As you were . . .

The Doha oil talks broke down yesterday. Before the week-end, economists were quietly hopeful that the oil countries would have agreed to reduce output and thereby allow the price to lift — allowing ‘normal’ world GDP growth to be resumed — but, no, Saudi Arabia and Iran couldn’t agree. Iran needs to export as much oil and gas as possible in order to recover from the American-imposed sanctions of recent years.

But even if ‘normal’ oil production had been resumed what would that achieve? Nothing. The economic progress of the world is set by the innovations of a half-dozen EuroAmerican countries and they at the moment have absolutely no brand new consumer products on the drawing boards to lead the charge with. Much as since Ocotber 2008 until an awful lot of debt around the world is taken care of. As you were.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s