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I'm not sure about this.  Most of the third world is rapidly becoming more oil dependent.  The EU/US will be able to afford the increased fuel prices and carry on (almost) regardless for quite a while.  It is the poorer countries which will be priced out of the market and forced back to pre-industrial methods sooner rather than later - exacerbating the inequality they already experience.  

notes from no w here
by Frank Schnittger (mail Frankschnittger at hot dotty communists) on Sat Dec 1st, 2007 at 04:24:34 PM EST
... much of the third world that is rapidly becoming more oil dependent is pursuing neo-mercantalist exchange rate policies, which gives them substantial leeway to allow their exchange rate to rise against the US$ and € in the competition for oil.

And per capita, the oil dependency is still a lot less ... China, for example, can make a lot of headway in moderating the current increase in demand for gasoline for cars with an elaboration of the trend, already in progress, toward electric bikes, if the price of oil rises faster than fuel efficiency over the next couple of decades.


Utsukushikereba sore de ii

by BruceMcF (agila61 at netscape dot net) on Sun Dec 2nd, 2007 at 08:37:42 AM EST
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