Publications: Notes at the Margin

Oil Producers, Have No Fear; The Government Does Not Care (February 24, 2014)


A more complete title for this week's report would be "Oil-exporting countries, particularly OPEC members, should have no fear of retribution from competent entities in consuming-nation governments. The competent officials do not care what exporters do, so party on and push up prices!" This conclusion emerged after our review of the just-published transcripts from the 2008 Federal Reserve Board meetings. Essentially, the Fed has offered oil exporters a blank check, one they are still cashing. Our discussion provides the details.


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