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36 comments on Ken Deffeyes On Radio 4BC
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36 comments on Ken Deffeyes On Radio 4BC
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We've crossed the $2 per litre for petrol threshold here in New Zealand. On Thursday, our Treasury released its budget forecasts and once again, their predictions for future oil prices show oil dropping to US$100/bbl pretty rapidly and levelling off there through to 2014. I would laugh out loud if it wasn't so tragic and if so many NZ businesses/local governments didn't base their planning on Treausry's repeatedly hopeless forecasts.
Unfortunatley I suspect that if the world governments ran the likely figures for oil prices in the coming decade the outcome 'would not work' -and that's exactly what is most likely to happen...
In the early years of the coming decade NET importing countries will start to run bigger and bigger budget deficits. In order not to cause a balance of payments crisis governments will have to jack up the rates on bonds to attract funding. This will cause interest rates to go through the roof... I think you get the picture.
Nick.