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Politics : Ask Michael Burke
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To: Nadine Carroll who wrote (70678)11/17/1999 4:54:00 PM
From: Tommaso  Read Replies (2) of 132070
 
I am not answering for Earlie, but I have certainly been wondering about that question for a long time. I think the answer is that, world-wide, there has been a tremendous increase in the output of goods (and in the USA of services as well) that have matched a lot of the increase in money. This has even included oil--when OPEC made their blinkered decision to raise output two years ago and then cheated on top of that.

But a squeeze in energy supplies could have all sorts of deranging economic effects--raising costs of production, changing the US trade balance from merely appalling to catastrophic, causing depression and inflation simultaneously as people were put out of work but goods became scarcer.

And the US has not made a single move towards finding energy sources to replace oil. We just keep shipping it in and burning it up, and shipping hundred dollar bills out (literally, as well as supposed bank balances in other countries).

I think that great disasters inspire great remedies, but the disaster hasn't hit yet. We have stock prices more unrealistic than 1929 and people driving SUVs that are as preposterous as the automobiles of the late 1950s and early 1960s. At some point the rest of the world will stop letting us put it on that enormous credit card.

But meantime, turkey is cheap and wine is better than ever and also cheap, so I hope to enjoy myself next week.
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