Tuesday, April 05, 2005

Irrational irrationality

Who the fuck does Alan Greenspan think he is, all of a sudden becoming the guru on oil supply, demand and prices? He may know something about the effect of interest rates on borrowing and investing, but what magic wand has he recently found to predict inflation based on future oil exploration and refining?
Answer: None.

Many oil experts, contrary to Greenspan's expression of calm, orderly adjustment to price and demand, have told us the Earth's production has now peaked and that as the third-world nations, particularly India and China, adopt our Western ways, we're in for decades of creeping price increases. And maybe not creeping.

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