Excess Money,Deficits and the Higher Prices of Oil.
One view: Steve Forbes of Forbes media wrote: Supply and Demand as the primary cause of high oil prides? Keynes observed that not one person in a million will understand the inflationary process in play. Everyone is pointing fingers at China,India,greedy oil firms and powerful speculators. No one knows when the bubble will pop. But pop it will.
Second View: Alfred Kahn,emeritus Prof. of Econ. at Cornell: Growing long-term imbalance between supply and demand worldwide and the decline in the value of US$ vis-a-vis Euro. Explosion of deficits is attributable to Americans trying to live far beyond our means in government and individuals. (Public and Private sectors)
I have been stressing the lifestyle of Americans reflected in the economy for decades in classrooms and in my past blogs re my recommendation to dampen or lower the Desire in the denominator of a fraction for Happiness Formula Cf. my previous blogs. Since material consumption requires money and folks are mortgaging our future via overspending as lifestyle subject to ad in the media. "Enjoy now and pay later" becomes the buzz expression!
Wall Street Journal May 17-18 issue re The consolation from philosophy as deeper questions rather than temptation. Such letter to the editor wins my support for the economy.
Francis Shieh a.k.a. Xie Shihao,a student of philosophy relating to economics. May 18, 2008
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