ace a clark winner
seems quite comfortable

playing the trans nat's

free open or freaky closed

game

as several commenters point out

obviously he hides his shameful flacking
by using generalized gibber

this reads worse then a op ed by
some wall street hack might tap out

for a fast buck

i wonder if ace here
is worth his retainer

Posted by: paine | Link to comment | June 25, 2008 at 10:06 AM

says…
“trade opening,

financial liberalisation,

judicial reform,

privatisation,

reduction of entry barriers,

tax reform,

removal of targeted industrial subsidies

and

central bank independence”

ie

a proper landing and take of strip

for globe hop-ing profit privateers

bend over and open wide

ya ya of course
this will hurt

before it makes you better

Posted by: | Link to comment | June 25, 2008 at 10:13 AM

paine says…
apropos jonfernquest's

very nice pointer towards

the pak chung hee haw miracle

my friend alice amsden
has a nice book on

this varient

of the asian development mode

Posted by: paine | Link to comment | June 25, 2008 at 10:17 AM

says…
robertdfeinman

i take it
ace in sheeps clothing

bleeting about bi modal failure

fools you

as to his evident masters ultimate wolfish intent

to rank him with conutryman dani r
is a ……mistake

These overly credentialed morons insist on abstracting away from all the details of actual development. Their language is so abstract, so devoid of operational reference, that it is actually difficult to see if they are talking about any real thing at all”

operating at that altitude
its harder to blame them

for the stray pinochet

these trans nat ivy flacks

tacitly endorse

Posted by: | Link to comment | June 25, 2008 at 10:23 AM

says…
ace

by scorning the crack pot pagamtism

of second best

seems to imply

a democracy at least a real one …like ours

can clear away so much

second best under brush

the system can operate on first principles

open up

be free

go high wide and hang some

Posted by js paine at 07:07 PM

“My feeling is that Krugman has been arguing with a strawman of his own construction,”

i agree

the real problem
what makes crude prices happen as they do ??

we haven't a clue toward a decent model
let alone such a model

how the crude oil markets work is simulate able i'm sure
but where's the detailed model

this is not academic science
its price engineering

no one wants such a costly specific model

that could afford one

“but he (krug)'s still, more or less, on the side of the angels, here”

why conceed that

the cry speculators causes popular alarm
aND THAT IS PRECISELY WHAT WE NEED HERE

action ust be taken now
massive wind falls must be taxed away now

to pay for heating oil ration stamps

or at least to retire the debt incurred funding this rationing plan

Posted by: paine | Link to comment | June 25, 2008 at 12:44 PM

says…
anne you need to folow your own guide line

forget about building more capacity for 2012

and face winter 2009

Posted by: | Link to comment | June 25, 2008 at 12:46 PM

paine says…
lets stick to the real target wind fals

are they all accruing to oil state out fits ??

no

are the trans nat incs wind fallers too
are they taxable ..yes

for that matter are the commodity specs taxable …yes

go after all of em …now
sort out who got what

when you have the totals

as part of the emergency tax probe audit

as to how they got it

leave that to the scholars

Posted by: paine | Link to comment | June 25, 2008 at 12:52 PM

paine says…
one point calvo made

if the spot/ future links
are working

the spot market will prevent storage for pure spec

by reducing the differential

to carry cost or less

in this light obviously

a falling or rising interest rate adds some additional

minor motion of course

if those settng well head prices and output

suddenly

“today”

expect a much higher future price path then

they collectively expected “yesterday”

no matter why

then prices will jump right ???

expectation changing causes

peak oil
the dollar plunging forex expectation

a far faster growing global demand

what else ???

Posted “Right now the cartels don't have much influence because they have little room to increase supply”
why in hellwould they ever increase supply if elasticity

is so low

many “poorer ” per capita
oil exporters always operate at practical max

its the large high per capita exporters
who can and will cut out put

the irregular period
of the crude price policy cycle

often a decade plus in length

btw

requires the ever present threat of a price collapse

to scare off high fix cost alternatives

right now folks ae still using 40-60 crude
as the bench mark for alternative energy products

just reviewed st paul's model

all those marshall crosses won't scare away
the wind fall vamps

take home question:

what if we make supply and demand both vertical
and

super imposed on each other

then what ?? ..err can we do that ???

extra credit : if we can
how could that be

a realistic today type

short run market sructure ???

Posted by: paine | Link to comment | June 25, 2008 at 01:39 PM

paine says…
“Currently the situation of the global market is … that it has enough oil and any increase in oil production will have no impact on (the crude) price,”

these are of course independent claims
if the supply is already adequate

and more is produced

the additional output could only be sold if a lower price would both induce more demand AND …a lower price would be administered

obviously
if the price is fixed

inventory will rise if supply exceeds demand

butthe question remains
why is the price able to be fixed ??

serlin

maybe te whole marshall paradigm

brakes down where elasticity

becomes “vertical”

or close to vertical

after all using the usual alfred the greart story line
what keeps price sets from going even higher

till the profit max point

example of thumb ruled production level for the few slack producers
if you asume slac

u start first with a poorly behaved supply schedule

as in

throw out increasing marginal cost

u end up with the slackers

replacing full tilt

with a production level

that keeps global inventory stabilizing

within some moving target range ..etc etc etc

maybe this dust up among remote controled egg heads
might force some better simulations

Posted by: paine | Link to comment | June 25, 2008 at 04:03 PM

paine says…
“the real question is why has production remained fixed for two years, in the face of rising demand.”

no maybe not
the question if our iranian friend

quoted above is to be taken seriously

at least today seems to be
why does the market system

for crude oil …

act like its operating

with a noisily rising price floor ?

“It might be appreciated by some
if you would not judge and proscribe

on the value added

from other categories of commenters….”

judge …maybe sort of

but
proscribe ???

never !!!!!!!

let the good memes
roll where they may

” This is not your blog..”

indeed

“and this blog is not your thread”

fair enough ..anon

just hold the self promotion to a dull up roar

Posted by: paine | Link to comment | June 25, 2008 at 07:41 PM

paine says…
“Either OPEC is lying or Krugman is wrong”

krugman is wrong

Posted by js paine at 06:57 PM