"They're not Keynesians," the diplomat said, "they're Russians."


Ha! Like Keynesians like us are any better at long term resourse allocations. Keynesian economists have always discounted the future value of oil and, consequently encouraged max short term output. There's no consideration for retaining reserves or barrels because Keynsians incorrectly think energy is virtually unlimitied. This Keynesian approach has got us in this mess by not recognising post peak barrels are worth vastly more.

This article indicates all the focus in Russian is on draining existing fields and not developing new areas. Based on this, the Russians are doing better than we are on retaining reserves for future development.

Our pending energy supply contraction= no economic growth= insufficient debt service= chaos + oilwars.