The media misinterprets also. For example, there is no phrase “wiped off the map” in farsi, and the Iranian president did not say Israel should be wiped off the map, yet that statement is widely circulated as fact. He actually said the “occupying regime” [*not* Israel] should leave, and that Palestine should elect its government. I have a long analysis of this error available, but it is not for a housing forum. However, all this rhetoric is elevating tensions in the Middle East, causing our stock markets to suffer, and oil prices to rise.
On the subject of oil, I am convinced by the data of Hubbert’s Peak and Peak Oil, that we are the peak supply of oil, and that our demand is rising at a faster rate due to growth in China and India. $100 oil is not far away, due to the supply/demand imbalance. $200 oil is possible. What is truly amazing is that our government is not making plans for averting an energy crisis. It seems we don’t like to plan for unpleasantries, so we just deal with today.
