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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: Raymond Duray who wrote (36404)	7/23/2003 6:22:05 AM
From: Maurice Winn	Respond to of 74559

Ray, in 1974, the world was gobbling oil per GDP at a high rate. Then, oil quadrupled and people got a very big shock. Everything went up in price because oil makes steel, plastics and much of the stuff of the early 1970s. Now, oil is an also-ran in the economic systems and OPEC raises a yawn when they talk of their oil weapon, [which they don't because it sounds so silly]. There was a resulting recession which was met with lots of money printing and inflation [apart from the actual shortage of oil causing real supply and demand inflation of physical products]. I wonder if an actual religion could be formed around the iconic status of Uncle Al KBE, similar to that of Mohammed who is the profit of Allah, pieces of eight be upon them, but not upon Green$pan, who Trusts in God, and does not Trust in Gold [not since the gold peg and "Promise to Pay" were dropped]. Dropping the "l" from gold certainly saved a lot of money since reserves of gold could be sold. The gullible religious Americans were quite happy to "Trust in God" [and Uncle Al and Uncle Sam] and didn't notice that it used to be "Trust in Gold". Mqurice