Oil was not made by the market, and ultimately no amount of demand is going to make new oil once its all we've burnt it all up. It's the very essence of what Karl Polanyi said in the Great Transformation. Land is a fictitious commodity, oil was not created by the market, and eventually there's just not going to be enough oil. And this is true of most other commodities as well. The market doesn't make them, so it just doesn't make sense to pretend that it does. And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg
And anyway, in the long run... Peak oil is not an energy crisis. It is a liquid fuel crisis.
The market doesn't make them, so it just doesn't make sense to pretend that it does.
From the perspective of understanding what is going on around us, it doesn't make sense to pretend that fictitious commodities are products of the market in either the long term or the short term. I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
