Oil Rises and Spills
Oil prices creep to $100 a barrel is “fueling one of the biggest transfers of wealth in history” reports the Washington Post. And the cash windfall, which is estimated at $4 to $5 billion more than five years ago is filling the coffers of oil export nations, while threatening social unrest, high prices, inflation, and economic stagnation in consumer nations. All of this signals that there is “no end in sight to the redistribution of more than 1 percent of the world’s gross domestic product.” And who is getting a slice of this 1 percent? None other than the ruling elites of international cankers like Iran and Venezuela, US outpost Saudi Arabia, and of course Russia, among others. The increase in cash into the first two have certainly increased the challenges to the US. The flush of oil revenue will inevitably allow Iran to defy American ..read more
