Thursday, February 16, 2012
There's an article at Think Progress this morning about how oil prices, now over $100 a barrel, keep rising even though demand keeps dropping, and is now lower than it's been in 15 years, since 1997. Industry analysts say the price rises are due to speculative money flooding the oil markets since the beginning of the year in anticipation of rising gas prices. Most of the cash is coming from hedge funds and Wall Street money managers, who seem intent on constructing a self-fulfilling prophecy.
In this way, the "invisible hand" of universal social benefit, which is activated by everyone acting in his or her own self-interest, and was theorized in 1776 by the prophet of capitalism, Adam Smith, this invisible hand can now be seen giving us the invisible finger.