ODAC Newsletter – July 3

A weekly review from a UK perspective – “The first round in the great Iraqi oil sale was an interesting affair if not a very conclusive one. In the live TV auction which took place on Tuesday, only one deal was reached as international oil companies refused to meet the terms demanded…

Where economics fails

A major source of mistaken policy toward natural resources is the assumption, enshrined in modern economic theory, that the goods and services provided by nature are subject to the same rules as those provided by human labor. This seems abstract enough, but its impacts are profoundly tangible — and may well include the financial crisis currently shaking the global economy to its core.

What the Amish have to teach us about Transition

The Amish ran privately-owned family farms for centuries until the latter part of the 20th century when they began taking jobs off the farm where they made good money, but many also became seduced by consumerism. They gradually spent more money, allowed themselves some of the conveniences previously shunned in order to live more simply, and found themselves caught up in spending more money and buying things they didn’t need … One Amish man comments on the need to return to basics: “We were all going way too fast. This has made everybody stop and realize we’re just pilgrims here…”

It’s not black or white

If we are to have any chance of working our way out of this mess, we must avoid regressive thinking, stay calm, appreciate complexity, and think clearly about the right course of action. I’m going to take a proper look at speculation in the oil market to see what the problems are and what we might actually do about them.