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The PM is unhappy that OPEC will be cutting production of oil (in response to falling global demand) because they want the price to go up again. It is, other than in domestic political PR terms, a pointless complaint he is making, countries tend to behave in economically rational ways ie. to defend their perceived vital national interests. OPEC and its members are going to do what comes naturally to them.
Sadly, for the PM (and us in the UK) this means oil and petrol may start to get more expensive again. We import a lot of it and all this at a time when our own under-pressure currency is buying less and less ‘value’ abroad. You can understand why the PM might lash out at a convenient foreign target.
And in other news, George Bush is ‘saving’ the American motor industry (for Barack Obama to sort out.) No idea what this means for Jaguar Land Rover here. Chancellor of the Exchequer Alastair Darling is said to be resisting pressure from the Trade Secretary Lord Mandelson about any form of financial support for JLR (which is owned by the Indian-based Tata Group.) I wonder what the odds are on the Chancellor surviving long into 2009 are?
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Well, it’s been an impressive year for big (and small) business as everything winds down for the festive season/or a week/or a month/or forever.*
Gloomy prognostications available here from the FTs Alphaville, here from Capitalists at Work and all over the place in your average UK street. The story of Bernard (call me Bernie) Madoff has provided some small entertainment for those of us who enjoy our humour black and the cartoon above for Channel 4 News is in this spirit. Published at Channel 4 News
* Delete as appropriate for your own personal economic situuation
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Community payback lives here. When times are hard, governments like to make sure that people see evil-doers are being punished.
The Guardian’s Charlie Brooker has a line or two on it all. His thoughts on alternative bib names struck a chord with me as I was asked kindly to remove the phrase – Official Scrote- from the back of a bib in this drawing.
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Catching up with the public mood. The cartoon is reposted from September 2008 and is done so in the spirit of the highly successful fraudster Bernard (Bernie) Madoff who’s pyramid scheme appears to have embarrassed very many of the world’s wisest institutional investors.
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Here and here with the ‘business’ in question being here
Updated: 14th Decemeber 11pm
The Spanish Bank Santander, who have purchased large parts of the ‘British’ banking industry are exposed to losses from Mr Madoff’s business.
