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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (37090)	9/14/2005 1:19:55 AM
From: CalculatedRisk	Respond to of 116555

Buttonwood : Pump panic, gold glee economist.com MUCH of England came to a halt on Monday, watching its cricket team win back the Ashes. It may well come to a halt later in the week for quite a different reason. With unleaded petrol now fetching over £1 ($1.82) a litre in Britain, for example, and talk of shortages rampant, truckers and farmers around Europe are ganging up on their governments to cut fuel taxes. In Britain, protests and motorway go-slows are planned from Wednesday onwards. In France, one protest has just ended. In the face of this nascent revolt, Europe’s finance ministers say they will hang tough (most have budget deficits, hence little choice) and hang together. But no one really expects them to. Five years ago, similar protests crossed borders, stopped trade and caused several governments to make concessions. This time around, Poland has already said it will cut fuel taxes, France is talking of doing so and has offered €30m ($37m) in tax breaks for farmers, and Britain may yet freeze taxes at the pump. <MORE>