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Kevin Drum vs. the Commodities Markets



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Kevin Drum makes a good and plausible point about my OPEC post: OPEC may not be able to increase its oil output, even if it wanted to. Drum concludes that oil prices therefore are no reflection of the debased dollar. Okay, so what about: cotton, corn, wheat, urea, gold, soy, silver, wholesale food, etc.? Orange juice prices are up 30 percent; is there some kind of OJPEC of which I am unaware?



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