Media ArticlesExcerpts of Key Media Articles in Major Media
Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.
The Vatican has for the first time appeared on the U.S. State Department’s list of money-laundering centres. It was added to the list because it was considered vulnerable to money-laundering. “To be considered a jurisdiction of concern merely indicates that there is a vulnerability to a financial system by money launderers. With the large volumes of international currency that goes through the Holy See, it is a system that makes it vulnerable as a potential money-laundering center,” Susan Pittman of the State Department’s Bureau of International Narcotics and Law Enforcement, told Reuters. The Vatican Bank, founded in 1942 by Pope Pius XII, has been in the spotlight since September 2010 when Italian investigators froze 23 million euros ($33 million) in funds in Italian banks after opening an investigation into possible money-laundering. The bank said it did nothing wrong and was just transferring funds between its own accounts. The money was released in June 2011 but the investigation is continuing. Two months ago, Italian newspapers published leaked internal letters which appeared to show a conflict among top Vatican officials about just how transparent the bank should be about dealings that took place before it enacted its new laws. The Vatican Bank was formally known as the Institute for Works of Religion (IOR) and was entangled in the collapse 30 years ago of Banco Ambrosiano, with its lurid allegations about money-laundering, freemasons, mafiosi and the mysterious death of Ambrosiano chairman Roberto Calvi - “God’s banker”.
Note: For more on the Vatican money-laundering scandal, click here. For speculation on the role of secret societies in all of this, click here.
Public anger over high gasoline prices is turning to a familiar target - Wall Street. The role of speculative investors in this year's price spike has come under increasing scrutiny in recent weeks, nowhere more so than in Washington. Nearly 70 members of Congress wrote a stern letter Monday to a federal commission that regulates the country's main market for crude oil, demanding that the commission crack down on speculation. President Obama, his energy policies under attack from Republicans, ordered a fresh look at speculation's role in the market on Tuesday. "This is just another example, in my view, of Wall Street playing the casino," said Rep. Jackie Speier, D-Hillsborough, who signed the letter to the Commodity Futures Trading Commission. "Everyone should be outraged that every time they're filling up their tank, they're paying a premium because of speculation." How big is that premium? One of the trading commission's five members estimated last month that speculative investors were adding 56 cents to the price of each gallon of gas. As a result, Honda Civic drivers pay an additional $7.39 per fill-up, said Commissioner Bart Chilton. Owners of the Ford F150 pickup pay an extra $14.56. Speculative investors include hedge funds and investment banks that buy contracts for the future delivery of oil but never intend to take possession of the fuel itself. They buy and sell strictly as a financial investment, and their presence in the market has swelled.
Note: For lots more reliable information from the major media on energy manipulations, click here.
A powerful sun storm—associated with the second biggest solar flare of the current 11-year sun cycle—is now hitting Earth, so far with few consequences. But the potentially "severe geomagnetic storm," in NASA's words, could disrupt power grids, radio communications, and GPS as well as spark dazzling auroras. The storm ... won't hold a candle to an 1859 space-weather event, scientists say—and it's a good thing too. If a similar sun storm were to occur in the current day—as it well could—modern life could come to a standstill, they add. That storm has been dubbed the Carrington Event, after British astronomer Richard Carrington, who witnessed the megaflare and was the first to realize the link between activity on the sun and geomagnetic disturbances on Earth. During the Carrington Event, northern lights were reported as far south as Cuba and Honolulu, while southern lights were seen as far north as Santiago, Chile. The flares were so powerful that "people in the northeastern U.S. could read newspaper print just from the light of the aurora," Daniel Baker, of the University of Colorado's Laboratory for Atmospheric and Space Physics, said at a geophysics meeting in December 2010. In addition, the geomagnetic disturbances were strong enough that U.S. telegraph operators reported sparks leaping from their equipment—some bad enough to set fires, said Ed Cliver, a space physicist at the U.S. Air Force Research Laboratory in Bedford, Massachusetts. If something similar happened today, the world's high-tech infrastructure could grind to a halt.
Note: For more on this, click here and here. The first article talks about the vulnerability of the world's nuclear reactors to such a storm. If telegraph systems failed in the solar storm of 1859, how much damage do you think such a storm would do to our modern electronics? And why aren't more people talking about this?
