Naimi and other Saudi leaders have worried for years that climate change and high crude prices will boost energy efficiency, encourage renewables, and accelerate a switch to alternative fuels such as natural gas, especially in the emerging markets that they count on for growth. They see how demand for the commodity that’s created the kingdom’s enormous wealth—and is still abundant beneath the desert sands—may be nearing its peak.



It's fascinating to think that such a large aspect of the global economy can be at the direction of one man. I am currently reading Lords of Finance by Liaquat Ahamed, in which Ahamed argues that the stock market bubble prior to the Great Depression was largely promoted by the efforts of Benjamin Strong, who maintained low US interest rates (~4%!) so as to push US gold reserves into Great Britain in an effort to save the gold standard.

I can't help but think that our current global economic situation is in a state of flux.

posted by veen: 1470 days ago