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April 10, 2009
Or we could just take the oil for ourselves and for the continuance of civilization
Alan Reynolds argues Barack Obama is wrong to blame the United States for the economic downtown. Absolutely. And I would add Obama is wrong to blame the United States no matter the near sexual thrill he and his friends must take from the spectacle of an American President on bended knee before a jumped up cartoon villain satrap.
What really triggered this recession should be obvious, since the same thing happened before every other postwar US recession save one (1960).
In 1983, economist James Hamilton of the University of California at San Diego showed that "all but one of the US recessions since World War Two have been preceded, typically with a lag of around three-fourths of a year, by a dramatic increase in the price of crude petroleum." The years 1946 to 2007 saw 10 dramatic spikes in the price of oil -- each of which was soon followed by recession.
In 1983, economist James Hamilton of the University of California at San Diego showed that "all but one of the US recessions since World War Two have been preceded, typically with a lag of around three-fourths of a year, by a dramatic increase in the price of crude petroleum." The years 1946 to 2007 saw 10 dramatic spikes in the price of oil -- each of which was soon followed by recession.
Posted by Ghost of a flea at April 10, 2009 06:44 AM
