Saturday, August 27, 2005
Here is a link to the most recent cover story in The Economist newsweekly.
The cover depicts the USA and China as "drunk" on oil. Rising oil prices are a problem according to The Economist. They also assert that high oil prices are the Fed's fault because the Fed reflated the US economy after the 2000-2002 stock market crash. Evidently The Economist shares with many other elite commentators an aversion to economic growth, especially if it comes in the USA. No surprise then that they conclude the solution is that the USA should raise gasoline taxes to European levels (or beyond) !!!
I think this cover story is another sign that the bull market in crude oil is over. Here is another.
Look out below !!