Saorsa
20th February 2010, 04:03
The wonders of the market (http://comradealastair.wordpress.com/2010/02/20/the-wonders-of-the-market/)
http://kenoath.files.wordpress.com/2009/02/stock-market-chart.jpg?w=478&h=717
A guy I know sent me this email, and I knew I had to put it up here.
The email read as follows:
Just in case anyone was under the illusion that world financial leaders,
oil traders etc are in some way smarter or more qualified to rule than
the rest of us, check out this funny aside from the news:
Also, confusion over the names of Niger and Nigeria, two
similar-sounding African countries helped to boost oil prices to near
$80 a barrel between Thursday and yesterday as traders rushed to buy oil
after reports of a military coup which they thought was in Nigeria
Meanwhile, confusion over whether the coup took place in Niger or
Nigeria, two similar-sounding African countries helped to boost oil
prices to near $80 a barrel this week as traders rushed to buy oil.
A Reuters reporter received a flustered phone call from a hedge fund
partner who had heard animated discussion in the market about an
incident in Nigeria, only to realise that traders had muddled up
Africas biggest oil producer with its neighbour Niger.
Markets took off at around the same time a Reuters story came out about
gunfire erupting in the Niger capital in an apparent coup bid, mistaken
by many as being Nigeria, said Tom Bentz, analyst at BNP Paribas
Commodities.
Reuters first broke news of heavy gunfire and a coup in Nigers capital,
Niamey, on Thursday. Prices jumped to a one-month high of $79.29 a
barrel during the day.
Experts say while a coup in Nigeria would almost certainly rock crude
oil benchmarks, a coup in Niger which has yet to produce oil would
almost certainly not, barring linguistic confusion.
But far from being a costly mistake, the decision to buy oil on the
Niger coup was a flash of fortuitous genius for some as oil prices
continued rising afterwards to within cents of $80 a barrel, spurred by
other factors such as tension over Irans nuclear programme and a weaker
dollar.
You have to love these guys. They havent got a clue . . .
The original source for this can be found here. (http://www.thisdayonline.com/nview.php?id=166885) Ah, the wonders of the free market, the most efficient and sensible way of organising society.
http://kenoath.files.wordpress.com/2009/02/stock-market-chart.jpg?w=478&h=717
A guy I know sent me this email, and I knew I had to put it up here.
The email read as follows:
Just in case anyone was under the illusion that world financial leaders,
oil traders etc are in some way smarter or more qualified to rule than
the rest of us, check out this funny aside from the news:
Also, confusion over the names of Niger and Nigeria, two
similar-sounding African countries helped to boost oil prices to near
$80 a barrel between Thursday and yesterday as traders rushed to buy oil
after reports of a military coup which they thought was in Nigeria
Meanwhile, confusion over whether the coup took place in Niger or
Nigeria, two similar-sounding African countries helped to boost oil
prices to near $80 a barrel this week as traders rushed to buy oil.
A Reuters reporter received a flustered phone call from a hedge fund
partner who had heard animated discussion in the market about an
incident in Nigeria, only to realise that traders had muddled up
Africas biggest oil producer with its neighbour Niger.
Markets took off at around the same time a Reuters story came out about
gunfire erupting in the Niger capital in an apparent coup bid, mistaken
by many as being Nigeria, said Tom Bentz, analyst at BNP Paribas
Commodities.
Reuters first broke news of heavy gunfire and a coup in Nigers capital,
Niamey, on Thursday. Prices jumped to a one-month high of $79.29 a
barrel during the day.
Experts say while a coup in Nigeria would almost certainly rock crude
oil benchmarks, a coup in Niger which has yet to produce oil would
almost certainly not, barring linguistic confusion.
But far from being a costly mistake, the decision to buy oil on the
Niger coup was a flash of fortuitous genius for some as oil prices
continued rising afterwards to within cents of $80 a barrel, spurred by
other factors such as tension over Irans nuclear programme and a weaker
dollar.
You have to love these guys. They havent got a clue . . .
The original source for this can be found here. (http://www.thisdayonline.com/nview.php?id=166885) Ah, the wonders of the free market, the most efficient and sensible way of organising society.