From how bad Republicans would actually be if they got the trifecta, to the Iraq war turning into a bloody, expensive, long-term occupation, to global warming, to Lieberman, the rate of progressive “I told you so’s” is increasing rapidly. Heck, we now seem to be approaching peak “I told you so’s”:
Oil’s 2-day surge tops record Futures skyrocket $11 on a sliding dollar, geopolitics and a Morgan Stanley report predicting $150-a-barrel oil.
NEW YORK (CNNMoney.com) — Oil prices surged for the second straight day, cresting a previous trading high, on a dollar decline that stemmed from a weak jobs report, geopolitical tensions and a forecast of $150-a-barrel oil.
At 1:20 p.m. ET, the July light crude contract was up $8.81 to $136.60 a barrel on the New York Mercantile Exchange, surpassing the $135.09-a-barrel trading record set May 22.(…)
The euro rallied to $1.5659 from $1.5593 late Thursday, after the Labor Department reported that the unemployment rate rose to 5.5% in May from 5% in April, the biggest monthly jump in more than two decades. The economy lost 49,000 jobs in May, marking the fifth straight month of job losses.(…)
When the greenback softens, the price of crude oil increases, prompting investors to look to commodities as a hedge against inflation.
In addition, crude oil is traded globally in U.S. dollars. The less valuable the dollar, the more expensive crude oil becomes.
While I kind of enjoy all of these “I told you so’s” coming our way, the United States is probably facing a perfect storm where a dramatically devalued dollar, dramatically increased oil prices, and an expensive, dead-end war in Iraq is going to severely reduce our national standard of living for an extended period of time. And that will impact all of us, even progressives. “I told you so” will be small comfort when our national wealth is dramatically reduced. The progressive window might be the only way out. Even then, we might not go far enough to make the changes that are necessary.