The specialization trap

One of the lessons of history is that the advantages of economic specialization and centralization are paid for by drastic risks when a society enters the downslope of its history. Our society, more specialized and centralized than any before it, faces more extreme risks — but there are steps that can be taken to counter those risks, if we choose to take them.

Supply and demand – Apr 14

Saudi King says keeping some oil finds for future
Saudi cuts output

IEA cuts world oil demand growth by most in 7 years
IMF forecasts slow global growth

Oil price defies easy calculation
US State Dept.’s Izzo ‘frightened’ by NOCs