If there is any single price of any commodity that determines the growth or slowdown of our economy, it is the price of crude oil. Too many things don’t calculate today in regard to the dramatic fall in the world oil price. In June 2014 major oil traded at $103 a barrel. With some experience following the geopolitics of oil and oil markets, I smell a big skunk. Let me share some things that for me don’t add up.
The future is no longer in plastics, as the businessman in the 1967 film The Graduateinsisted. Rather, the future is in China. If a multinational corporation doesn’t shoehorn China into its business plan, it courts the ridicule of its peers and the outrage of its shareholders. The language of choice for ambitious undergraduates is Mandarin. Apocalyptic futurologists are fixated on an eventual global war between China and the United States. China even occupies valuable real estate in the imaginations of our fabulists. Much of the action of Neal Stephenson’s novel The Diamond Age, for example, takes place in a future neo-Confucian China, while the crew members of the space ship on the cult TV show Firefly mix Chinese curse words into their dialogue.