I‘m just going to come out and say it.
There are lot of guys out there on YouTube. In Social Media. Guys who like to see themselves as “The Young and Hip” political commentators. Supposed “hard hitters” of ‘alternative media’. People who purport themselves as the “Real News” of YouTube and social media sphere’s. I would love it, if they simply have no more financial commentary. Please. I’m begging you. At least until they receive a basic education as to the mechanisms and functions of regulated markets.
You know, once upon a time, if a “journalist” was discovered to have a set of inaccurate facts, to have skewed the correlation of such “facts”, it was blemish upon his name, his reputation, career and his own individual work ethic. Such an event was supposed to be a blow that a “journalist” would have a difficult time recovering from.
Unfortunately, those days seem to have passed us by.
So I return to my original question. Who do we blame? That’s what I want to know.
I watched a few feeds today, and observed intelligent folks in the markets, analyzing the plummet in Crude Oil prices. OPEC’s dump on the market, and the glut of supply. Commenting on how deeply this impacts Russia’s oil and gas markets.
But in all of these aspects, I can’t find someone to blame.
Supply factors just seem so … boring.
Because you see … some years back I listened to YouTube page after YouTube page blame “oil speculators” as the driver of prices. That “oil ‘speculators” were the reason that gas prices were so high. Oh, but wait a minute, weren’t some of these commentators the same people giving ear to fear-mongering of “High Frequency Trading”?
So if prices are going up, we blame oil speculation.
If prices are going down, then it’s not oil speculation, it’s supply issues.
Demagoguery at it’s finest.
Disclosure: Yes, the post title is sarchasm. I have no current position in Crude Oil or Gasoline, long or short at this time in any portfolio’s that I manage, in either the Futures, or ETF markets. No businesses that I have a controlling interest in has, to my knowledge, has any position in Crude Oil or Gasoline, long or short, at this time. My Immediate family has no current position in Crude Oil or Gasoline, long or short. I am not looking to establish a position in Crude Oil or Gasoline in any direction within the next 24 hours.