At the rate oil is climbing, it will probably be cheaper to fill your car with cola. So here's an idea, we can start drinking crude and then we can budget the hyperinflationary cost of oil into our food bill to make it look good on paper.
So have a big chuggalug, and here's to the financial genius of the Bush administration's creative bookkeeping, where Joe Sixpack gets the shaft and Big Oil thinks your daft.
Peak Oil Passnotes: Fractured Markets Resource Investor
Another week, another record. As you will no doubt have seen, the Nymex crude oil price for delivery to Cushing jumped to more than $92 per barrel this week. We are now being told that this figure is near the “inflation-adjusted” price for an all-time high. Yet we are also told there is little worry for the economy. We are told that modern economies do not react in the same way as before; we are told to rest easy.
This is not the case - it is not accurate. As readers of this column note, there is little love lost here for the current economic system and its charlatanesque moniker of “free markets.” The markets are most certainly not free and quite often they are hardly markets. Especially in the United States and Europe.
What we have instead is a series of financial instruments that back up basic right wing ideology. They are designed to make sure the poor are kept in their place, promote war as noble, promote deference as “meritocracy” and tell people that making demands on those in authority is an illegitimate pastime.
Remember folks the DC motto is: You can't fool them all, so fool them again...