The President of the USA can implore all Americans to do their patriotic duty and Spend! Spend! Spend! The President of the Fed can lower interest rates in the USA as the Governor of the Bank of Canada is doing here. And all of Hollywood can come together imploring Americans to travel.
But all of that combined is not enough to turn the tide. It might help. But, like a band-aid can stop the bleeding from a small scrape or cut. It won’t do much for a hemorrhage.
To further exacerbate our financial misery, the Arabs, who control OPEC, want to force the price of our energy costs up by reducing production. As if they don’t already have enough money.
Russia to the rescue! Russian oil production is making a difference. A real colossal difference.
With their enormous oil reserves, Vladimir Putin, Russia’s President has told the Arabs where they can stick their oil production quotas. Russia’s economy is in a mess. They need foreign capital desperately.
The West can’t afford to pay $30 or more for a barrel oil. Especially if we have a cold winter. Russia has an awful lot of oil. Ipso-facto: Russia continues to pump as much oil as they can. We get it cheap. The Russians make a shit-load of foreign currency. Cheap oil prices keep us from sliding even further into recession.
And everyone is happy. Except the oil billionaire Arabs. And ain’t that just a pity.