Formerly About Advanced Micro Devices Message Board

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Politics : Formerly About Advanced Micro Devices

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To: Elroy who wrote (270555)	1/30/2006 11:18:48 AM
From: Road Walker	Read Replies (1) of 1576152

re: And the intensity of an oil shock is much worse now than it was then. ****** I thought the opposite was true. Oil has gone from $25 per barrel to $70 per barrel in ~24 months, and had minimal affect, right? The last real shock we were importing less than 40% of our consumption. Currently we are importing over 60% of our consumption. With 5% of the worlds population, we use 25% of the worlds oil. It's 1/3 of our trade deficit; how much could that increase without the world dumping our bonds, forcing up our interest rates and limiting our ability to borrow (which would usher in a long, long era of stark fiscal austerity in this country... <read deep, deep recession or depression>). My parents generation lived through some horrible economic times. I've lived through some pretty bad economic times. People under 30 don't really have an understanding of what it's like. It can (and will, eventually) happen. John

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