Reader FLS suggested this article: Here comes $500 oil. “If Matt Simmons is right, the recent drop in crude prices is an illusion – and oil could be headed for the stratosphere. He’s just hoping we can prevent civilization from imploding.”
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Our prodigious Economic Editor sent us a fresh batch of news and commentary: Fed To Buy Massive Amount Of Short-Term Debt — Stocks Fluctuate After Fed Corporate Debt Plan — UK Bank Shares Dive Again As Panic Spreads — Smaller Banks Still Making Loans — UK Gov’t Takes $100 Billion Stake In Britain’s Top Banks — Pakistan Facing Bankruptcy — Pope Says World Financial System “Built On Sand” — BofA Profits Drop 68% — Russia and Brazil Crumble As Commodity Prices Crash — LIBOR OIS Spread Signals Credit Crisis Earthquake — European Governments Panic Triggers Stock Market Crash — Iceland teeters on the brink of bankruptcy — Gold prices climb amid financial uncertainty — Dow Dips More Than 500 On Financial Worries — Analyst: Retirement Accounts Have Lost More Than $2 Trillion — Brown Orders Massive UK Bank Rescue — US Mint Halts Some Am Eagle Production — Iceland Gets $8 billion Russian Loan As Banks Fold — Icelandic PM Warns Nation Of Bankruptcy — Troubled BofA To Raise $10 billion in Capital — Dow Slump Threatens Global Markets — Ron Paul: Bailout Was The Wrong Thing
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Thanks to Jack B. for flagging this: Forecast: US heating costs to jump 15 percent this winter.
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British savers denied cash as chaos hits Iceland bank. (A hat tip to Scotty for the link.)