Another Driver in the wrong Seat
Posted by hanson807 on January 8, 2009
OPEC is figuring a few things out and they ain’t happy. They lowered production yet the price dropped. Some people think that the drop in oil price will mean that China will consume more. Problem is China has a major issue with its economy. They can only buy it if they have money. They only have money if people are buying their products. I am amazed yet again that the experts in economy have been wrong again. And then of course we have Russia. They are really growing. Unfortunately for them, the growth is exactly linked to the price of oil. They really don’t trade or produce anything but maybe weapons to sell to third world countries and the terrorists that kill our soldiers, but even that is getting hit by knock offs. Some geniuses say the Georgia invasion hurt them.
The down fall of the USA has been predicted, then the prediction revised and re-issued. C. Wright Mills wrote more than 4 decades ago that most other countries were out pacing our out dated capitist system. Morris Berman also has sage advice for America and how to become better than we are. What are we to do? How are we to survive with all these countries passing us? Maybe, just maybe, they aren’t going to pass us by. Maybe, because they have highly regulated finnancial markets they are going to end up far worse than us. Maybe, we should realize that all these supposedly smart people aren’t any brighter than we are. And in many cases, they are flat out wrong.
The fact is, whether they are Nobel winners like Stiglitz or just plain old economists from our universities and colleges, they can’t anticipate the future. This means they can look backwards and make up stupid reasons why something happened. Well how much intelligence does that take? If you could look ahead, if someone could predict the housing crisis, then that is the person we would listen too right?