The Skimmer

Who does Brown think he is?

Is our Great Leader getting delusions of grandeur? He told the BBC earlier today that “We’ve had some success in getting the price of oil down …” So not only is Gordon Brown “leading the world” in bank bailouts and moving markets as he does so (mainly downwards, sadly), but now he (who even uses the royal “we”) thinks he controls the price of oil.
 
It is, of course, an absurd conceit. G Brown no more controls oil prices than he does the movement of the planets. Oil prices have tumbled (to as low as $80 today) because the markets (and now the IMF) think we’re heading for a serious global recession, during which the demand for oil will fall (that’s why Opec members are already scrambling to cut production, to stop prices falling further).
 
Indeed most industrial commodities are currently on a downward spiral — and there can be no surer sign that a global downturn is on its way.



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