Posted on 09/05/2016 5:30:41 PM PDT by panhandle67
They can’t sell at $7 bbl for long—locals will revolt due to no more free stuff from Saudi Gov—every other cartel member will open fire in their direction.
“You may be well versed but your economics emanates from JM Keynes and is not economics at all but rather nonsense.”
Really? Then why do you support and agree with his nonsense?
“Keynes himself never deviated from view that the free trade was the best policy for growth in the long run.”- Economist, 9/6/13
Perhaps your not as well versed in econ as you believe yourself to be.
Free trade favors the country that practices it and makes it richer relative to countries that do not. If all countries practice free trade the country whose people innovate will be richer than the others. That is the USA. Read Hazlitt and learn something.
“Free trade favors the country that practices it and makes it richer relative to countries that do not.”
We had tariffs from 1789 to 1913, so according to you we did NOT practice free trade; and yet we got richer and richer and richer and by 1900 became the richest, highest paying, highest standard of living in the world.
How does that econ history fit your theory?
“If all countries practice free trade the country whose people innovate will be richer than the others. That is the USA. “
No it isn’t.
“Read Hazlitt and learn something. “
Read it already. Read American history and use your brain.
Smoot-Hawley was a tariff act to protect American business. It turned an economic downturn into a decade long Depression that killed many American businesses. The economy did not recover until Eisenhower got the FDR regulations and much of the tariffs removed. We can turn the current depression into a permanent third world conversion by instituting a new protective tariff regime. I suppose you would love that because our enemies and competitors would suffer, too.
Yes. That is the barrel the Sauds find themselves over. It is already beginning to manifest with $40 oil and depletion of Saudi reserves. They are reducing some of the freebies and are getting some resistance.
“Smoot-Hawley was a tariff act to protect American business. It turned an economic downturn into a decade long Depression that killed many American businesses.”
Well that’s the globalist-Hillary-voting-Ben Bernanke talking point!
But there was over a hundred years of successful tariffs prior to Smoot-Hawley, during that time, the US grew from an agricultural society into the richest, most innovative, highest paid manufacturing country in the world. In fact, some economists (Eckes, Irwin) agreed that Smoot-Hawley “probably did NOT contribute significantly to the economic downturn.”.
“The economy did not recover until Eisenhower got the FDR regulations and much of the tariffs removed.”
The economy recovered because the war ended, and all industry across the globe, EXCEPT for the US, was in complete rubble. Tariffs were UTTERLY inconsequential, because no country other than the US was producing anything. There was NOTHING to import.
“We can turn the current depression into a permanent third world conversion by instituting a new protective tariff regime.”
Or we can go the way were going: losing our production capabilities/companies, consuming imports, using debt to pay for those imports, raising taxes to pay the interest on that debt and therefore... losing MORE companies/production.
That’s your plan. And that is the road to 3rd world status.
Your ignorance of Keynes The Free Trader, your mindless repetition of the globalist talking point on Smoot-Hawley, and your dogmatic insistence, despite enormous historical evidence to the contrary, that tariffs “are bad” and “will cause depressions”, demonstrates your econ knowledge is a tad limited.
Firm to Expand West Texas Energy Exploration with $2.5B Deal
9/6/2016, 4:18:17 PM · by PaulyPaul · 1 replies
Breitbart ^ | Sept. 6, 2016 | Breitbart Texas
ASSOCIATED PRESS — One of the largest oil producers in the U.S. is purchasing a privately-held New Mexico company and some of its subsidiaries in a $2.5 billion deal that will expand its footprint in major energy-producing basins in the West. Houston-based EOG Resources, Inc. announced the agreement with Yates Petroleum on Tuesday. Company officials say the transaction will clear the way for the development of premium wells at low costs in the Delaware Basin that spans parts of West Texas and southern New Mexico and the Powder River Basin in Montana and Wyoming.
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