![]() ![]() How certain are you that the world will unfold as you expect? He is currently a columnist for Reuters Breakingviews and a contributor to the Wall Street Journal, MoneyWeek, the New York Review of Books and Financial Times. He is the author of Devil Take Hindmost: A History of Financial Speculation and his latest book, The Price of Time, where he explains the story of capitalism is really the story of interest: the price that individuals, companies and nations pay to borrow money. How deeply entangled is this financial predicament that we’ve gotten ourselves into? Can we learn from the past to reshape a more stable monetary policy in the future, or are inflating financial bubbles (and popping them) simply in our human nature?Įdward Chancellor is a financial historian, journalist, and investment strategist. With recent news of global financial turmoil in response to rising interest rates - after a period of ultra-low and even negative rates - taking a look at what interest rates are, how they came about and what drives them could help us interpret our present and plan for the future. Today, financial historian Edward Chancellor joins me to give a meta-history of interest rates and human societies. But they’ve underpinned human commerce and exchange for a very long time. Combined with the steep decline rate of shale oil, and approaching 8% global decline rate on legacy production, portends an important biophysical phase shift in global economies and geopolitics.įinance, Money, Interest rates - to many these symbols, which represent and direct real resource flows, are arcane and complex. In this episode, Art points out that - over last 20 years or so, what we call oil in USA is increasingly 'not oil', but comprised of, variously: NGPL, ethanol, and other oil substitutes. In a previous episode, Art discussed how gasoline is only around 40% of the content a barrel of oil, and how USA oil is especially light, and we need to import heavier oil to meet refinery requirements. ![]() With me today to unpack and important 'wrinkle' in the Peak Oil story is geologist Art Berman. Polarizing in that many believe peak oil will mean peak growth while others think oil supply will decline due to "Peak Demand" and we won't need oil in the future, etc. Complex in that it involves: debt, geopolitics, energy quality differentials, refining adjustments, new technology, subsidies etc. Peak Oil - the phenomenon where humanity's extraction of crude oil globally hits a maximum and is then followed by lower oil production (and consumption) forever after - has long been both a complex and polarizing topic. ![]()
0 Comments
Leave a Reply. |