Wednesday, July 2, 2008
This is not “speculation”, this is panic.
There is much argument as to if we are rapidly running out of oil or if there is plenty left. Most of these arguments are magic ones. There are so many sound and reliable experts on either side of the question that I am tempted to say that the "magic quotient" is having a disproportionate effect on the present crisis. This is no longer really about making money, this is about not losing shirts. Oil being the center value of our civilization its paper value is soaring, just as the paper value of gold and wheat. This is not "speculation", this is panic.