The white dots are platforms, and the dark stuff is billions of drops of oil stretching for scores of miles into the Gulf. Kennedy (the Kierkegaardian) would have you believe these things didn't exist. He radically diminishes the risks and sacrifices Louisiana has undertaken in order to provide energy to the rest of the country.
Paw Paw has written some recent posts on the energy "crisis". One of the things he advocates is drilling everywhere. Even national parks? Yes. Even Yosemite? You betcha.
I agree much more with Schroeder's "fact-based" post on the issue.
However, my basic view is that the run-up in oil prices is the result of the weakening dollar, which is the result of Bernanke and Bush's (and Greenspan's) easy money/weak dollar policies, which exacerbate inflation. Inflation is the cruelest tax, which (as Von Mises wrote) "does not cure unsatisfactory conditions. It merely helps the rulers whose policies brought about the catastrophe to exculpate themselves."
Labels: Dismal Science, John N. Kennedy, links, Markets, oil, Pelicans, radio, weather
