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The market obviously works well enough for people to come there, otherwise it would be abandoned.

That is not the same thing as people getting a fair deal or not getting suckered.

Disclaimer: as I still know next to nothing (but I am learning) about the oil market, I do not know if people get suckered there. So I am speaking in general terms.

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by A swedish kind of death on Sat Nov 11th, 2006 at 07:02:27 AM EST
[ Parent ]
It is currently institutionalised suckering: what Galbraith memorably called "the Bezzle", when the losers don't know they are losing.

A couple of analogies come to mind: like a roulette wheel with half a dozen "zero's" with new ones being added all the time.

Or the analogy of investment banks with submarines: beautiful pieces of engineering, but with the malign purpose - sinking ships and launching nuclear missiles.

And we currently allow the submarines to manage the convoys and even make the depth charge settings....


"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Sat Nov 11th, 2006 at 08:23:41 AM EST
[ Parent ]
no one in the system doesn't understand the high salaries or the high profits of Morgan, Aron, BP or the commercial banks.

there is no blind "sucker".

by HiD on Sun Nov 12th, 2006 at 02:30:28 AM EST
[ Parent ]

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