Energy prices: It’s the politics

It is the economy, stupid”, said Bill Clinton. How true. If there is one message that the political elite should distill from the economic and financial crisis that is currently roiling liberal democracies around the world, it is that short-sighted and self-interested politics cannot ride roughshod over the remorseless logic of the market. The eurozone crisis has already put paid to four governments in Greece, Ireland, Italy and Spain. The reason Obama may still survive into a second term is because the Republicans appear more intent on undermining their most credible candidate, Mitt Romney, than coalescing to exploit the huge cracks that have appeared in the US economy.

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