity may be the result of extra Christmas and New Year public spending and that with the US unemployment fast approaching ten percent the trend is a very thin bubble?
We are not proposing to hurt our customers here through our insistence on production cutbacks; it is just that there simply is no extra demand in the oil market and there is not going to be increased demand anytime soon; not even if Bernanke predicts pulling a miraculous economic rabbit out of some nook and cranny!
OPEC members either do not understand who they are dealing with out there in the “Wild West” or are quietly aiding a scandalous scam.
Let us explain exactly what OPEC is dealing with:
The White House says it's trying to put strict limits on the next $30 billion installment in taxpayers' money for American International Group (AIG). This is because AIG went ahead with $165 million in top executive bonuses payments from the federal rescue money it received from the US government under the stimulus plan.
President Barack Obama and his top aides have expressed outrage at being so easily conned by an institution that clearly does not give a damn. Obama said Monday, "I mean, how they justify this outrage to the taxpayers who are keeping the company afloat?"
The financial bailout program is imposed on the US public and is totally reviled because hundreds of billions of taxpayer dollars have gone to prop up fraudulent financial institutions when the US taxpayer has done nothing wrong to be forced to pay the price.
Obama administration officials say the US Treasury has determined the government is without legal authority to block the current payments by AIG. But it gets worse still: the $165 million payout is just part of a larger total payout reportedly valued at $450 million!!!
It is quite clear that a bunch of fat cat bankers do not give a hoot about the US public or indeed the government and also come under nobody’s authority. If the Western financial institutions’ top executive can trick their own out of zillions in cash, why should certain OPEC members feel that the same institutions may spare even the slightest thought about ripping OPEC off?
OPEC members must come to their senses soon or face extinction in the global financial jungle.