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The Masked Tulip

Greggs Chief Attacks Speculators For Driving Up The Price Of Wheat

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not well said sir.

more like :

If the US govt and the Fed stopped destroying the dollar then investors would not look toward alternatives.

That tw@t bernanke has got alot to answer for.

I want to smash his head in every time is see the price of diesel.

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not well said sir.

more like :

If the US govt and the Fed stopped destroying the dollar then investors would not look toward alternatives.

That tw@t bernanke has got alot to answer for.

I want to smash his head in every time is see the price of diesel.

Not quite correct IMO. By destroying the dollar Bernie pushes up the price of commodities but only in dollar terms. Those who are most hurt by the dollar depreciation are the US and those swines in Asia who artificially keep their currencies low by pegging to the dollar.

There is a marginal increase in commodity price (in non dollar terms) due to higher consumption worldwide (mainly encouraged by price controls and subsidies in Asia again). That effect is seriously amplified by the vasts amounts of speculative money that flow around the world these days.

We as sterling consumers aren't really affected by Bernie's antics.

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I can’t stand this false moralising. A bigger part of this is driven by increased demand from the developing world – exactly the kind of countries this guy claims to feel so much for. No, what he is really complaining about is the fact that he has to raise prices and possibly lose sales of his low-grade and deeply unhealthy products…

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Wheat has just topped the price it was in 2003, then £105/tonne, now about £110/tonne. The price slumped dramatically in the intervening years, wiping out some farmers after they made massive losses. If inflation is applied, we have yet to reach the same level.

One can blame speculators, but unless we move towards a planned economy, then I don't see how the match between supply and demand can be made. This is why the EU intervention schemes were not such a bad idea: they guaranteed prices that at least were above production costs.

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most of the price of fuel.....70% methinks in the UK is tax.it's not hsi fault

so has tax gone up 30p a litre in the last yearish?

diesel from about 80-85p to 110-115p

dollar has dropped against the quid slightly less than rise in oil.

SO WHY IS OIL SO FOOKING HIGH.

WHY THE INCREASES AT THE PUMP IN 12 MONTHS?????/

oil 93-103 ish in a year

http://newsvote.bbc.co.uk/1/shared/fds/hi/...ies/default.stm

pound -dollar 193-203

http://newsvote.bbc.co.uk/1/shared/fds/hi/...welve_month.stm

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so has tax gone up 30p a litre in the last yearish?

diesel from about 80-85p to 110-115p

dollar has dropped against the quid slightly less than rise in oil.

SO WHY IS OIL SO FOOKING HIGH.

WHY THE INCREASES AT THE PUMP IN 12 MONTHS?????/

oil 93-103 ish in a year

http://newsvote.bbc.co.uk/1/shared/fds/hi/...ies/default.stm

pound -dollar 193-203

http://newsvote.bbc.co.uk/1/shared/fds/hi/...welve_month.stm

How about the oil cos are using the hype to rip us off?!

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Not quite correct IMO. By destroying the dollar Bernie pushes up the price of commodities but only in dollar terms. Those who are most hurt by the dollar depreciation are the US and those swines in Asia who artificially keep their currencies low by pegging to the dollar.

There is a marginal increase in commodity price (in non dollar terms) due to higher consumption worldwide (mainly encouraged by price controls and subsidies in Asia again). That effect is seriously amplified by the vasts amounts of speculative money that flow around the world these days.

We as sterling consumers aren't really affected by Bernie's antics.

How do you work that out ? If the $ cost of commodities increases but the exchange rate of the £ to the $ remains pretty stable it's still going to cost us more to buy these things.

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There's always someone 'greedy' to blame: the 'speculators' or 'hoarders', or in oil's case the 'cartel', but notice the blame never falls on the government policies that create these conditions in the first place. Sure, there is massive malinvestment taking place in commodities right now (as had previously been in housing), but these malinvestments are driven by individuals and institutions simply trying to protect their wealth from government confiscation through inflation and currency debasement. And its the inflation and currency debasement that are primarily responsible for the price rises in commodities in the first place! A self-reinforcing spiral.

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How do you work that out ? If the $ cost of commodities increases but the exchange rate of the £ to the $ remains pretty stable it's still going to cost us more to buy these things.

Well, putting aside the recent falls, sterling has been going up against the dollar hasn't it?

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Well, putting aside the recent falls, sterling has been going up against the dollar hasn't it?

The £ hasn't appreciated nearly as much as the cost of commodities.

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not well said sir.

more like :

If the US govt and the Fed stopped destroying the dollar then investors would not look toward alternatives.

That tw@t bernanke has got alot to answer for.

I want to smash his head in every time is see the price of diesel.

Consider: Vegtable Oil, used. Dont forget to pay the duty though.

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The £ hasn't appreciated nearly as much as the cost of commodities.

OK, repeating what beefheart did I get the following numbers for WTI crude prices in 3 currencies, 1 year ago and now.

It shows that oil prices have risen much less in euro terms (and probably in yens, AUD and CAD too). The point I am trying to underline is: Bernie destroying the dollar affects the US and those countries that keep their currencies low most. The rest of the increase is increase in consumption (in the margins) but mostly, considering how wild the rises have been, speculation.

year ago now

USD 61 108 77.05%

GBP 32 53 68.28%

EUR 47 70 49.64%

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OK, repeating what beefheart did I get the following numbers for WTI crude prices in 3 currencies, 1 year ago and now.

It shows that oil prices have risen much less in euro terms (and probably in yens, AUD and CAD too). The point I am trying to underline is: Bernie destroying the dollar affects the US and those countries that keep their currencies low most. The rest of the increase is increase in consumption (in the margins) but mostly, considering how wild the rises have been, speculation.

year ago now

USD 61 108 77.05%

GBP 32 53 68.28%

EUR 47 70 49.64%

The point is that the rises (77% and 68% etc) are a result of the devaluing $. If the $ hadn't been printed like it's going out of fashion the 77% and 68% rises might not have occurred in the first place.

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The point is that the rises (77% and 68% etc) are a result of the devaluing $. If the $ hadn't been printed like it's going out of fashion the 77% and 68% rises might not have occurred in the first place.

This is like saying that because the dollar went down, consumption increased !??

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This is like saying that because the dollar went down, consumption increased !??

I'm sure that consumption increased, but do you think it has increased threefold over this decade ?

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I'm sure that consumption increased, but do you think it has increased threefold over this decade ?

For the life of me I can't find historical data on the net that would help me illustrate my point.

If you look at the oil price in euros then the increase does indeed represent increase in consumption and speculative flows. Bernie dear has no direct impact (0%) on the price of oil in euros or sterling (apart from not letting the US fall into a recession which would then reduce consumption and therefore price in any 'strong' currency).

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I'm sure that consumption increased, but do you think it has increased threefold over this decade ?

That would only apply if there was a linear relationship between demand/supply balance and cost. The fact of the matter is that as long as there is a couple million bpd extra being produced over demand costs will be low. However as this margin gets smaller and reaches where supply/demand are in balance, small changes in either supply or demand have massive effects on price. This is the point we are at now. Oil prices have been continually increasing over the past few years, and up until a few months ago there was little speculation in this market. Speculators many have bumped up the price a little, but supply/demand balance has been the main factor. Already there has been demand destruction in 3rd world countries as western societies have pushed up and outbid them on oil. Its only going to get increasingly nasty as demand increases and increases while supply remains static or declines.

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  • 298 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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