Yglesias

Pessimistic

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CREDIT:

I hope the optimists about the economic situation are right, but I think Kevin Drum’s pessimism may be more warranted. The oil thing, in particular, is a big concern of mine. Considering that demand from the developing world has only grown since the summer of 2008, it seems to me that any kind of real economic recovery in the rich countries is going to lead to renewed price spikes that we’re totally unprepared to deal with.