Oil prices are falling just before the release of Pope Francis’ ecological encyclical, but lower oil prices perhaps threaten financial contagion on all continents.
Even as Goldman Sachs warns of a trillion dollars in zombie oil investments, as American shale oil producers pull back on drilling plans, and governments in Russia, Iran, Venezuela, Nigeria, Mexico, Brazil, Ecuador and those institutions that hold those nations debt obligations, shudder, (because high oil prices were budgeted to pay each nations debts and social expenses) Pope Francis prepares to release his Ecological Encyclical.
I’m going to make a prediction, that the Pontiff’s ecological encyclical is less about “The Earth” and more about how humanity lives on the earth, and commits to the Common Good and their love of neighbor. Oil prices fall…
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