The full spectrum of punditry is commenting on peak oil. Here’s what seems to be a neo-Marxist perspective:

Recent news items … indicate that the privileged class could use peak oil hysteria to prematurely drive up prices to artificial heights. While oil prices should currently be climbing, there is no good reason at this point for them to be as high as $60/barrel. It is the result of speculation, and someone is making a big profit from it. As of yet, peak oil has only been whispered around the marketplace. The real market panic lies ahead of us, maybe a year away, but perhaps as soon as next month or next week—if it has not occurred before this article is published.

When the panic comes, it will be managed by the elite. They will extract their profits from it, and then they will liquidate their assets and move them offshore before the market crashes. They will fold up their tents and leave town, perhaps for the Cayman Islands, perhaps for safe havens in Asia and elsewhere. There they will convert their dollars to gold, or possibly to Chinese yuan, sparking a bottomless devaluation of the US dollar.

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