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Originally Posted by Tchocky
Quote:
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Originally Posted by PeriscopeDepth
I think emerging powers, rising oil and food prices, and Iraq are all tied together.
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Definitely the first three. As people get richer, they eat more meat and burn more oil. Hence our present situation. I think the current mess in Iraq is a accelerating factor, but not a cause. |
Stiglitz, whom I mentioned before, and who is referred two in another current thread, totally disagrees, pointing out that before the Iraq war the prognosis on oil prices expected them to be stable at around 25-35 US$ for longer time to come - increased world demand and raised demand in China and India already calculated in. The explosive multiplication of oil prices he directly attributes to the Iraq war.