Ecologist: A new financial crisis is threatening to dwarf the ‘subprime’ mortgage debacle, writes Paul Mobbs. Cheap money from central banks has fuelled some $1.3 trillion of risky investments in high-cost ‘unconventional’ oil and gas. Now, with oil sinking below $60, all that paper is turning to junk – and that’s putting the entire economic system at risk.
Throwing free money after bad, the US fracking industry mopped up a large wad of QE cash, and shortly after the number of drilling rigs in the US took…

Other Posts: