Monday, May 26, 2008
Oil, HPC, it's all related
This is London: Forget house prices, it's oil that will sink Gordon
"The soaring cost of oil may not be the Prime Minister's fault but there is something about Gordon Brown that makes you want to blame him for it anyway - as the voters in Crewe and Nantwich effectively did on Thursday, the day that US light crude reached a new record of $135 a barrel. [...] Highly priced oil and the economic disaster it unleashed in the Seventies eventually swept Jim Callaghan from office and Labour into the political wilderness where it languished for 18 years."
Posted by drewster @ 11:27 PM (370 views) Add Comment
2 Comments
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1. Watching The Wheels2 said...
History repeating itself both in the political and economic arena.
2. Sneaker said...
Globalisation was welcomed during the global boom. It was credited with having produced the boom.
Now we have a bust. Will globalisation be blamed for it?
I observe that we unite in complacency in good times, and divide into groups in bad times, and that this pattern occurs regardless of how the boom or bust has come about.
The "cause" of the boom or bust is largely irrelevant. We always behave in the same way.
That should in some way be salutory, but I doubt many people will reflect on it in this way.