The Biggest Idiot of Them All
is Unkie Hugo.
He thinks he can win this thing? He needs big oil more than the world needs his crude. He's already squandered the capital he and his cronies have extorted from the oil biz, with the result that the industry there is becoming crippled, and the rest of his national infrastructure is crumbling. Inflation is rampant (like crime), there are food and fuel shortages on the ground, and now he wants to start a bigger war with the West?
I got news for Unkie Hugo (who makes even our housing bailout politicians look like models of propriety) -- we can survive an oil price spike just fine.
What Unkie Hugo -- who is already on the outs with a lot of his former constituency -- needs to ask himself is this: can he survive a world that isn't buying his oil?