Economic scare mongering

OK...

Now I accept that the current economic crisis is incredibly dangerous for all of us. I accept that it is right we need to be warned and the dangers pressed upon us, even if I do find it ironic that the same "experts" were saying it would just be a blip a year ago, while much less knowledgeable people were sensing things were going tits up and fast!

But am I the only one who thinks that this government (and others around the world) is just making a bad situation worse by scare mongering?

From dithering over Northern Rock, the 10p tax break and stamp duty... to now warning us that this is the gravest economic situation we have faced in 60 years, I can't help but think that none of this actually... well... helps!

How are the markets going to respond to a chancellor saying this crisis is arguably worse than the recession of the early 1990s or the year on year disaster of the 1970s, when inflation reached 27%, 3 day working weeks were introduced to cut energy consumption and the unions held successive governments to ransom?

It may be unintentional, but this type of "candid" interview does nothing but scare people. Admitting you are responsible for some of the problems is one thing, but then saying the crisis is worse than any economic crisis we have faced since the War is incredibly unprofessional and downright stupid.

We need strong leadership and a clear idea that everything that can be done is being done. Instead we get a moron whose every major action seems to be to undermine the economy further.

Anyway... that's my rant for the evening. Thankyou and goodnight!

Iranian Oil

for those who aren't aware, Iran is the second largest oil exporter in Opec and have the third largest proven reserves in the World.

For a long time oil, like all other commodities has been traded in dollars - the defacto World reserve currency.

On April 30th Iran announced that it would be no longer trading it's oil in dollars and would instead switch to Euros and Yen. Now what I find interesting about this story is that it has virtually ignored by the western media. CBS news was the only source I was able to find for it in the US and I have yet to find any major UK media outlet covering the story.

Why is this important? Because this is a BIG story. Iran has been slowly reducing it's reliance on the dollar for a few years, mainly due to the sanctions imposed by Washington. However, ignoring the nations status as a 'bad guy' in the eyes of the west, their move is a sound one.

The dollar value has collapsed in the last couple of years and what happens when the World reserve currency collapses? Prices go up dramatically. It's no coincidence that the dollar is currently at it's lower level in history while commodity prices are hitting record highs. The two are interlinked as all commodities are priced in dollars. Granted oil and gas price rises are also related to global production plateauing and increased consumption but hopefully you get my drift.

Oil prices go up... so everything else goes up because transport costs go up. If oil was priced in Euros the recent increases would be much lower. Sure Irans move is also political, but it makes sense. Stabilise the price of oil and you go some way to stabilising rampant inflation.

So I ask again, why this story has been buried by the World media? Well one advantage to having the reserve currency is that as a nation you are able to borrow far more money than anyone else. The US national debt is currently just below $10 Trillion! Need more money to pay for more Cruise Missiles? No problem, just go into more debt as dollars are the reserve currency and everyone uses them. So what happens if everyone follows Irans lead? Let's just say that $10 Trillion is not something you want hanging around your neck.

$6 Trillion - The True Cost of the Iraq War...

This is a truly startling article which details the work of Nobel Prize winning Economist Joseph Stiglitz efforts to evaluate the real cost of the war in Iraq.

Call me niaive, but I was always astounded that the cost of just sending troops and equipment was in the region of $16bn per month! However, these figures don't take into account the cost of paying for wounded soldiers, death in service benefits, support troops and contractual obligations.

$6 Trillion!!

And what are the great "benefits" this expenditure has brought us? Are we safer? Are there less terrorists out there? Have we "won the hearts and minds"? Are our oil prices reaching all new lows thanks to the increase in oil availability due to "liberating" Iraq?

NO NO NO

Afghanistan is virtually a lost cause now. Possibly lost for a generation. Iraq is still on the brink of civil war and is now teaming with foreign terrorists. Saddam may have been an evil dictator, but he never allowed Al Qaeda into that country. Oil meanwhile is now at it's highest level since the fuel crisis of the 1970s.

How many schools, hospitals and research centres could have been built around the world for this money? How many children could have been educated and given a future in countries throughout Africa?

The effects of this crime will exist for generations.

Top Things You Must Read, Watch and Do to Save the World!

Quite a nice little poll over on SciFi asking people to submit their top 5 books, films, TV shows and things to do in order to save the World.

When making your selections, you may keep three factors in mind...

1. Adrenaline (the title's power to enthrall and excite)
2. Vision (how well it presents a scenario for the future)
3. Precision (whether the science behind the fiction holds up)

Check it out at http://www.scifi.com/visions/poll/index.html

Heath Ledger

I'm genuinely shocked and saddened at the news of Heath Ledgers death.

He always came across as one of the more sensitive and relaxed Hollywood actors, who channeled everything he had into some stunning performances. People will talk about his role in Brokeback Mountain (and rightly so), but he had a fun side too, as seen in A Knights Tale. He stole every scene from Matt Damon in The Brothers Grimm and had just started shooting for a second film with Terry Gilliam.

I first came across him in 1999s 10 Things I Hate About You and while contemporary Shakespearean teen romcoms may not be everyones cup of tea, two people really stood out, Ledger and Julia Stiles.

I could write more, but instead I'd recommend reading this very poignant blog from the Guardians film critic, Peter Bradshaw. It pretty much sums up my feelings now that this news has started to sink in.

Of all the young actors who appear in teen romcoms very few actually amount to anything. Ledger was different. He took on risky, unpopular roles and actively avoided the spotlight. He had the ability to become a legend, sadly he may now achieve it for the wrong reason - dying tragically young.