Word: oil
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...never thought I'd be agreeing with Republican Senator Richard Shelby from Alabama, but my assessment of the current bank bailout conforms with his response: No! Invest in infrastructure, home weatherization, worker-retraining, green-collar jobs and whatever will move us away from our oil addiction. Rather than doubling down on our already obscene national debt, we should face up to letting the chips fall and reorganizing our lives and economy around a sustainable paradigm. Bruce Garver, MURRIETA, CALIF...
...promising to put into the financial system is so vast - close to $2 trillion, if the cash injections and state guarantees are added up - that it could end up stoking inflation. Consumer prices have anyway been climbing for much of this year, as the cost of everything from oil to milk and cereal has risen. That trend is now changing as the global economy falters. Inflation leaped to a 16-year high in the U.K. in September, but elsewhere in Europe it has slowed, and economists say it should also drop back in Britain. Still, by borrowing huge amounts...
Still, the picture isn't one of unrelenting gloom. Interest rates are low, unlike in the early 1990s, and the price of oil has dropped from its peak earlier this summer as demand slows from the cooling global economy. That's good news for consumers everywhere. But the signs of economic woe still add up to a minefield that European governments, central banks and other policymakers will have to navigate carefully. Here are some of the mines that lie in wait for them...
According to Dershowitz, there are three root causes of this anti-Israeli sentiment: Israel is a Jewish state; Israel is an ally of the US, and suffers from “veiled anti-Americanism”; and Israel does not produce oil, making the state useless...
...From an economic perspective, however, Russian problems seem miniscule compared to those faced by its newfound Latin American ally. In an electoral year, Chavez is eager to regain popular support, but the oil-producing country has contracted its growth forecasts due to lack of investment. As inflation reaches over 30 percent per year, the government has increased public sector salaries, a populist move that will only worsen inflationary pressures. Despite the sky-high oil prices, Venezuela is not able to grow its production because the government has used all the money for clientelist programs, rather than securing future investment. Unsurprisingly...