Crude Oil = $145 (The Trichet Oil Rally)
Wow -- this is amazing. It shows no sign of stopping, which of course, it eventually must.
Here's a question -- at what point does ECB Central Bank Chief Trichet realize that every time the ECB hikes rates, it pummels the dollar and sends oil higher?
Let's rename this the Trichet Oil Rally!
The Costanza Energy Policy: 25 Ways to Drive Oil to $150 (May 2008)
Will Trichet drive the world over a cliff?
Telegraph, July 2, 2008, 04:41 PM GMT
Are Trichet's Rate Hikes 1930 All Over Again?
Naked Capitalism, Jul 3, 2008
Trichet Adopts Greenspan Policy as ECB Attacks Prices
Bloomberg, July 3 2008
Trichet fears worst for eurozone inflation
Telegraph, July 2, 2008
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"Here's a question -- at what point does ECB Central Bank Chief Trichet realize that every time the ECB hikes rates, it pummels the dollar and sends oil higher?"
Here's another question - at what point did the fundamentals for the dollar start to go down the drain? When the ECB started raising its rates? Trichet is an ECB banker, the ECB is controlled by Germany just like the Bundesbank used to control Europe's central banks before it and they do one thing: worry about inflation!
While this worry might not be justified at all times and the reaction to it certainly arguable...it is hardly the reason for the death of the dollar!
Instead of inferring Trichet is destroying the dollar because of a pointless rise in the euro rate you might want to think about so many things that you frequently post here: the ridiculous number twisting of the main stream media, misreporting of key figures by the FED and the federal government, twin deficits, ludacris spending, excessive lending, the removal of the glass-steagall act, the total retreat of any supervisory agencies, printing money like there is no tomorrow, artificially low interest rates and of course the NO BANKER GETS LEFT BEHIND bailout philosophy the FED seems to have adapted...
Trichet sinking the dollar? Gimmie a break!
Posted by: Pete | Jul 3, 2008 6:44:18 AM
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