From: GERALD LEVY (gerald_a_levy@msn.com)
Date: Thu Jul 24 2008 - 14:54:45 EDT
> Here is a brief analysis by a prominent Indian economist, Prabhat Patnaik:> http://pd.cpim.org/2008/0615_pd/06152008_9.htm> In the case of oil prices it seems like he was right, given the sudden > fall of the price of a barrel of oil. Hi Dave Z: Interesting article (thanks), but I don't quite follow your conclusion above: what, if anything, does the short-term fall in the price of barrels of crude oil tell us about Patnaik's analysis? His main point seems to be that: "more and more wealth-holders are shifting from dollar-denominated assets to claims on oil as a means of holding wealth. And this accounts for the phenomenal rise in the price of oil". Why should this be the case, though? Why hasn't the shift been from US dollars to Euros, gold, natural gas futures, et al? In solidarity, Jerry _______________________________________________ ope mailing list ope@lists.csuchico.edu https://lists.csuchico.edu/mailman/listinfo/ope
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