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News ::
AS THE ECONOMY CRUMBLES (english)
17 Feb 2003
As the Economy Crumbles features selected news summaries with links to further information about the lousy economic trends affecting many of us. The rose-colored rhetoric, hype and spin from economists, bureaucrats, PR flacks and analysts emanating from Wall Street and the financial media requires a skeptical mind and a well-functioning bullshit detector. In this issue: Prospects of an Oil Shock; Climbing Gas and Energy Prices; Record Homeless; War, Deficit & the Economy; Birth, School, Work, Death; Jobs? What Jobs?; Slump, Fall, Decline; Going Bankrupt; Run for the Hills!; and European Woes Continue.
inews_collapse.gif
As the Economy Crumbles features selected news summaries with links to further information about the lousy economic trends affecting many of us. The rose-colored rhetoric, hype and spin from economists, bureaucrats, PR flacks and analysts emanating from Wall Street and the financial media requires a skeptical mind and a well-functioning bullshit detector. In this issue: Prospects of an Oil Shock; Climbing Gas and Energy Prices; Record Homeless; War, Deficit & the Economy; Birth, School, Work, Death; Jobs? What Jobs?; Slump, Fall, Decline; Going Bankrupt; Run for the Hills!; and European Woes Continue.
AS THE ECONOMY CRUMBLES

Summarizing the shitty economic news of the week
Issue #3 - Monday, February 17, 2003

As the Economy Crumbles features selected news summaries with links to further information about the lousy economic trends affecting many of us. The rose-colored rhetoric, hype and spin from economists, bureaucrats, PR flacks and analysts emanating from Wall Street and the financial media requires a skeptical mind and a well-functioning bullshit detector.

-------------------------------------

1. Prospects of an Oil Shock
2. Climbing Gas and Energy Prices
3. Record Homeless
4. War, Deficit & the Economy
5. Birth, School, Work, Death
6. Jobs? What Jobs?
7. Slump, Fall, Decline
8. Going Bankrupt
9. Run for the Hills!
10. European Woes Continue

-------------------------------------

1. PROSPECTS OF AN OIL SHOCK

Venezuela and Iraq Enhance the Prospects of an Oil Shock (Gulf War II is Unlikely to be a Repeat of Gulf War I)
http://www.prudentbear.com/internationalperspective.asp
"The combined effect of Venezuelan and Iraqi disruptions has the potential to be the biggest shock in oil market history, even allowing for offsetting supply increases by other players." - Jim O'Neill, Goldman Sachs -- From the intro: “There is still a widespread belief that the market is amply supplied with crude, that the U.S. will fight a war that will go as easily as the first Gulf War or Afghanistan, that foreign oil companies will invest and Iraqi oil production will soar after the 101st Airborne sorts out Saddam Hussein. But capacity utilisation in global oil is almost as high as it has ever been. Crude oil inventories are lower relative to consumption than at any time in recent decades.”
FROM: Prudent Bear, 11 Feb

Read more
See also:
http://www.infoshop.org/inews/stories.php?story=03/02/17/0460157
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