Your Pension, Their Toy:
George Soros says,
Soros, who made his fortune speculating on currencies, said there are fundamental factors behind the rise in oil prices. Namely, the increasing cost of developing new reserves, waning oil production in countries like Russia and Venezuela, and domestic subsidies in countries such as China that keep prices artificially low.
Over these factors, a bubble has been "super-imposed" by the move by pension fund managers to commodities as an asset class, Soros said.
Tuesday, June 3, 2008
Playing With Your Pension
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