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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: MulhollandDrive who wrote (119630)4/30/2008 8:11:02 PM
From: DebtBombRead Replies (1) of 306849
 
Asia's Optimism Misplaced as Oil Heads for $200

One of the ironies is that Asia's growth is accelerating the very trends that may knock economies off balance. It's here where Hong-Kong based Faber, one of Asia's best-known contrarians, had a point in 2004, when he said oil prices might approach $200.

Faber's argument was largely about demographics; Asian incomes and consumption have nowhere to go but up. Asked yesterday about oil, Faber joked: ``With Bernanke at the Fed, it's likely to go to $1 million per barrel.''

The problem, Faber says, is that U.S. officials are ``now beyond the point where they can implement sound monetary policies.'' Add in rising Asian demand, and you have the perfect recipe for high energy costs even if the Fed begins raising rates.
bloomberg.com
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