First, we had (and still have) paper gold,
Tomorrow, Tuesday 27 May, we will have paper oil on the Dubai Gold and Commodities Exchange (DGCX).

The oil contracts will be settled in cash, and will not be backed by physical deliveries. (1)

German leaders are now to propose a worldwide ban on oil trading by speculators, blaming the latest spike in crude prices on manipulation by hedge funds. (2)

The oil crisis is due to the fact that oil is being traded for a worthless piece of green paper.

But of course, Germany’s president, Horst Koehler, is a former International Monetary Fund (IMF)-bureaucrat
and since 15 August 1971,
when US president Richard Nixon broke the Bretton Woods agreement,
which at least linked that piece of paper to gold,
the IMF has no more reason to existence
and
that piece of paper, aka the US dollar, no more … value.

Still, the IMF maintains that that piece of paper should be maintained as the anchor of the world monetary system.

First, we had (and still have) paper gold,
Tomorrow, Tuesday, we will have paper oil on the DGCX.

Germany does now want to prohibit speculation in paper oil.

“All paper will burn!”, said Another. (3)

Germany is now adding oil to the fire, WAOAAAAAW …

ivocerckel AT siquijor DOT Ws

NOTES

(1)
DGCX to launch WTI and Brent crude futures next week
By Shakir Husain, Staff Reporter
Published: May 20, 2008, 15:03

http://archive.gulfnews.com/articles/08/05/20/10214708.html

The Dubai Gold and Commodities Exchange (DGCX) will launch West Texas Intermediate (WTI) and Brent crude oil contracts next week to offer trading and clearing in these two global oil price benchmarks under the UAE regulatory and taxation regimes.
Their listing on May 27 will allow companies and investors to trade in oil futures without moving their money outside the region, chief executive officer Malcolm Wall Morris said.
Both contracts will be settled in cash, and will not be backed by physical deliveries.

(2)
Germany in call for ban on oil speculation
By Ambrose Evans-Pritchard
Last Updated: 1:40am BST 26/05/2008

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/05/26/cnoil126.xml]

SNIP
German leaders are to propose a worldwide ban on oil trading by speculators, blaming the latest spike in crude prices on manipulation by hedge funds.

(3)

http://www.usagold.com/goldtrail/archives/another1.html