Thursday, May 22, 2008
'Scandalous' OPEC to blame for slump, by-election results, weather etc...
The Register: The economy: A big Arab did it and ran away, claims PM
It's all OPEC's fault, according to Gordon Brown. He told an audience that the world's current economic woes can largely be blamed on the scandalous behaviour of the oil producer's cartel. They're just not pumping enough oil, he claims. Brown's pitch can't exactly be categorised as a major contribution to economic rationality. [Warning: no relevance to HPC. It's just shocking to see how out of touch "Prudence" Brown really is on economic matters.]
Posted by drewster @ 09:55 PM (508 views) Add Comment
11 Comments
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1. sold 2 rent 1 said...
Brown isn't out of touch.
This is the economic version of a "false flag" operation.
Create an oil bubble by bailing out the banks, instruct them to pump the oil market, and then blame it on your political enemies.
Full marks for the NWO idea. An economic 9/11
But will the public buy into this one? Not this time.
2. drewster said...
s2r1 that is rather clever. Qui bono though? Bush and Brown are taking a lot of flak; by blaming it on OPEC are they paving the way for more looting of the middle east? Goldman Sachs are probably raking it in too, do you think they are the secret rulers of the world?
A few months ago MoneyWeek asked "Is the gold price really being manipulated?". Their evidence was fairly strong. If it's possible to manipulate gold prices then it's possible to manipulate oil prices too.
3. mark wadsworth said...
There is a lot of relevance to HPC. Can anybody be bothered to setup "oilpricecrash.co.uk"? This is a bubble pure and simple - as ever, the problem is calling the top.
4. it_is_going_with_a_bang said...
"called for the EU and the G8 to break down its control"
What with cruise missiles?
What a stupid statement to make. Just engineered to make him look like he's being statesman like.
When in reality he is just being an idiot.
Besides, it is THEIR oil - what on earth makes him think he can dictate what they do with it. Dam cheek.
He could of course stop selling them billions of $ of weapons?!
Nope can't see that happening either. So that makes this a load of cr*p.
"It's not my fault i'm brilliant you see"
Nope that doesn't wash either.
5. lvmreader said...
@Drewster,
Should 5 billion other souls stay in poverty or do they have the right to use their own natural resources as they see fit?
6. drewster said...
@Mark Wadsworth: While I agree that $135 oil looks unsustainably high in the short term, in the medium term peak oil will have a significant effect. In other words, It's Different This Time. Normally when I hear those four words, I know to run a mile. However a couple of years of reading www.theoildrum.com has taught me why oil is fundamentally different to tulips, dot-com shares, or houses.
In previous bubbles, sellers of tulips, south sea company stock, and dot-com shares were bullish optimists. The masses lapped up their exciting talk of new opportunities. By contrast the peak oil message is negative and pessimistic, which is why their message has taken so long to get through. Nobody wants to believe in peak oil (except a few eco-nuts), but that doesn't mean it won't happen.
7. drewster said...
@lvmreader - When I accuse Gordon Brown of economic incompetence, it's for the same reasons as those given in the article. The article makes it clear that Brown has failed to grasp the simple issues of supply and demand. I'm certainly not advocating the theft of other countries' oil or resources.
8. sold 2 rent 1 said...
drewster,
"It's Different This Time"
Peak oil MAY or MAY NOT come true.
We just don't know as there are too many unknown variables
This oil spike is pure speculation, fear and greed.
Looks like the bubbles are turning from greed to fear based.
Dot-com - pure greed
Property - fear (of not getting on the ladder) and greed
Oil - primarily fear of peak oil and a bit of greed
Gold - pure fear (yet to come) of complete banking system collapse.
9. tyrellcorporation said...
I noticed that Darling was convening an emergency summit with the supermarket bosses to talk about high food prices. Yet another diversionary tactic to externalise the economic problems. It's everyone else's problem and nothing to do with appalling economic management. US sub-prime, greedy stupid banks, greedy energy producers, greedy oil companies and now greedy Arabs. Quite incredible and more than a bit embarrassing for them.
10. denzil said...
This Bloke wins this weeks Comical Ali award:
11. Denzil said...
This Bloke wins this weeks Comical Ali Award: