And you will hear of wars and rumors of wars. See that you are not alarmed, for this must take place For nation will rise against nation Matthew 24: 6 and 7. We’ve once again seen the truth of Jesus’ words with the Russian invasion of Ukraine. The economic impact ripples through Europe and the U.S. Jerry Bowyer has the details today on MoneyWise.
MoneyWise contributor Jerry Bowyer is our resident economist, the financial editor atTownhall.com.
Bowyer points out that while we talk about high gas prices as aresultof Russia’s invasion of Ukraine, there is something else that we should consider.
Russia relies very heavily on revenue from energy sales. Russia is a petro-state, so when the oil revenues are high, Vladimir Putin is bold, when they are low, he’s docile. This holds true over the past two decades.
Putin’s previous military aggressions have come at times when oil prices were high and he could afford to fund a military effort. While oil prices have risen higher since the invasion of Ukraine, prices were already elevated before Putin decided to invade.
Bowyer contends that inflationary policies drive up energy prices, and environmental policies designed to make oil more scarce also drives up the cost of oil, putting Russia and Putin in a position of strength.
Inflation continues to contribute to the high prices of gas and virtually everything else we buy.
Bowyer says the answer is to return to the biblical principle of weights and measures. Secure the dollar to something like the gold measure where our currency is anchored to something objective. Otherwise, the political class will also print more so they can spend more, so they can have more authority and power.
Jerry Bowyer is the financial editor at TownHall.com and author of The Maker Versus the Takers: What Jesus Really Said About Social Justice and Economics.
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