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241 comments on DrumBeat: May 11, 2007

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TenThousandMileMargin on May 11, 2007 - 9:21am Permalink | Subthread | Parent | Comments top

My fear is that prices will just spike temporarily as usual and settle down to a new slightly higher price which people have learned to tolerate.

Absolutely. An environment of consistently rising prices is required in order to create a sense of urgency. Hopefully another year or two of September prices spikes will cause the penny to drop in Detroit. (Well, maybe not Detroit. Tokyo?)

If we are to believe in things we cannot see or touch, how do we tell the true belief from the false belief?

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TenThousandMileMargin on May 11, 2007 - 9:29am Permalink | Subthread | Parent | Comments top

Actually, what we really need is a steady 7% a year rise in prices for the next twenty years. And for people to realise that it is happening, and expect it to continue - an "oil inflation" environment. People might make different decisions when buying (or designing) a car if they thought of the price they were likely to pay at the pump ten years down the track.

If we are to believe in things we cannot see or touch, how do we tell the true belief from the false belief?

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Richard on May 11, 2007 - 6:55pm Permalink | Subthread | Parent | Comments top

Actually, what we really need is a steady 7% a year rise in prices for the next twenty years.

Actually, that started already 5 years ago. Remember oil was 25$ / barrel?

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