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United Kingdom Leads European Nations in Coordinated Effort to Cut Off the Credit Crisis
Governments across Europe yesterday (Monday) took the first step in a new, coordinated effort to subvert the widening credit crisis and restore functionality to the markets by guaranteeing new debt and using taxpayer money to bail out troubled lenders all over the continent.
The sweeping actions followed a pact reached Sunday by members of the European Union, most notably the United Kingdom, Germany, and France.
“The steps taken in Europe are very positive,” billionaire investor George Soros told Bloomberg News. “The European governments have got religion and realized this is a serious problem they have to address.”
The British government, which last week…
14Oct2008 | Money Morning | Comments Off | ContinuedTurning Off the Taps
You don’t have to have an awful lot of gray hair to remember the excitement around England’s massive North Sea oil fields. While discovered in 1969, it wasn’t until well into the 1980s, on the back of surging oil prices, that the fields came into full production. Turning up the taps, the United Kingdom (as well as Norway and Germany, who also have North Sea production) became a significant exporter of oil.
But then, in 1999, something happened: the UK’s North Sea production hit peak… that tipping point after which reservoirs go into decline, setting in motion both reduced production and progressively higher…
12Jun2008 | Whiskey and Gunpowder | Comments Off | Continued
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