Marshall Auerback: “Many years of economic stagnation” interview: excerpt
…I don’t know if Baker’s statement reflects an “eternal truth”, but oil is undoubtedly a very important component of the global economy and energy (along with food) is a key non-discretionary essential without which we couldn’t sustain our current standard of living. Unlike Europe, the US is still addicted to cheap oil, so the impact of price spikes tends to be felt much more acutely here than it does in the EU or UK…


