Thursday, February 04, 2010
(fm the BC thread "Covered with a tarp")
The too clever by half calculation in 1975 was that we could shovel money at the Arabs and let them nationalize the oil companies because we owned the banks. There was a brief spike of inflation and then the wealth all flowed back to the West. The only real losers were the people in 3rd World. The Green Revolution of the 1950s and ’60s depended on cheap petrochemical based fertilizers and insecticide. The rise in oil prices doomed millions in Africa, Latin America and Asia. State failure, famines, plagues and constant warfare became much more pronounced after the Arabs seized the oil companies and raised prices.
The acceptance of this in the West was based on the arrogance and bigotry of Liberal elitists. They assumed that all the Arabs would do with the money was blow it on shiny toys, prostitutes and boozy weekends in London. The money was used instead to buy capital assets, including media and technology companies, academics, politicians and bureaucrats.
More bad news.
ABC: White House Prepares for Possibility of 2 Supreme Court Vacancies.