Raynaud's Disease And Hot Hands

record oil prices account for salty Italy

of Philip Caleri - Time

With a barrel of crude oil in the $ 100 bill passed 27 to 34 billion. But Brent has already exceeded 118. Gold and silver never been so expensive.
SALASSA Full Green empties the pockets of families

The crisis ignited Libyan oil. Flying at prices yet to thrill in 2009 of nearly $ 150 a barrel, but they begin to excite the international economic system. Yesterday, crude oil has exceeded U.S. $ 106, while Brent, the European benchmark, has exceeded $ 118. The industrialized world begins to subdorare return to the economies of the worst disease: stagflation. And that is a combination of low growth and high inflation.

Currently there are only signs of infection. But the world fears the epidemic. Libyan exports to the bloc is not yet complete, the product is missing part is easily replaceable with the overproduction of other producer countries. OPEC, the cartel which brings together key countries that the extract has not yet found it necessary to convene an extraordinary summit. So no alarm. Although the data of world stocks are shaking. If there were a total ban of production, says the CIA in its estimate, the world could, at the current rate of consumption, stand less than three months. Rationing maybe you could extend the life of the system for a few more months. Then modern man should begin his regression to the pre-industrial world. Scenarios of political fiction. Impossible. But the political crisis Shaking Saudi Arabia, which maintains its ground in most of the reserves in the world, some analysts thought the most damage.

Italy in particular is one of the most oil-dependent nations. And the price volatility affects the portfolio without piety of the Italians. The cost of the oil bill can become a lottery. The data are anxious, to be creepy in the worst case. According to the Union Oil in the case of consumption of petroleum products similar to that of 2011 (about 72 million tons), with a range of average prices in the year of $ 100 a barrel and a euro / dollar exchange near the present (1.40), the bill will touch 34.75 billion euro, against 27 in 2010. A share of wealth equal to 2.2% of GDP to leave without returning to the countries producing black gold. It is a reliable estimate. But it is equally true that the price of $ 100 has been largely superseded now days. This means that the final bill could be even more salty. To empty the wallet of the Italians will not only petrol but also all consumer goods. The lists are under pressure for some time. The rising cost of fuel is passed, as voice in the formation of the total cost to the products of the expenditure. So inflation has already raised its head.

A high prices in February rose 2.4% to a value that is not touched for years. With the same amount of money, in short, the bag is not full. Not only that. The crude oil that runs in motion the other raw materials. The strong buying on the shelter good par excellence, gold, have raised the bar of his new record price of $ 1,445.70 in New York and $ 1,444.95 in London. Running also silver, rose to the highest for 31 years ($ 36.5375 per ounce). And so the minerals used in industry such as copper and agricultural materials such as cotton base yesterday at the highest price in history: $ 2.197 per pound. Libya, in short, may be the detonator of a moment of uncertainty that dominates the markets and world economies.

medicine for the moment is likely to be bitter again to consumers. The only recipe to counter the high prices that states have the lever is monetary policy: interest rates. The ECB is going to push the button on a new rise in the cost of money. The market was affected by year-end rate of reference, from 1% arriveraà 1, 75%. A knife for those with variable mortgages rates going to be weighed down in the coming months. The 3-month Euribor, the rate which is taken as a reference index for loans by banks, rose yesterday to 1, from 1 172%, 162%. The Euribor for one month is rose from 0.897% to 0.904%. Rate more expensive even if you turn on mortgages now. So postponing purchases of consumption and depression. Italians are hoping that with my hand on the portfolio in Libya back soon peace.