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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Tomas who wrote (72522)9/7/2000 8:50:49 AM
From: Tommaso  Read Replies (1) of 95453
 
"The only valid public policy response to higher energy prices is to prevent them from feeding through into the
general level of prices and wages by adjusting monetary policy. "

Nowadays "adjusting monetary policy" means raising interest rates, and that could constrict all sorts of economic activity.

What a strange response! It says nothing about setting about immediately to find other sources of energy, or to invent ways of conserving energy further. It was a great misfortune that nuclear power got identified with bombs and that the identification was confirmed by the Russian incompetence at Chernobl. The famous 3-mile Island accident in the US actually had few effects except to give nuclear-power foes an argument.
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