[rkerver]

MarketWatch, 10/16/2005, By Rex Nutting $this->bbcode_second_pass_quote('', '[')color=darkblue] Once again, energy concerns and the Fed's response to them will dominate the economic debate in the coming week. The week gets off to a roaring start on Monday after the markets close when Federal Reserve Chairman Alan Greenspan talks about energy to an audience of Japanese businessmen... Greenspan last spoke on energy in May, when crude oil prices were around $46 a barrel and falling. Now prices are close to $63 and expected to stay there for a very long time. "Greenspan's commentary on energy was somewhat upbeat" in May, observed Joseph Abate, an economist for Lehman Bros. His speech was rife with talk about flexible markets and wondrous technologies. This time, Greenspan is apt to be more centered in the present. "We expect him to use energy prices and the rise in inflation expectations to support his case for further rate hikes" [[/color]

[Macsporan]

There are so many reasons to despise the contemptible pseudo-science of economics, mumbo-jumbo deification of the rich dressed up as physics, but their stand on Peak Oil would have to be high on the list.

"Just assume oil will continue to exist because...well...umm...we'd all be out of a job...it feels good...our god cannot die."

When TSHTF this god and its acolytes will be out of business forever. Future generations will wonder at it, as we wonder why people worshipped Zeus or the Ancestors or Huitzilopochtli.

And come to think of it those gods did a lot less harm than ours.

[MrBill]

$this->bbcode_second_pass_quote('', 'R')emember the Peak Oil debat is principally between the economists and the geophysists.

[aahala]

When Truman was president, he supposedly quipped he was looking
for a one-handed economist.

All he could find were telling him, "on the one hand this, on the other
hand that."

[rkerver]

Wonder why Alan Greenspan is delivering his address in Japan? His accolades will all be bowing.
What Me Worry? Japan Blithely Ignores the Warnings of Peak Oil Analysts, by Andrew DeWit, October 12, 2005
$this->bbcode_second_pass_quote('', '[')color=darkblue]The October 2 edition of the Nikkei, Japan's leading business newspaper, carried a review, by Tokyo University Professor Kikkawa Takeo, of two recently translated books that discuss peak oil... The Nikkei gives peak oil theory gets a thumbs down. The review approvingly cites a 2005 Nikkei publication "Reading Oil" (Sekiyu wo Yomu), which argues that technology and new investment will increase oil reserve recovery rates and ensure new finds. And to cap the rebuttal, an appeal to authority: an article in the May 2005 edition of the Japanese Oil and Natural Gas Review that essentially dismisses peak oil theory...[/color]