Saturday, June 20, 2009
In my previous post, I quoted some numbers from François Cellier. In doing so, I inadvertently used the word "oil" where I should have used the word "energy". As a result, I incorrectly calculated the approximate oil price as percentage of GDP at which the global economy stalls out to be 25% instead of 6%. The specific numbers are irrelevant to the rest of my argument; however, a lot of people (who are apparently comfortable with arithmetic but not much else) have decided that this is a reason to start calling me names. I have a name for them too: I like to call them "the arithmeticians". The rest of you can safely ignore these details and concentrate on what's important: economic recovery -> oil price spike -> economic crash. Repeat as often as it takes to learn the lesson: no more growth is possible.