Monday, June 30, 2008

World Economy Would Collapse If Oil Hit $200, Deutsche Says

Three quickies, the first is from Bloomberg:
The global economy would collapse if oil hit $200 a barrel, said the top energy analyst at Germany's largest bank.

``Two-hundred dollar oil would break the back of the global economy,'' Deutsche Bank AG's Chief Energy Economist Adam Sieminski said in an interview today in Tokyo. ``Next step after $200 would be global recession and bad news for everybody.''>>>MORE

Next up, Mish's Global Economic Trend Analysis:

Deflationary Hurricanes to Hit U.S. and U.K.

Congratulations (of sorts) go to the UK as British household debt is highest in history.

British households are now more indebted than those of any other major country in recorded history, it has emerged....MORE

Finally, from Clusterstock:
BIS: Don't Worry, Inflation Not a Problem Because Global Economy Will Crash
The Bank of International Settlements (BIS), the international body responsible for coordinating action among central banks, says the global economy is at the "tipping point" of a downturn that could be so severe that inflation concerns could melt away in the face of a deflationary spiral (WSJ)....

Alrighty then.