Oil and Politics: 1978 and 2008, from Alston Mabry
I have been listening to Hazlitt on my morning walks. Finished it this morning, and there he was in 1978, writing that politicians undermine the currency with inflation, which drives up the price of commodities. The politicians then decry the excessive profits being made by commodity producers and call for government regulation of prices just when new exploration and production are most needed.
The wheel turns again.