Thoughts on Money

"You shall not press down upon the brow of labor this crown of thorns; you shall not crucify mankind upon a cross of gold." - Wiliam Jennings Bryan Cross of Gold Speech, 1896 [wikimedia.org]
“You shall not press down upon the brow of labor this crown of thorns; you shall not crucify mankind upon a cross of gold.” – Wiliam Jennings Bryan Cross of Gold Speech, 1896 [wikimedia.org]
Fed chair Janet Yellen with former Chairmen Paul Volker, Alan Greenspan and Ben Bernanke, listen to remarks during the Federal Reserve centennial commemoration, 2013
Fed chair Janet Yellen with former Chairmen Paul Volker, Alan Greenspan, and Ben Bernanke, listen to remarks during the Federal Reserve centennial commemoration, 2013.[npr.org]
In order to prevent myself from becoming rapacious, I try to reduce the amount of time I spend thinking about money. However, recent developments have forced me to spend a lot of time understanding exactly why money has been behaving so strangely in recent times.  Read More...

Swimming Upstream: Nigeria’s Economy Defies All Logic

A Nigerian oil dealer pours gasoline into bottles at a roadside market in the commercial capital of Lagos in this October 31, 2008 file photo. REUTERS/Akintunde Akinleye/Files
A Nigerian oil dealer pours gasoline into bottles at a roadside market in the commercial capital of Lagos in this October 31, 2008 file photo. REUTERS/Akintunde Akinleye/Files

Nigeria’s petroleum industry is very peculiar. Despite producing 1.75 million barrels of crude oil per day(b/d), they only refine about 24,000 barrels into gasoline, leaving them 384,000 barrels short of meeting daily domestic demand.  

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