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This seems to be the best demonstration why the marketistas are leading us into crisis.  They assume that demand creates supply, so that so long as there is increased demand for oil there will be increase supply.  After all that's the logic of the market, but it's idiotic.  

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

by ManfromMiddletown (manfrommiddletown at lycos dot com) on Wed Jan 2nd, 2008 at 09:13:07 PM EST
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