[FoRK] 2009 Distribution of Wealth in the US

Eugen Leitl eugen at leitl.org
Sun Nov 7 03:34:23 PST 2010


On Sat, Nov 06, 2010 at 04:08:33PM -0700, Ken Ganshirt @ Yahoo wrote:

> Regarding resources, there's a pundit up here in Canada, Jeff Rubin, 
> who steadfastly maintains that the trigger for the 
> global financial crisis was the price of oil when it hit 140 bucks a barrel. 

It is not just a global *financial* crisis, of course. 
This thing is systemic, with at least of dozen major factors
cumulating. (Once you keep ignoring reality for a half century,
or so, "suddenly" it hits you like a ton of bricks. Nobody
could see that coming, absolutely nobody. Haha).
 
> He has maintained since then, even through the period that it dropped 
> back to nearly 40 bucks a barrel, that it will go back to triple digits 
> relatively soon and will trigger another similar crisis when it does. 
> He has explained that the severe price pullback was simply a question 
> of low demand due to the economic conditions resulting from the calamity 
> and was exactly what you would expect.

Give the man a cigar, he has discovered Peak Oil. The real number
seems to be more in 80 USD/barrel country, IIRC.
 
> Looks like he could be right, at least about oil going back to triple 
> digits as global demand recovers. It remains to be seen what happens 
> when it does. At the very least it ought to put quite a drag on any "recovery".

There is a recovery? Where?

-- 
Eugen* Leitl <a href="http://leitl.org">leitl</a> http://leitl.org
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