Man Without Qualities

Wednesday, March 19, 2003

Krugmania v. The Real World, Again

Krugmania of December 27, 2002:

Then there are the dogs of war. Oil futures are already above $32 per barrel. Donald Rumsfeld assures us that we can fight two wars at once, but nobody seems to have thought about the state of oil markets if there is simultaneous turmoil in the Persian Gulf and Venezuela.

The Real World - March 19, 2003:

Organization of Petroleum Exporting Countries said on Thursday it would make up for any oil shortage from the attack on Iraq, using spare output capacity to ensure supply continuity.

MORE: Another dispatch from the real world.


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