Anyone who believes that Mitt Romney and the Republicans are willing to do anything to prevent a nuclear Iran should think again. Sure, they will start a war (to be fought by other peoples' children of course), but they will not do anything to prevent a nuclear Iran if that means reigning in Wall Street oil-speculators (some of whom probably are their children).
Mitt Romney is Wall Street's candidate and Wall Street loves the fees and profits they make speculating in oil-futures.
And no country loves Wall Street oil-speculators more than Iran, the world's second-largest oil producer, who needs those excess profits to fund its nuclear program.
As Rex Tillerson, ExxonMobil's CEO, has told us, speculating in oil futures increases the price of oil on the spot markets by about $30/barrel.
That it increases your price of gasoline from less than $3/gallon to greater than $4/gallon matters little to Romney et al. After all, it puts $7-10 per tank of gas into the hands of Wall Street. [Remember, you are the 99 percent, and you damn well pay whatever the market says, because even if the market is rigged, it is, after all, the market, and if you raise your voice, you are an ungrateful socialist, so shut up and pay].
That $30/barrel excess profit funds Iran's nuclear program. That's right, Wall Street helps fund Iran's nuclear program. Iran claims to have $100 billion in reserves; $33 billion of that is courtesy of Wall Street speculators.
But, wait. Are we not opposed to Iran's nuclear program? Are we not imposing economic sanctions to try to pressure Iran into a diplomatic solution?
It is no secret Romney and the Republicans favor Wall Street over the needs of the 99 percent. That we know and it is what the November election will ultimately be about. Whenever there is a choice between the 99 percent and the 1 percent, Romney and the Republicans choose the 1 percent.
But, what about the choice between Iran's nukes and Wall Street?
Can Romney and Republicans get away with beating their collective chests about the Iranian threat, while at the same time filling Iran's pockets with excess oil profits to fund their nuclear program?
No one has called them on it. Until now.
One cannot claim to take the Iranian threat seriously and oppose reigning in the oil-speculators on Wall Street who put an extra $66 million per day into the mullah's pockets.
That is, one cannot be pro-Israel and also oppose efforts to shut down oil speculators on Wall Street. [Indeed, one wonders how anyone can be pro-American and also oppose shutting down oil-speculators on Wall Street].
But, that is the position of Mitt Romney and the Republican Party.
The Dodd-Frank financial reform law provided the Commodities Futures Trading Commission ("CFTC") power to reign in the speculators and it issued a regulation to do just that. Wall Street got itself "all lawyered up", and has the regulation tied up in the courts.
Virtually all Republicans voted against Dodd-Frank. Mitt Romney has publicly stated he would sign its repeal.
To understand the perfidy of Romney and Republican duplicity more fully, the sanctions regime is about to adopt measures on July 1 that would effectively shut Iran out of the world oil market. Thanks to President Obama, who has succeeded where the neocons had failed to get China and Russia to agree to tough sanctions, those sanctions may well be implemented.
But, the world economy may suffer along with Iran. The price of oil could skyrocket, and the world economies will be damaged. Europe that imports 600,000 of the 2.2 million barrels of oil Iran exports is already teetering on many brinks due to the straightjacket the Eurozone imposes on their ability to manage their debt crisis, and might suffer even more than Iran, with that contagion spreading to the United States.
Iran is already hurting from the president's current sanction regime. Its oil sales are down about 30 percent, and it is parking the oil it cannot sell in supertankers.
So, what is in the offing is a game of "chicken" over Iran's oil and oil prices. At risk -- the world economy.
How much stronger and how much more resilient would the world be if it were already denying Iran the $30/barrel ($66 million/day) excess profit, and enjoying the fruits of lower gasoline prices that Romney and the Republicans are preventing?
Unlike the sanctions on Iran's oil sales that drive the price of oil up, regulating the oil speculators drives the price down, depriving Iran of the excess revenues, but actually helping the world economy at the same time with lower gasoline prices.
Let us call Romney and the Republicans on it. They do not care about the 99 percent. Their only reason to promote ANWAR drilling or the Keystone pipeline is to fuel the profits of their paymasters, not to provide jobs or lower oil prices as they sanctimoniously claim.
But, Iran's nukes? When they are called upon to make a choice between their Wall Street pals and Iran's nuclear program, whom do they choose?
How much are the Wall Street speculators worth to them? How serious are they about Iran's nuclear program?
Let us also call on AIPAC to support this vigorously and promptly with a letter they circulate in Congress to shut down oil speculators. Let us call on Senators Lieberman (I-CT), McCain (R-AZ) and Lindsey Graham (R-SC) to lead the fight in the U.S. Senate on this matter.
Romney and Republicans will not reign in their oil-speculator pals to reduce gasoline prices for the 99 percent, but perhaps they will do it for nuclear sanity in the Middle East, and for Israel.
Let us see if concern for Wall Street trumps their concern for Israel.
Any predictions?
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But, obviously that's not really true
Look where Bushehr nuclear power plant is located, right in the middle of the gulf and, Israel wants to unleash a man-made Fukushima right in that spot. Think that any oil tanker will want to pass through the nuclear fallout?
http://en.wikipedia.org/wiki/Bushehr
The problem now is the expected future availability of oil. The Israeli threat to bomb Iran is the source of the uncertainty. For people who buy a contract on oil delivered in a few months, the risk of price jumping to $200 is real. Any money they make now is hedging the expected loss they could experience later. There are cost involved in mitigating the risk, by using CDO's in a legitimate way. This is one such case.
The situation now is very different from from 2008. Price fixing, and telling people to not speculate under this situation is useless, and may actually increase the price. The fix is for US to tell Israel in no uncertain term, US won't stand for Israel's attack on Iran under any circumstance, and will use US resources to stop Israeli attack, take the threat of military attack on Iran off the table, and then comes up with a compromise on the non-existing Iranian nuclear weapon program.
The money keeps rolling in, because there is little, if any, competition due to the crushing sanctions.
The rules do not apply to the Republican donors, here or anywhere in the world.
I laughed hard when the Tug Boat hit a Capped Oil Well while BP was leaking Millions of Gallons a day. Americans did not even get it that a Capped Oil Well can be opened and the Oil will flow Freely out of the pipe ! No Pump Needed ! But there is set Capped keeping oil off the market and the Price High. !
'reining in' like the reins of a horse. Just saying...
I enjoyed the article!
Are you so committed to placating Israel's paranoia that you see it as necessary to punish Iran for doing what it is legally entitled to under the NPT?