Eight current and former U.S. service members filed a lawsuit [on March 6] alleging they were raped, sexually assaulted or harassed while serving in the military and were retaliated against once they reported the abuse. Among the defendants named in the suit are current and former Defense and Navy secretaries and Marine Corps commandants. "Although defendants testified before Congress and elsewhere that they have 'zero tolerance' for rape and sexual assault, their conduct and the facts demonstrate the opposite: They have a high tolerance for sexual predators in their ranks, and 'zero tolerance' for those who report rape, sexual assault and harassment," according to the lawsuit filed in the U.S. District Court in Washington. The suit outlines a pattern of abuse and portrays, in grim detail, the alleged experiences of the eight female service members -- two former Marine Corps officers, one active duty enlisted Marine, one former enlisted member of the Marine Corps and four former enlisted members of the Navy. "At first it was easy to laugh it off," plaintiff Elle Helmer, one of the former officers, said about her superiors' advances. "When you finally said, you know, I'm really not interested, I'd rather we be friends -- that's when you became the target. They hated you for standing up for yourself," she [said]. The lawsuit alleges Helmer was raped by her superior at his office in March 2006 after a required pub crawl.
Note: For lots more from reliable sources on sexual abuse by the powerful, click here.
A World Bank report shows a broad-based reduction in extreme poverty - and indicates that the global recession, contrary to economists' expectations, did not increase poverty in the developing world. The report shows that for the first time the proportion of people living in extreme poverty - on less than $1.25 a day - fell in every developing region between 2005 and 2008. And the biggest recession since the Great Depression seems not to have thrown that trend off course, preliminary data from 2010 indicate. The progress is so dramatic that the world has met the United Nations' Millennium Development Goals to cut extreme poverty in half five years before its 2015 deadline. That is contrary to the World Bank's own expectations. In a year-end 2008 report, the Washington-based development institution warned: "Unemployment is on the rise in industrial countries and poverty is set to increase across low- and middle income countries, bringing with it a substantial deterioration in conditions for the world's most vulnerable." But that did not happen. Surveys for 2010 show that the proportion of people in the developing world living in extreme poverty fell. That is because of strong growth in countries like Brazil, India and especially China, growth that helped buoy economies in Africa and South America.
Attorney General Eric Holder thinks it's legal to kill American terrorism suspects overseas without any judicial review or public notice. It's an astonishing claim to make and a shameful stand for the Obama administration, which came to office pledging to curb such constitutionally shaky excesses. In a speech, Holder essentially offer the "trust us" argument in defense of targeted killings. The guidelines are murky: The military will compile a list of dangerous terrorists including U.S. citizens, hunt them down, and if the host country can't or won't catch the suspect, then the United States will. The example at issue is last year's drone attack that killed Anwar al-Awlaki, a New Mexico-born al Qaeda leader. Under Holder's ground rules there is no outside review, court deliberation or explanation of how a suspect makes the kill list. For those critics concerned about oversight or legal caution, he offered this observation: " 'Due process' and 'judicial process' are not one and the same, particularly when it comes to national security. The Constitution guarantees due process, not judicial process." Holder didn't cite an in-house legal opinion used to justify the policy, which he's refused to release and is the subject of a civil liberties lawsuit. Obama still hasn't closed the Guantanamo Bay gulag as promised. Now he's shielding targeted killings from genuine review. This presidential subversion of rule of law was unacceptable under George W. Bush, and it is unacceptable under Barack Obama.
Note: Attorney General Holder's claim that US citizens can be killed by the government without judicial process clearly violates the U.S. Bill of Rights. In addition to the Fifth Amendment that states that no person shall be held to answer for a crime "without due process of law," the Sixth Amendment states that "the accused shall enjoy the right to a speedy and public trial."
The U.S. government is legally justified in killing its own citizens overseas if they are involved in plotting terror attacks against America, Attorney General Eric Holder said [on March 5], offering the Obama administration's most detailed explanation so far of its controversial targeted killing program. The Fifth Amendment provides that no one can be "deprived of life" without due process of law. But that due process, Holder said, doesn't necessarily come from a court. "Due process and judicial process are not one and the same, particularly when it comes to national security. The Constitution guarantees due process, not judicial process," the attorney general said. The ACLU called Holder's explanation "a defense of the government’s chillingly broad claimed authority to conduct targeted killings of civilians, including American citizens, far from any battlefield without judicial review or public scrutiny." "Few things are as dangerous to American liberty as the proposition that the government should be able to kill citizens anywhere in the world on the basis of legal standards and evidence that are never submitted to a court, either before or after the fact," said Hina Shamsi, director of the ACLU’s National Security Project. "Anyone willing to trust President Obama with the power to secretly declare an American citizen an enemy of the state and order his extrajudicial killing should ask whether they would be willing to trust the next president with that dangerous power,” she said. The ACLU is suing the Obama administration, seeking to have documents regarding the targeted killing program made public.
