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Replies to post #45479 on Market Direction and Stock Trends
09/13/22 4:47 PM
Richard Nixon attempted to impose a cap on inflation following the collapse of Bretton Woods in 1971. That was only followed by the OPEC price shock that led to the 1970s and STAGFLATION where prices rose but economic growth declined. This is what we find ourselves in once again.
It was on September 2nd, 2022 that history always repeats for the G7 said that they have agreed to implement a price cap for global purchases of Russian oil. It is just amazing how nobody ever asks the question - Has this been tried before? Did it work?
We have US Treasury Secretary Janet Yellen who gave us the bullshit that imposing a $600 reporting limit on transactions was to go after billionaires. Now she has laid out the plan to impose a prohibition of services that enable maritime transportation of Russian oil and oil products globally.
"The provision of such services would only be allowed if the oil and petroleum products are purchased at or below a price determined by the broad coalition of countries adhering to and implementing the cap."
Yellen's plan, like Diocletian's, has the same objective to control inflation by establishing a specific price point for Russian crude and another two price points for refined products. Naturally, this will fail as it always has yet it may actually accelerate the inflation by simply causing Russia to cut off all energy to Europe and redirect it to Asia.
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