Podcast: Oil prices will hinder economy until new energy sources emerge

The word stagflation has been on the minds of economists in recent weeks. The term describes the unusual condition when the economy is slowing but prices are increasing.

Dr. Stephen Leeb, author of the Complete Investor newsletter, believes we’re at the beginning of a long period of energy-driven stagflation. As long as oil and commodity prices continue rising, our economy will be held captive. Our only escape might be a massive, nationwide investment in new, alternative energy sources. “I think that we sort of need to declare war. Not on any people. Not on any nation. That doesn’t work. But we have to treat this crisis as if it were like a war, and we have to be prepared to spend money that rivals what we spent on World War II.”

In this podcast, Leeb tells Minnesota Monitor what he thinks is happening in the economy today, how much high oil prices are having an impact, and what we can do about it.

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