"Rogers compares China to the US but fails to point point out (figure out), that one reason the US was able to grow fast was cheap oil prices."
The USA grew very fast in the late 1800's, in fact equalling Great Britain's GDP by 1900, thus becoming Global No.1. A very significant step for the USA.
Oil played no part in this; in fact the Auto and Oil only really came into significance after WW1. This US GAO chart shows U.S. Oil Production only ramps up above 1M barrels per day around 1919. http://www.energybulletin.net/node/27919
As a Yank Shedlock should have been a lot smarter on this.
I think he has a good point re Oil at $200/barrel, but towards $150/barrel not so sure. Wont the inevitable deflation of the US dollar tend to increase the price of Oil?
