First off, please note: that’s Paul M. Kennedy, history professor at Yale. One meta-theme that has been floating around the media throughout the global financial crisis of the last month or so has been variations on “the overthrow of the American century,” the “undoing of Wall Street as the world’s financial center,” and the like. If you’re going to write about this, what better expert to consult than Prof. Kennedy, author (although it was way back in 1987) of the noted history The Rise and Fall of the Great Powers?
From the leading Dutch business newspaper Het Financiële Dagblad comes a report about an encouragement pronouncement from current OPEC chairman Chakib Khelil (OPEC Chairman Khelil Sees Oil Price Sharply Falling).
According to Khelil, the price-per-barrel of over $140 that we recently saw for oil was “abnormal.” (more…)