Thursday, May 22, 2008

The credit crunch triggered by the U.S. subprime mortgage meltdown seems to be the worst crisis of its kind since the end of World War II,” he added.

Stagflation has become a global concern on the back of rising oil prices, Eisuke Sakakibara, former vice finance minister for international affairs, the Nikkei reported in its Thursday evening edition.

Large amounts of speculative funds are flowing into the commodities markets as the U.S. housing market plummets and the U.S. economy slips into a recession, sending crude oil prices to record highs and raising concern over the possibility of global stagflation," he said at The Future of Asia forum organized by Nikkei Inc.

Posted by chris @ 06:20 AM (452 views)
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