We all know they are and we all know that traders and speculators have been ruining our lives for a very long time.
A report commissioned by the G20 group of the world’s biggest economies has warned oil prices could be vulnerable to a Libor-style rigging scandal. According to the International Organization of Securities Commissions (IOSCO), the current system of oil price reporting is “susceptible to manipulation or distortion.” Benchmark prices are compiled by price reporting agencies. The biggest, Platts, says “there is absolutely no similarity” between Libor and oil. Trillions of dollars of securities and contracts are based on these oil and gasoline prices.
But of course they’re rigged. The system is set up to maximize profit because it isn’t people who matter, it’s money. It doesn’t matter how many homes are lost or lives brought to despair, so long as the wealthy continue to get wealthier. It’s all just more of the total depravity on parade all around us. And it won’t ever be fixed until hearts are redeemed and lives reformed.