Stockman: If We Want to Bring Oil Prices Down, We Should Stop Beating the War Drums
While Nouriel Roubini says that attacking Iran would lead to global recession (and see this), Ronald Reagan’s budget director – David Stockman – points out that even beating the drums of war is driving up oil prices and hurting our economy:
I think you can address this decisively by stop beating the war drums right now. And Obama could do that, and he could say the neocons are history.
The policy that they’re talking about right now is the same thing we heard in 2001, 2002, and 2003. And he needs to clearly say that we’re not going to attack Iran. We’re not going to permit Israel to attack Iran. They are not part of the axis of evil. They’re part of the axis of medieval.
In other words, these are backward people that aren’t going to threaten the western world, and we need to get into a serious process of negotiation. If we do that, the price of oil will drop $30 within a few months, and all the speculators who are on the wrong side of the ship would learn a good lesson.
But as long as the war drums continue to beat, as they are now, we’re going to see this kind of speculative fraud. It’s not real. It’s not supply and demand world today.