Blame oil, not banks, for recession

Neil Reynolds of the Globe and Mail summarizes Alan Reynold’s article in his own, which states that oil is to blame for the global recession and for all many of the recessions we have had since World War II. The housing crisis etc. are huge problems but they did not cause the global recession.

Also, he questions if President Obama’s plan to progressively tax oil will work the way he intends it to, or if it will cause recessionary problems of its own.

The original article by Alan Reynolds is below.

It Didn’t Start Here by Alan Reynolds of the Cato Institute

As above but also with the statement that if the US was to blame for the recession, shouldn’t it have contracted first?

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~ by notrous on April 22, 2009.

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