Ready or not, here it comes.
CARACAS, Venezuela—
Hugo Chavez predicted oil prices will soon hit $100 a barrel.
It may not be that soon but it will come in fits an starts.
The West will slide into a recession comparable to those that of ‘73.
The $100 barrel will be dramatically inflationary to the economies of the West, while at the same time suppressive of their economic activity and stock markets.
Unlike ‘73 this will become a more or less permanent economic condition for the West.
In the beginning, long lines at gas stations, with only people with an odd-numbered license plate will be able to purchase gas on an odd-numbered days.
The more permanent condition will be no lines as no one will have the money to buy the gas or a job to go to.
Hugo Chavez predicted oil prices will soon hit $100 a barrel.
It may not be that soon but it will come in fits an starts.
The West will slide into a recession comparable to those that of ‘73.
The $100 barrel will be dramatically inflationary to the economies of the West, while at the same time suppressive of their economic activity and stock markets.
Unlike ‘73 this will become a more or less permanent economic condition for the West.
In the beginning, long lines at gas stations, with only people with an odd-numbered license plate will be able to purchase gas on an odd-numbered days.
The more permanent condition will be no lines as no one will have the money to buy the gas or a job to go to.
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