This clear-eyed discussion is well worth the 26 minute listen.
Merryn Somerset Webb interviews Paul Hodges about the reality of an aging population and the global economy’s ‘Great Unwinding’. Here is a direct video link.
“Merryn: To bring that back to the oil price, the oil price up at $100 was a function not of real demand but of stimulated demand?
Paul Hodges: It was a complete and utter charade from beginning to end. There has never been, since 2009, a single moment anywhere in the world where there was a supply shortage, a customer didn’t get the oil, the petrol, or anything else that they wanted, but it was all built on wishful thinking from the central banks. They were saying, “We can create demand by printing money.”
… You have to love honest statements. Some British humor is also much appreciated.
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