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December 20, 2008

And the latest bailout candidate is... OPEC!!

This isn't a political blog, but sometimes my feelings get the better of me...

Amid the usual sulking tantrums of unfairness and conspiracy, the OPEC cabal forced the most dramatic cuts in output in their history this week.

But still the prices slide. And, as if on cue, Gordon Brown stepped up to state that instability in global oil prices would cost the global economy trillions . It's not just Tony Blair who was a poodle after all.

Maybe my memory is getting hazy as I am getting older but aren't the OPEC nations the ones who flatly refused to increase capacity to assist the world when oil prices were north of $140 a barrel? (Remember then? When everybody in the world was screaming for relief? And it was ignored?)

Aren't these the same nations who use slave like labor conditions to ensure the cheapest cost per barrel in the world? (And nobody complains about that I might add)

And aren't these the same countries who have been the beneficiaries of what T Boone Pickens calls the greatest transfer of wealth in history?

It seems that while we, the world, were being gouged by these predatory commodities producers everything was okay. There was no need to consider anything apart from funding the purchase of opulent yachts  and other extravagances . (This is not to mention the funds directed towards Hezbollah and other anti-western movements.)

Yet now that times are tough, instead of relying on the savings from the good times - the world is supposed to come to their rescue.

A few comments about these pirates as opposed to continued attacks on the blue collar workers of the US auto industry would seem to be in order. But what will we get instead?