Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
I agree that we are already in, or very near a recession, but I don't think it is caused by oil prices. It's caused by the end of the big credit bubble, and all the excesses now turning into inflation and various credit crises. In that context, oil prices are also one of the symptoms of that inflation.

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Thu Nov 1st, 2007 at 09:20:04 AM EST
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