The Price of Oil

[Daniel]

I wonder about Wall Street's role (and it seems to me that Wall Street is
the dominant power in the Clinton Administration, by far). Yes, they want
low inflation, which they supposedly have. But, isn't Wall Street much more
worried that foreign debtors who are relying on oil and other commodity
markets will default, as Russia is doing? Henry is no doubt correct that
most of Russia's oil income goes to debt service. Isn't the fear of default
the main concern on Wall Street? I mean, whatever they may think about the
global strategic questions, they are people with big loans out, and they
stand to lose a lot of money.

Personally, I couldn't possibly be surprised to learn that the recent
bombing (and Iraq policy in general) answers to the fear of further declines
in the price of oil. I just don't know how to answer that multiple choice
question. There should be more choices, such as what does my brain say, and
what does my heart say. This morning I saw a scene from a Woody Allen movie.
Some guy says to Woody: "What are ya? Yellow-bellied? A coward? Spineless?"
Woody says, "Keep going. You're in the right column."

Daniel