22 comments on October 24, 2008 OPEC Meeting Open Thread
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22 comments on October 24, 2008 OPEC Meeting Open Thread
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I thought it was Mother Nature that was supposed to be doing the cutting on the Supply Side? :o)
I wonder how similiar the cut back in response to Demand-side reductions/Recession will be mirrored by Recession/Demand destruction when a Supply side induced cutback takes hold.
Nick.
I think it is easy to lose sight of the interconnections of the financial markets with the physical production. Production only takes place when the price is high enough for those doing the producing to be willing to accept the price. We somehow have a view of how markets are supposed to behave, but in fact, they are much more complicated than we understand, because of interconnected systems.
If we overshoot the amount of debt that we can employ for extracting future resources (and for a lot of other things), the financial markets have a way of getting back to us and telling us so.