The last time I saw crude at these price levels was in 2008
The last many weeks were becoming to feel like the GFC days in 2007-2008. I distinctively remember crude trading at USD140+. Governments all over the world were raising interest rates and borrowing costs and yet share prices kept rising. I had just started my career not long in an accounting firm. It was a bull market on the run and even I could feel it in the office as waves after waves of my colleagues 'jumped ship' to the investment banks.
Then it just happened very quickly - oil prices collapsed to $36, Lehman Brothers went under and there was even talks of some insurance companies being 'too big to fail'. I remember the emptiness in the streets in Raffles Place and recently it is becoming to feel that way again - except that this time, it seems that no amount of money put into the economy can 'save' the situation. The world needs a 'cure' and money does not seem to be the solution.