Tag «Putin»

Destroying demand

I underestimated the impact of high gasoline prices on our behavior. I thought $5 gas would be necessary to produce the type of impact we’re seeing at only $4. Demand destruction is so severe it’s overwhelming events in the former Soviet Union, where chess-master Putin is spoiling U.S. attempts to extract oil by going around Russia. Along the way, Putin has demonstrated exactly how impotent the U.S. has become on the world stage.