The Fictitious Economy, Part 2, An Interview With Dr. Michael Hudson
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Type of Content: Article Transcript of a A Guns And Butter Interview by Bonnie Faulkner In the second half of an hour long interview with economist Dr. Michael Hudson broadcast on Guns And Butter June 25, 2008, Dr. Hudson explains some of the factors in the price of oil that are seldom discussed in the mass media, and details why the price of a gallon of gas may double again before year's end. He also predicts a long, slow and inevitable economic depression in the US and in other nations which do not decouple themselves from the US dollar, and talks a little about what to expect from a new US administration next year. Here is one part of the interview MH: I should say that I was formerly the oil industry specialist in Balance of Payments for Chase Manhattan. I’ve worked for Continental Oil. I have a long background in the oil industry. BF: So then simply what do you think that the price of gasoline represents? It’s now at like $4.50… MH: The equilibrium price is $16.00 a gallon. BF: Now, what do you mean by that? MH: That’s the price it’s moving towards and probably should be, will be within about three years. BF: [somewhat incredulously] Within three years you think that a gallon of gasoline is going cost $16.00. MH: If you make an equilibrium model, given the fact that the dollar… the rate at which the dollar is going down and the threatened war in Iran, if you factor in all of these, that’s the number that’s being used in Wall Street. If Bush attacks Iran the price will go immediately up to $8.00 a gallon, and from there, probably to $12.00 this year. Article includes audio of the full hour interview at bottom of article. Read full story... Read »
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