“How could Clinton make money when people on average lose? There are two possibilities: She may have been incredibly lucky. Or it may have been fixed that she would gain and not lose. Neither possibility reflects well on her.”
“[T]he investment records of commodities between 1900 and 1975 … showed that the investor would have lost spectacularly by buying and holding commodities; AAA bonds produced a rate of return 733 per cent higher than holding resources.”
- Julian Simon: 1996 (below)
Remember the Clinton commodity-investment home run back in 1994? One thousand dollars increased one-hundred-fold in ten months of trading. Some of the facts were reported at the time by the Washington Post:
…Hillary Rodham Clinton was allowed to order 10 cattle futures contracts, normally a $12,000 investment, in her first commodity trade in 1978 although she had only $1,000 in her account at the time, according to trade records the White House released yesterday.
“In the late 1970s, only three prominent energy experts continued to insist that oil prices would not rise inexorably and to display a contrariness to all efforts to dissuade them: Peter Odell of Erasmus University, the late Morry Adelman of MIT, and Arlon Tussing.” (Michael Lynch, below)
Several months ago, a giant of modern energy economics died at age 82. I belatedly sing his praises.
Arlon Tussing, author, co-author, or editor of an estimated 300 books and publications, influenced a generation of market-oriented energy economists. He also educated the energy industry by being realistic and blunt at a time when the conventional thinking was that ‘depleting’ resources meant that costs and prices had to go up.
Tussing analysis such as in his 1983 “An OPEC Obituary” (Public Interest) were spot-on, at a time when many voices were saying ‘Just Wait’ for Energy Crisis #3 (following #1’s Arab OPEC in 1973/74 and #2’s Iranian Revolution in 1979).…
“We have at most ten years—not ten years to decide upon action, but ten years to alter fundamentally the trajectory of global greenhouse emissions.”
– James Hansen, “The Threat to the Planet.” The New York Times Review of Books (2006).
“Contrary to the impression favored by governments, the corner has not been turned toward declining emissions and GHG amounts…. Negative CO2 emissions, i. e., extraction of CO2 from the air, is now required.”
– James Hansen, “Young People’s Burden.” October 4, 2016.
Ten years ago, James Hansen predicted doom if mankind did not “fundamentally” reduce global greenhouse gas emissions in ten years. This ultimatum to the world came due this summer.
But far from raising the white flag, the father of the modern climate alarm now demands via legal action that CO2 and other GHG emissions go negative “if climate is to be stabilized on the century time scale, as a result of past failure to reduce emissions.”…