Jun

5

I have been listening to Hazlitt on my morning walks. Finished it this morning, and there he was in 1978, writing that politicians undermine the currency with inflation, which drives up the price of commodities. The politicians then decry the excessive profits being made by commodity producers and call for government regulation of prices just when new exploration and production are most needed.

The wheel turns again.


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  1. steve leslie on June 5, 2008 9:44 am

    In 1978 Carter’s solution to the “oil crisis” was to turn down your heat in your home to conserve on electricity. School buildings were COLD that winter as those of us in college wore hats and gloves during class. Try taking notes in physics with gloves on and shivering in your seat. The subjects being discussed on the energy front were conservation, less dependency on foreign oil and OPEC, alternative fuels, ethanol,coal, solar, wind, nuclear, higher fuel efficiency for vehicles including electric cars, slower speed limits and modernizing refineries.

    Fast forward to today. Look at that list and then look at today’s list. I will only mention one fact: No new refinery has been built in the U.S. in over 30 years. The names and faces of most of the 535 in Congress have changed but the talking points have remained the same.

    sl.

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