Note: Attorney General Holder's claim that US citizens can be killed by the government without judicial process clearly violates the U.S. Bill of Rights. In addition to the Fifth Amendment that states that no person shall be held to answer for a crime "without due process of law," the Sixth Amendment states that "the accused shall enjoy the right to a speedy and public trial."
An Irishman named Diarmuid Martin says the Catholic Church in Ireland has reached a breaking point, a crisis that he says results from the sexual abuse of children by priests and the cover-up by the Church. Martin has provided tens of thousands of pages of evidence against specific priests, and his words and actions carry extraordinary weight. That's because Diarmuid Martin is the Roman Catholic Archbishop of Dublin. There's overwhelming evidence that the Church hierarchy was not only aware of the sexual abuse, but did little about it. The Dublin Archdiocese knew who the predator priests were, even wrote reports about them but then locked up the files. Investigators on a state panel, the Murphy Commission, asked for the files, but the Church refused until Diarmuid Martin became archbishop. The documents revealed that one priest admitted abusing over a hundred children. Another said he abused children twice a month for 25 years. Archbishop Martin believes thousands of children suffered similar fates. Martin: Abuse isn't [just] the actual sexual acts, which are horrendous, but sexual abuse of a child is ... a total abuse of power. It's actually saying to a child, "I control you." And that is saying to the child, "You're worthless."
Note: To see the video of this important piece, click here. For lots more from reliable sources on sexual abuse by the powerful, click here.
Jane the Concussion Killer ended her battle against evil years ago, but See Jane Run is still vanquishing foes. Both are the alter egos of video game advocate Jane McGonigal, whose slow recovery from a head injury was inspiration to turn wellness into a hero-themed game called "SuperBetter." The San Francisco author and game researcher is taking "SuperBetter" global this month, as a free online game and app. With partners, funding and a network of users who have already signed up, she's hoping "SuperBetter" can help people on their own heroic journeys to tackle depression, obesity and other health issues." 'SuperBetter' is fundamentally about a mind shift," McGonigal says. "It's about claiming your power to be in charge of how you spend your time and energy, and focusing it on the things that matter the most to you. Focusing on things that will bring real happiness, real well-being." [She] became a public face with her 2011 best-seller Reality Is Broken: Why Games Make Us Better and How They Can Change the World. Reality Is Broken talks about adopting the stimulating challenges and rewards of video games when tackling real-life problems. "I still believe really strongly that gamers can solve some of the world's toughest challenges, but some of the world's toughest challenges are very personal," she says. "Things like depression and obesity are global challenges."
There is a simple reason health care in the United States costs more than it does anywhere else: The prices are higher. In 2009, Americans spent $7,960 per person on health care. Our neighbors in Canada spent $4,808. The Germans spent $4,218. The French, $3,978. If we had the per-person costs of any of those countries, America’s deficits would vanish. There are many possible explanations for why Americans pay so much more. It could be that we’re sicker. Or that we go to the doctor more frequently. But health researchers have largely discarded these theories. Americans don’t see the doctor more often or stay longer in the hospital than residents of other countries. Quite the opposite, actually. We spend less time in the hospital than Germans and see the doctor less often than the Canadians. The International Federation of Health Plans ... surveyed its members on the prices paid for 23 medical services and products in different countries, asking after everything from a routine doctor’s visit to a dose of Lipitor to coronary bypass surgery. And in 22 of 23 cases, Americans are paying higher prices than residents of other developed countries. Usually, we’re paying quite a bit more. In America, ... it’s a free-for-all. Providers largely charge what they can get away with, often offering different prices to different insurers, and an even higher price to the uninsured.
Note: And why are the prices higher in the U.S.? Could it be that the U.S. is the only developed nation that doesn't have nationalized health care, so that profit is no longer a motive in caring for people's health? For deeply revealing reports from reliable major media sources on corruption in the medical industry, click here.
