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January 13, 2012

The Real Oil Shock

Makovsky & Goldstein, Weekly Standard

AP Photo

In 1993, James Carville, President Bill Clinton’s political strategist, said that “if there was reincarnation,” he’d like to return as the bond market, because then he could “intimidate everybody.” Today, with interest rates historically low, the fantasy of choice would no doubt be to come back as the oil market, which intimidates even the U.S. government.

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TAGGED: oil, Iran

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