In contrast, I was not offended either economically or politically (or morally!). To the contrary, I think both interventions were defensible, indeed desirable, on both political and economic fronts. And the reason is simple: The marginal participant in both the oil and currency markets is not a private sector parti-cipant, but a sovereign participant.
The nature of the oil market is such that (1) wild gyrations in the price of the oil tend to come about when (2) private sector agents expect large changes in the future price of oil, as evidenced by (3) extreme spreads between the spot and forward price, which (4) generate micro-economically rational, but macro -economically irrational changes in desired inventories. Accordingly, it is imminently reasonable for sovereign participants in the market to “take the other side” when private sector participants, for whatever herd-driven reasons, start to expect large swings in oil prices, the very discounting of which become self-reinforcing.