Loading ...Simmons was motivated by the 1973 energy crisis to create an investment banking firm catering to oil companies.
Comment:
There was NO ENERGY CRISIS. In was a falling dollar crisis, after the de-coupling of gold backing on the US Dollar in 1971. Plain and simple. Currency values are UNSTABLE, therefore PRICES are unstable. If prices are unstable, supply and demand becomes unstable. THAT’S the problem. Instability. So it natural for TPTB to CONSTANTLY re-direct our attentions in the wrong directions.
I remember $2/bbl to $42/bbl 1970 to 1980.
Oil 1970 $2.00 /bbl
Oil $1980 $42.00 /bbl
A whopping 2,000% increase. After gold backing removed.
