I guess it had to happen sooner or later. Gasoline and oil prices are rising, so someone must be to blame. It must be a plot; those dirty capitalists and speculators are at it again, trading oil back and forth and artificially driving up prices.
How do I know? Chris Cuomo on ABC News tells me. Yeah, Chris, who grew up in a New York political family, which must mean that he knows everything about economics. No one knows economic truths like the political classes. These are people who claim that government can subsidize an economy into prosperity, and tax and regulate goods and services, which in turn will result in more goods and services produced. Everyone knows that.
This is an interview that must be heard to be believed. Beside Cuomo’s “expert,” who claims that oil is not subject to regular laws of supply and demand (which she explains in her, like, whiny, like Valley Girl voice), we hear that oil was not traded on markets before 1983. Right. There was no spot market, no nothing. Instead, we are told that it was government regulation that created prices, and free markets destroy “price discovery.”
One thing that we don’t hear in this whole thing is that oil prices also can fall. Three years ago, we were told that speculators were responsible for driving gasoline prices to $4. However, the same people could not explain why it was that those same dastardly speculators could not keep the price from plummeting to $1.50 a gallon in three months.
We also don’t hear anything about the fact that the Federal Reserve System has been showering the world with dollars, and the U.S. Dollar is the currency in which all oil is traded. No, that would mean that Cuomo would have to blame the political classes, and that is not acceptable, not to him, or to his employer, ABC News.