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Why the Russian Oil Price Cap Won’t Work — NeilW

Summary:
The 2020s appear to be a never-ending parade of global groupthink. The Russian Oil Price Cap is yet another stupid and self-destructive idea that should have been suffocated at birth. It cannot possibly achieve what its supporters claim, and it represents emotional value signalling from the Big Hug Club rather than any semblance of rational thought.The belief is pure neoliberal hubris, based upon a category mistake and a complete misunderstanding of how national economies and their currencies work....New WaylandWhy the Russian Oil Price Cap Won't WorkNeilW

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The 2020s appear to be a never-ending parade of global groupthink. The Russian Oil Price Cap is yet another stupid and self-destructive idea that should have been suffocated at birth. It cannot possibly achieve what its supporters claim, and it represents emotional value signalling from the Big Hug Club rather than any semblance of rational thought.

The belief is pure neoliberal hubris, based upon a category mistake and a complete misunderstanding of how national economies and their currencies work....

New Wayland
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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