They're wrong about oil, by George

Rip up your textbooks, the doubling of oil prices has little to do with China's appetite.

Just as the credit crunch seemed to be passing, at least in the US, another and much more ominous financial crisis has broken out. The escalation of oil prices, which this week reached a previously unthinkable $130 a barrel (with predictions of $150 and $200 soon to come), threatens to do far more damage to the world economy than the credit crunch.
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http://www.timesonline.co.uk/tol/comment/columnists/anatole_kaletsky/article3980797.ece