Editor’s Note: Today we have an essay from Dan Amoss, a regular contributor to The Daily Reckoning Australia. This essay appeared in last Thursday’s edition of the DR. We hope you enjoy it.
What a week in the financial markets! I recently returned from a trip through New England’s scenic vistas. Tourists were plentiful and cheery. Most enjoyed blissful ignorance of the credit crisis - and how the government’s response to it will ultimately impact their lives.
And few got the memo from Wall Street strategists that they are supposed to stop driving because oil is over $100 per barrel. Americans love their mobility, and they will pay a premium to keep it. I expect the resilience of energy demand to surprise many.
