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Politics : Rat's Nest - Chronicles of Collapse
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To: Wharf Rat who wrote (3856)4/8/2006 11:20:05 PM
From: Wharf Rat  Read Replies (1) of 24213
 
Rural Housing Prices
Posted by Stuart Staniford on Sat Apr 08 at 1:40 AM EST
Topic: Economics
Tags: peak oil, housing market, rural areas (all tags)

IndyDoug points us to a Financial Times article leaking the IMF's soon to be released conclusions.

The IMF estimates that oil prices explain half of the deterioration of the US current account deficit between 2002 and 2005. In that period, the deficit rose 2 percentage points, to a record 6.5 per cent of gross domestic product. Rodrigo Rato, IMF managing director, this week warned that "good economic performance rests on a shaky foundation, because of large and continuing global imbalances". The US current account deficit is forecast to increase again in 2006, Mr Rato said, partly because of the impact of high energy prices.
and

Mr Rato has called for a "multilateral" approach to resolve the global imbalances as he warned that the "risk is that global imbalances will be unwound in an abrupt and disorderly way". "If a disorderly adjustment does take place, it will be very costly and disruptive to the world economy," he said this week.
So I guess that gives a little more respectability to those expecting a financial meltdown as a result of peak oil. The IMF is worried too.
But for some people, the abrupt and disorderly unwinding of imbalances has already occurred:

There's more... (1095 words) | Comments (102 new, 102 total) | Permalink |

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