The Secret Club That Runs the World

The Secret Club That Runs the World

Inside the Fraternity of Commodity Traders

Book - 2014
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Publisher: New York : Portfolio/Penguin, c2014.
ISBN: 9781591845461
Characteristics: xvii, 264 pages, [8] pages of plates :,illustrations, portraits ;,24 cm.


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Sep 10, 2014

A puff piece [a kid's book report ?], not fully explaining the economic warfare and devastating effects across the spectrum of ultra-speculation by the hedge funds utilizing a limitless number of virtual commodity futures trades to manipulate markets, and why 90 dedicated healthcare hedge funds can drive up the costs of healthcare in the USA over the past decade! To Ms. Kelly's credit, she does mention how Goldman Sachs amassed large physical holdings of aluminum, et cetera, and also how Anthony Ward [London hedge fund trader] cornered the cocoa market, but doesn't tie in the troubles in Ivory Coast and how they were connected to chocolate price manipulation [cornered market, then problems at the physical production end means super profits]. Also, no mention of the Baltic Index nor of InterContinental Exchange [ICE]? On p. 95, Ms. Kelly writes, referring to Gensler's confirmation hearing /// ...his surprising theory that speculation did indeed affect commodity prices. \\\ This is an aburd sentence and sentiment - - of course it affects prices! Again both credit and criticism as Ms. K. confuses the reader by pointing out, in a roundabout manner, that the banks [and their hedge funds and those hedge funds they finance] which speculate up the commodity prices, are then hired by the companies involved to hedge those commodities they produce/distribute? On p.69, Kelly repeats, indirectly and without naming names, the John Paulson fiction - - truly dishonest and unacceptable given that her book's pub. date is 2014! I'm not sure one learns anything from reading this? A vanilla book. . .

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