One forgotten corner of the world is set to profit massively from soaring global energy prices.

We have set ourselves a mighty task in today’s Daily Reckoning, dear reader. We aim to prove to you how short-sighted, smug, and shallow the mainstream press is. This may not be as big a task as it first sounds, given the quality of a lot of journalism. But we take on one of the central myths of the modern economy today: that consumption leads to prosperity.