tag:blogger.com,1999:blog-6194015968999267414.post5556281132657951641..comments2023-08-12T08:36:51.346-04:00Comments on No Countries No Religion: Oil Money FlowsPaul Thoreauhttp://www.blogger.com/profile/04066194758509677594noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-6194015968999267414.post-54227816531333210782008-08-27T11:11:00.000-04:002008-08-27T11:11:00.000-04:00Mr. Carnell:I’m no expert on this, however, I beli...Mr. Carnell:<BR/><BR/>I’m no expert on this, however, I believe you are technically correct about the term “wealth transfer.” It is still a great deal of money, and it is flowing out the United <BR/>States and enriching oil-rich countries. And you are correct when you say that both sides gain. At this point, given the strife and conflict in the Middle East, I believe that many are wondering how equitable those gains are. Does it become “wealth transfer” when the money gained from the sale of oil is then used to buy a stake in a company such as Citigroup?<BR/><BR/>I need to know more about what Pickens is up to before I would agree that he “is engaging in silly economic populism.” I do agree with the rest of what you wrote about Pickens. I am extremely skeptical of his plan, just because it comes from him.<BR/><BR/>Thank you for your comment. You gave me some things to think about. I always appreciate that from my readers.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6194015968999267414.post-45601692623704151452008-08-26T23:24:00.000-04:002008-08-26T23:24:00.000-04:00Exchanging money for goods is *not* a wealth trans...Exchanging money for goods is *not* a wealth transfer. Wealth transfer almost always means redistributing wealth outside of exchanges -- such as through taxes or through estate planning.<BR/><BR/>In a free exchange, as occurs with the sale of oil, both sides gain. If not, then it's silly to highlight oil. Pickens could just as easily talk about the $750 billion or so in "wealth transfers" used to pay for food every year in the United States.<BR/><BR/>Pickens is engaging in silly economic populism here. And, of course, it turns out Pickens has a huge financial stake in the solutions he's proposing (he's got a lot tied to a Texas wind farm plan).Brian Carnellhttps://www.blogger.com/profile/07115843962993897806noreply@blogger.com