Secret Weapon: How Economic Terrorism Brought Down the U.S. Stock Market and Why It can Happen Again by Kevin D. Freeman

Author:Kevin D. Freeman [Freeman, Kevin D.]
Language: eng
Format: mobi
ISBN: 9781596983113
Publisher: Perseus Books Group
Published: 2012-01-16T05:00:00+00:00

And indeed, in the lead-up to September 2008, there was intense and focused investment in the commodity markets both directly and via proxies coming from oil producers and sovereign wealth funds.12 There was a spike in trading of the leveraged oil ETFs, a jump in sharia-compliant oil buying, and a rush into oil futures and commodity derivatives. Much of this can be traced to those we have identified with motive.

While paper oil speculation pushed prices ever higher, the producers enjoyed the benefit. Prices were pushed so far beyond levels that could be justified by supply and demand, however, that prices ultimately collapsed, plunging from the peak of nearly $150 per barrel to below $40 per barrel by year’s end. It’s hard to believe oil producing states would be so foolish as to engineer this outcome if their goal was simply to maximize their long-term oil income. But that wasn’t the only goal. For some, the purpose of the oil run-up was to weaken the capitalist economy while generating the funds needed to carry out the coming financial attacks.

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