On Mon, 5 Dec 2005, Doug Henwood wrote:
>> Stephen Roach's Global Economic Forum note of 28 November commented at some
>> length on the investment behaviour of [oil] exporting nations:
>>
>> http://www.morganstanley.com/GEFdata/digests/20051128-mon.html
>>
>> ``As disruptive as they have been, the oil shocks of the past have all
>> had a silver lining: A significant portion of the revenue windfall accruing
>> to oil producers -- especially those in the Middle East -- has been
>> recycled back into dollar-denominated assets. In earlier oil shocks, the
>> flows associated with these "petro-dollars" have been sizable enough to
>> have contained the damage to US interest rates and to the
>> interest-rate-sensitive components of the US economy. The energy shock of
>> 2005 is different.
>
> Maybe. But he's been wrong so far, and the worst of the energy shock of 2005
> seems to be over, at least for now.
You and your ugly gangs of facts :o) But still, ya gotta admit, that indoor skiing dome in Dubai brings the metaphor of a real estate bubble to a new visual level, if nothing else :o)
Michael