M.I. Lecture; New York City, February 25, 2016 —
Some have called the oil price collapse the biggest wealth transfer in modern history. Oligarchs, monarchs and kleptocrats in the world’s major oil-exporting nations are scrambling to adjust. They have been deprived of trillions of dollars.
But given the proximate reason for the price collapse, what we are also witnessing the biggest transfer in geopolitical power since the fall of the Berlin Wall. …..download speech here