Originally posted by oracleslave
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Quick summary of what's happening with the economy
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Originally posted by HairyArsedBloke View PostOil has been going up, even in non-dollar terms, because of the demand for it. This is partly to hold other classes of asset as an alternative to stocks and real-estate. It is also to build stocks for reserves and ahead of perceived further price rises. However, demand is not need. Actual consumption from India, China, etc has not gone up anything like as much to warrant these prices. The producers know that there isn’t the real need for the volume of oil that’s why they do not respond to idiots like Brown asking them to pump more. There is plenty of oil sitting in tankers in the gulf with nowhere to go. The problem is that it‘s heavy oil. What there is a shortage of is refining capability. It’s a problem that has been a long time in the making and will take even longer to fix.
IIRC don't the Iraquis and Iranians price their oil in Euros just to annoy the septics?Comment
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Originally posted by Peoplesoft bloke View PostGood point - my cousin designs refineries and has never been so busy - good rates too - boomed.
IIRC don't the Iraquis and Iranians price their oil in Euros just to annoy the septics?"Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny. "
Thomas JeffersonComment
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Originally posted by DimPrawn View PostI bet sas spends 4 hours scouring all the menus, totting up the margins, before opting to go home and have another pot noodle in the back room.
Given that the missus can cook better than most restaurants I know and genuinely enjoys it, I see little point in eating out.Hard Brexit now!
#prayfornodealComment
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Originally posted by sasguru View Post
Given that the missus can cook better than most restaurants I know and genuinely enjoys it, I see little point in eating out."See, you think I give a tulip. Wrong. In fact, while you talk, I'm thinking; How can I give less of a tulip? That's why I look interested."Comment
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Originally posted by DimPrawn View PostOkay smart arse.How did this happen? Who's to blame? Well certainly there are those more responsible than others, and they will be held accountable, but again truth be told, if you're looking for the guilty, you need only look into a mirror.
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"We hang the petty thieves and appoint the great ones to high office" - AesopComment
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Originally posted by sasguru View PostPosted this on another thread, but think it deserves a thread of it's own:
Oil prices are just one side of the doom.
The main problem as I see it is debt caused by poor lending practices. Currently we are seeing a credit crunch caused by poor lending on mortgages in the US. This debt was sold on to the world banks who have suffered as a result and withdrawn credit. This has led to a destruction in the housing market and hence confidence. This in turn will lead to a contraction in spending, which will lead to companies going bust/and or poor results, which will lead to rising unemployment. That will lead to the fallout from people defaulting on their massive credit card debt and a second round of pain in the financial industry. (Credit card debt is sold on just like mortgage debt). All the while the housing market will be falling like a stone. The whole pack of cards is collapsing.
Oil prices and hence higher costs for everything are just accelerating the process.Comment
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Originally posted by Nicky G View PostHave long have we got until things get really bad then?
IMF raises world economic targets
The International Monetary Fund (IMF) has raised its global economic forecast after the impact of a credit crunch was not as severe as had been first feared.
http://news.bbc.co.uk/1/hi/business/7511766.stmComment
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