Friday, 25 November 2011
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OPINION: The Rich Get Richer Off the Backs of the Poor - John Berthelsen
Asia Sentinel, 25 Nov 2011
With a flood of money behind them, the big banks got into commodities ownership in a big way. Goldman, Bjerga noted, created a global network of warehouses to hold aluminum. Morgan Stanley began chartering more oil tankers than Chevron Oil. JP Morgan hired a supertanker to store heating oil off Malta.
Ultimately, investment in the indexes tied to commodity prices -- energy, good and metals -- by early 2011were 55 times larger than in 2000, directly connecting rich-world investors to volatile food costs, Bjerga continued. While certainly there are other factors at work, this chart clearly shows the influence of the index funds. Full story
With a flood of money behind them, the big banks got into commodities ownership in a big way. Goldman, Bjerga noted, created a global network of warehouses to hold aluminum. Morgan Stanley began chartering more oil tankers than Chevron Oil. JP Morgan hired a supertanker to store heating oil off Malta.
Ultimately, investment in the indexes tied to commodity prices -- energy, good and metals -- by early 2011were 55 times larger than in 2000, directly connecting rich-world investors to volatile food costs, Bjerga continued. While certainly there are other factors at work, this chart clearly shows the influence of the index funds. Full story
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