5th April 2011
"Brent crude, the London benchmark, had been trading around $115 per barrel for a fortnight, but the price has crept up over the past couple of days as the military action in Libya shows no sign of easy resolution. It closed at $121.06 – a two-and-a-half year high – on Monday."
stephenmarchant writes: "The reason oil and other commodities are rising in price is because the US, UK and other indebted Govts have printed vast amounts of funny money. The inevitable consequence is the stagflation we are experiencing which could become hyperstagflation if they fail to cut spending and embark on QE3. We are in a debt trap and they are sleepwalking us into monetary disaster. This period of 'feral economics' will only get worse as many ordinary people lose faith in their Govts and trust in the debauched fiat currencies."
While the community are disappointed with the Guardian reporting:
tala says: "oh please stop this propaganda game !! which boom ?? where ?? with the economy shrinking they are still referring to a boom ? with millions jobless and on the dole, with hundreds of thousands under the threat of home repossession and with higher interest rates already and even higher looming ??