Thursday, July 17, 2008

Oil's Impact Chronic

NVDL: A worldwide recession is obvious. A depression worse than the Great Depression of 1927 is on the cards. We might want to call it The Greatest Depression.
clipped from

Oil price spike has wide economic impact

Continued surge could spark 'something worse than a mild recession'

“We're already in a mild recession,” says economist Lakshman Achuthan. “I think if we go towards $150 (a barrel), we start talking about something worse than a mild recession.”

As dire forecasts about runaway oil prices become reality, it’s impossible to know how much higher they’ll go. But the impact of the price surge already is being widely felt. And if prices go much higher, the damage to the U.S. economy will be deeper and wider than the fallout from the run-up so far.

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