Source: Wash Times
The turmoil in the Middle East … the Federal Reserve’s decision to further devalue the U.S. dollar through a third round of “quantitative easing” (QE3), and rising oil prices are combining to create a toxic economic brew that could send the global economy into recession.
That was the assessment of International Energy Agency chief economist Fatih Birol. “I see the [oil] prices today, in this economic context, as unbearable for consumers,” said Birol on Friday. “High prices together with other factors could push the global economy back into recession.” …
However, in some ways, Mr. Obama should be claiming credit. As Obama Energy Secretary Steven Chu told the Wall Street Journal back in 2008, the goal all along has been to explode U.S. gas prices to the $6 to $8 a gallon prices found in Europe. “Somehow we have to figure out how to boost the price of gasoline to the levels in Europe,” Mr. Chu said.
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