Krugman and the gang are all hot to convince us that asset price reductions were a result of some psychological shock. No, oil is $100/barrel, and it takes energy to work the assets, housing, farms and factories. When energy is short fewer households are in operation.
The Keynesians are in denial about energy shortages because their stimulus skills are not called upon in periods of shortages. They lose the opportunity of spending other people's money.
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