Japan's prime minister acknowledged Saturday the government failed in its response to last year's earthquake and tsunami, being too slow in relaying key information and believing too much in "a myth of safety" about nuclear power. "We can no longer make the excuse that what was unpredictable and outside our imagination has happened," Prime Minister Yoshihiko Noda said. "Crisis management requires us to imagine what may be outside our imagination." Noda was speaking to reporters at his official residence ahead of the anniversary of the March 11 disaster that killed nearly 20,000 people in northeastern Japan and set off the worst nuclear crisis since Chernobyl. The phrase "soteigai," or "outside our imagination," was used repeatedly by Tokyo Electric Power Co., the utility that ran the plant, as the reason why it was not prepared for the giant tsunami that hit after the magnitude-9.0 quake. Although some scholars had warned about such tsunami risks, both the utility and regulators did little and kept backup generators in basements where they could be flooded. Japan has also drawn criticism as having been slow with information about the meltdowns and about radiation leaks into the air and the ocean. "We can say in hindsight that the government, business and scholars had all been seeped in a myth of safety," Noda said of the oversights in the accident. "The responsibility must be shared."
Note: For lots more from reliable sources on the corruption in the nuclear power industry, click here.
For more than a decade, questions have lingered about the possible role of the Saudi government in the attacks on Sept. 11, 2001, even as the royal kingdom has made itself a crucial counterterrorism partner in the eyes of American diplomats. Now, in sworn statements that seem likely to reignite the debate, two former senators who were privy to top secret information on the Saudis' activities say they believe that the Saudi government might have played a direct role in the terrorist attacks. "I am convinced that there was a direct line between at least some of the terrorists who carried out the September 11th attacks and the government of Saudi Arabia," former Senator Bob Graham, Democrat of Florida, said in an affidavit filed as part of a lawsuit brought against the Saudi government and dozens of institutions in the country by families of Sept. 11 victims and others. Mr. Graham led a joint 2002 Congressional inquiry into the attacks. His former Senate colleague, Bob Kerrey of Nebraska, a Democrat who served on the separate 9/11 Commission, said in a sworn affidavit of his own in the case that "significant questions remain unanswered" about the role of Saudi institutions. "Evidence relating to the plausible involvement of possible Saudi government agents in the September 11th attacks has never been fully pursued," Mr. Kerrey said. Their affidavits ... are part of a multibillion-dollar lawsuit that has wound its way through federal courts since 2002.
Note: Much evidence exists implicating not only Saudi Arabia, but also Pakistan, Israel and the UK in the 9/11 attacks. Could the purpose behind these high-profile claims from former US senators be to create a "limited hangout" to deflect attention from the real perpetrators, traitors in high positions within the US government? As WantToKnow team member Prof. David Ray Griffin has exhaustively demonstrated, almost all of the evidence for "Islamic hijackers" vanishes on close examination. For more serious questions on 9/11, click here.
In the past 10 years police in greater London have investigated 83 incidents of child abuse and torture linked to witchcraft and other religious rituals. Of these children, four ... were murdered during ritualised violence. One police source said more cases of this kind were coming to light – either because the problem was increasing or because the light shone on the issue had led to increased reporting of incidents. The horrific cases of child abuse are often familial and often emerge from within the African diaspora. While most of the child killings have led to perpetrators being brought to justice, others remain mysteries. Ritualised abuse involves witchcraft-style exorcisms within many different cultures, including Caribbean, Congolese and Asian communities, according to the Met. The police set up Project Violet seven years ago to target the problem and work with other agencies to raise awareness of children at risk. "We know this is an under-reported crime, we know this is a hidden crime," said Det Supt Terry Sharpe, head of Scotland Yard's child abuse investigation command. "That is why Project Violet is working with communities to try to raise the awareness within the community and among professionals so people can see the danger signs."
Note: Sadly very few people are willing to look into these very dark shadows. If you are one of the few, please don't miss the most important documentary on this available here. For lots more powerful information from one who escaped from a powerful cult involved in ritual abuse, click here.
When an on-duty police officer was shot and killed by a colleague a month ago, residents of [Santa Maria, CA, an] agricultural community north of Santa Barbara were horrified. Outrage grew when they learned the shooting occurred as fellow officers tried to arrest the policeman on suspicion he was having a sexual relationship with a 17-year-old girl in the city's "Police Explorers" program. But inappropriate relationships between officers and youths in the junior police program aren't all that rare. No organization keeps statistics but an Associated Press examination of news accounts during the 21 years since the Explorers was spun off from the Boy Scouts of America found at least 97 cases involving officers accused of sexual assault on minor girls, and sometimes boys, in the program. And that's likely a fraction of all such incidents, said Samuel Walker, a University of Nebraska-Omaha criminal justice professor and expert on police misconduct and accountability. Most relationships never become public because a youth is unlikely to report it and even if fellow officers are aware, they're reluctant to do anything. "More often than not other officers know that something wrong is going on and they don't report it," Walker said. "Police departments are like villages: everybody gossips and everybody knows." The Explorer program is run by Learning for Life, a subsidiary of Boy Scouts of America.
