[pec]

A very long history of really bad advice very publicly given. But the role of publicly given financial advice is to move the market, i.e. the follower dweebs. Ilargi said it, himself: the financial firms who pay these public advice givers might, just might, be placing bets against these predictions becoming the actual future. Its hard to tell from the public record whether people who pay the people who talk are believing fools, or very smart poker players, feining astonishment as to how impossibly the market is behaving.

Nobody among the producers is any more pumping light sweet crude using conventional technology, so no producer is selling his oil for the bench-mark price. The people who have money when the assets of the producer companies are offered at auction will be the real winners. But all this is just another bit of conventional wisdom for a different phase of the cycle of life.

[pec]

Iliargi,

The unspoken premise here is that the growth economy based on fossil fuels is somehow right and proper, but it is not, as you well know from other pieces you have written. There has been a long period of easy wealth. No one here today who is at all responsible for the economic system of today. Almost all economic theory is special pleading designed to justify the position of the wealthy. Setting child against parent is not helpful. The parent should have been earning much more years ago, but instead was bought off by the promise of a pension. But that is too simple a statement of the problem. You have done better.

But I was in a blue funk over what is happening in Egypt, and you roused me to respond, which is good.

[Author]

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