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Politics : Rat's Nest - Chronicles of Collapse

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To: Wharf Rat who wrote (11609)	12/23/2010 11:31:48 PM
From: Wharf Rat	of 24228

Will 2011 be a rerun of 2008? (Longer version) Posted on December 20, 2010 by gailtheactuary (Gail totally nailed 2008 Peak Oil and the Financial Markets: A Forecast for 2008 theoildrum.com ) == A post similar to this is in today’s ASPO-USA Newsletter. We all remember the oil price run-up (and run back down) of 2008. Now, with prices similar to where they were in the fall of 2007, the question quite naturally arises as to whether we are headed for another similar scenario. Of course, we know that the scenario cannot really be the same. World economies are now much weaker than in late 2007. Several countries are having problems with debt, even with oil at its current price. If the oil price rises by $20 or $30 or $40 barrel, we can be pretty sure that those countries will be in much worse financial condition. And while governments have learned to deal with collapsing banks, citizens have a “been there, done that” attitude. They may not be as willing to bail out banks that seem to be contributing to the problems of the day. If we look back at what happened three years ago, there was a huge run up in the price of oil, but very little change in oil supply. ourfiniteworld.com

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