Note: When a Chilean friend of this website's founder was facing a serious traffic ticket which could have gotten her kicked out of the country, the police officer offered to let her go if she would have sex with him later. She accepted but then managed to escape. She never reported the incident. This type of sexual abuse by authorities is likely much more common than most people would imagine. For more powerful evidence of this, click here and here.
A few years ago researchers in California received widespread attention for showing that dogs can smell cancer on a human’s breath. With 99 percent accuracy the canines could detect if a person had lung or breast cancer, beating the best figures from standard laboratory tests. Subsequent studies confirmed the results. Technology startups have hustled to build digital devices that can mimic the dogs’ olfactory sense and reduce the need for biopsies and CAT scans. Metabolomx, a 12-person outfit in Mountain View, Calif., [is] bringing a cancer-sniffing device to market. The machine analyzes the breath and its volatile organic compounds, or VOCs—aerosolized molecules that, among other things, determine how something smells. Tumors produce their own VOCs, which pass into the bloodstream. The lungs create a bridge between the bloodstream and airways, so the breath exhaled by a patient will carry the VOC signatures of a tumor if one is present. “It may seem surprising, but it’s actually very straightforward,” says Paul Rhodes, the co-founder and chief executive officer at Metabolomx. Dr. Peter Mazzone, a lung cancer expert at the Cleveland Clinic, recently published results from a trial he ran with an early version of the Metabolomx machine. He studied 229 people and found that the machine could detect lung cancer more than 80 percent of the time. Just as intriguing, the machine outdid the dogs by distinguishing between different forms of lung cancer with about 85 percent accuracy, giving the doctor insight into whether a patient had an aggressive case.
Note: A machine has 80% accuracy in detecting this lethal disease, while sniffing dogs have 99% accuracy. Which would you rather have? For lots more from reliable sources on promising potential cancer-cure breakthroughs, click here.
The moment 18-year-old Army Pvt. Tim Josephs arrived at Edgewood Arsenal in 1968, he knew there was something different about the place. "It just did not look like a military base, more like a hospital," recalled Josephs, a Pittsburgh native. Josephs had volunteered for a two-month assignment at Edgewood, in Maryland, lured by three-day weekends closer to home. "It was like a plum assignment," Josephs said. "The idea was they would test new Army field jackets, clothing, weapons and things of that nature, but no mention of drugs or chemicals." But when he went to fill out paperwork the morning after his arrival, the base personnel were wearing white lab coats, and Josephs said he had second thoughts. An officer took him aside. "He said, 'You volunteered for this. You're going to do it. If you don't, you're going to jail. You're going to Vietnam either way -- before or after,'" Josephs said recently. From 1955 to 1975, military researchers at Edgewood were using not only animals but human subjects to test a witches' brew of drugs and chemicals. They ranged from potentially lethal nerve gases like VX and sarin to incapacitating agents like BZ. The military also tested tear gas, barbiturates, tranquilizers, narcotics and hallucinogens like LSD. Josephs, 63, believes the chemical agents he received during his two-month stint at Edgewood [harmed] him, triggering health problems that continue to plague him four decades later.
Note: For a comprehensive list of example of humans being used as guinea pigs by the military and government over the past century with links for verification, click here.
Sen. Dianne Feinstein said [on February 29] that her legislation to roll back an antiterror law, which allows the military to indefinitely detain people in the United States suspected of ties to al Qaeda or "associated forces," would have to be limited to citizens and permanent legal residents. Her bill, the Due Process Guarantee Act, ... would ensure that the detainee portions of last year's National Defense Authorization Act, or any declaration of war or congressional authorization to use military force, would not allow the military to imprison without trial citizens and green card holders living in the United States. Rep. John Garamendi, D-Walnut Grove (Sacramento County) has introduced a companion bill in the House. The detainee provisions of the law ... have generated a rare combination of outrage from liberals and conservatives who say it violates constitutional liberties and habeas corpus rights that provide an individual redress to unlawful imprisonment by the state. Civil liberties groups have argued that the Constitution's Bill of Rights extends to all people, regardless of their citizenship. Noncitizens include tourists, students and business travelers as well as illegal immigrants. Feinstein said including noncitizens in her bill is not politically feasible. Feinstein described her bill as a follow-on to the 1971 Non-Detention Act, a response to the Japanese internment that was signed by former President Richard Nixon. The act bars imprisonment of citizens suspected of sabotage without explicit congressional approval.
