Some much-needed perspective on Libya

This is the sixth paragraph in the main New York Times story about unfolding events in Libya:

But as rebel leaders said they had arrested two sons of Colonel Qaddafi, the European Union said on Monday that it had begun planning for a post-Qaddafi era. Financial markets rose smartly in Europe and the United States, and oil prices declined on the expectation that Libyan production would quickly return to pre-war levels.

The Financial Times is more restrained, waiting until the last paragraph to note the consequences for financial markets:

Meanwhile, Brent crude was down $1.71 at $106.91 a barrel on Monday as oil traders appeared to be positioning for an increase in Libyan oil production.

It looks like the fall of Qaddafi will be good for people looking to get away for one last summer trip!

5 thoughts on “Some much-needed perspective on Libya

  1. I’d like to take this opportunity to point out that this is why FT is such a great paper. Obviously it shares the nihilistic outlook of neoliberal journalism, whereby the world exists to provide income on financial assets, but it applies that worldview in a more precise and informative way — you get a lot less of the annoying “markets moved up/down because of the last good/bad thing that happened” style of stories (though there are still some).

  2. Honestly? Who in their right mind thinks that the success of the rebels, however we feel about it, will automatically result in an increase in Lybia’s oil output? It will only do that if someone installs a government amenable to the West and OPEC’s subservient participation in it. And if the infrastructure necessary to it hasn’t been significantly damaged in the conflicts, by either side.

    Herbert’s Dune, anyone? At the end, Emperor Shaddam flies the flag, not of any power that may receive claim to the land, but of the merchants that control (and rely on) its sole valuable export good. The Spice must continue to flow.

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