Note: The NDAA clearly violates the U.S. Bill of Rights, which clearly states in the fifth amendment that no person shall be held to answer for a crime "without due process of law," and in the sixth amendment which states that "the accused shall enjoy the right to a speedy and public trial." It is simply amazing that the American public is not loudly protesting this breach of the constitution.
A top federal regulator's ties to Monsanto Co., a maker of genetically modified food, are fueling an election-year recall push by consumer and public-interest groups flexing their clout on the Internet. Michael Taylor, the Food and Drug Administration's deputy commissioner for food safety, is at the center of a burgeoning dispute between opponents who have collected more than 420,000 signatures on an online petition demanding he be fired and supporters who praise his efforts to curb food-borne illnesses. At issue is the 16 months ending in 2000 that Taylor worked as Monsanto's vice president for public policy, between stints in the Clinton and Obama administrations. The petition reflects anger over the agency's enforcement actions against small food producers and products such as raw milk. The online petition, along with others circulated on Facebook and other social-media sites since at least August, blames Taylor for allowing genetically modified organisms into the U.S. food supply without requiring testing as to their effects while he served at the agency in the 1990s. Taylor, in an interview, said his work is misrepresented, and the effort to have him fired "is more about Monsanto than about me. The claim is I was a Monsanto lobbyist, which paints a bad picture," he said. "It doesn't say what I did there or what I think about biotechnology."
Note: For lots more on Monsanto's unethical practices, click here and here. For key reports from reliable sources on corporate and government corruption, click here and here.
The surprising retirement of moderate Republican Sen. Olympia Snowe of Maine moves congressional centrists a step closer to extinction and highlights the great paradox of American politics. Even with her party standing a good chance to regain the Senate majority, Snowe wanted no more of the endless gridlock that has rendered Congress barely able to carry out the most basic functions, such as keeping the federal government’s doors open. She expressed frustration “that an atmosphere of polarization and ‘my way or the highway’ ideologies has become pervasive in campaigns and in our governing institutions.” Snowe is one of the few remaining moderate Republicans, a group that once dominated the Northeast and vied for control of the national GOP under leaders such as Nelson Rockefeller. She was instrumental in forcing President George W. Bush to limit the size of his 2001 tax cut. She was one of three Senate Republicans who backed President Barack Obama’s 2009 stimulus plan. “She just quit in disgust,” even though she easily could have won a fourth term this fall, said Matt Bennett of the centrist-Democratic group Third Way. By some measures, Snowe is the Senate’s most liberal Republican and Ben Nelson of Nebraska is its most conservative Democrat. Both are retiring this year, raising serious possibilities they will be replaced by less moderate members of the opposite party, further widening the chamber’s partisan divide.
The current surge in gas prices has almost nothing to do with energy policy. It doesn't even have much to do with global supply and demand. It has most to do with America's continuing failure to adequately regulate Wall Street. Oil supplies aren't being squeezed. Over 80 percent of America's energy needs are now being satisfied by domestic supplies. In fact, we're starting to become an energy exporter. Demand for oil isn't rising. Oil demand in the U.S. is down compared to last year at this time. The American economy is showing only the faintest signs of recovery. Meanwhile, global demand is still moderate. Europe's debt crisis hasn't gone away. China's growth continues to slow. But Wall Street is betting on higher oil prices. Hedge-fund managers and traders assume that mounting tensions in the Middle East will hobble supplies later this year. Wall Street speculators also assume global demand for oil will rise in the coming year. These are just expectations, not today's realities. But they're pushing up oil prices just the same, because Wall Street firms and other big financial players now dominate oil trading. Where there's money to be made, Wall Street will find a way of making it. And when it comes to oil, so much money is at stake that gigantic sums can be made if the bets pay off. Speculators figure they can hedge against bad bets. Financial speculators historically accounted for about 30 percent of oil contracts, producers and end users for about 70 percent. But today speculators account for 64 percent of all contracts.
Note: This article was written by Robert Reich, former U.S. Secretary of Labor, professor of public policy at the University of California at Berkeley and the author of Aftershock: The Next Economy and America's Future. He blogs at www.robertreich.org. For lots more reliable information from the major media on energy manipulations, click here.
Important Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.