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Recession spells comeback for Looney Tunes politics

Newly published figures have confirmed that the UK is officially in recession, with economic output contracting by 1.5 per cent in the final quarter of 2008.

That amounts to the steepest quarterly fall since 1980, and it comes on the heels of an earlier 0.6 per cent dip. Economists say all the criteria for a recession have now been met.

And while that undoubtedly spells doom for consumers, pundits fear it could also herald the return of the long-gone era of Looney Tune politics.

Putin to rest of world: No cheap gas for you!

Russian leader-for-life Vladmir Putin has once again flexed his muscles over the supply of crucial gas reserves to Western nations during the winter months.

Looming over delegates from the world's biggest producers at the Gas Exporting Countries Forum in Moscow, Mr Putin gleefully predicted a long-term surge in the trading price of gas.

He said the industry will be particularly hard hit by the financial downturn because of loose regulation and under-investment. But critics accuse supplier nations of using gas as a political bargaining chip.

Cameron: We're all economists, hurrah for cynicism

Conservative leader David Cameron has apparently grown weary of droning on about Anthony Wells, opting instead to give the nation a lesson in economics.

Dopey David told a group of distinguished experts at the London School of Economics that the government's £20 billion splurge on public spending is "seriously flawed".

Insisting the measure will stifle economic growth, Mr Cameron argued that consumers and businesses will be reluctant to increase outgoings because they know a tax hike is just around the corner.

Global recession 'pissing off oil tycoons'

Oil tycoons are growing increasingly frustrated at the global economic slowdown, as the average value of a barrel of crude sank to a three-and-a-half-year low yesterday (November 20).

A barrel of the good stuff had set you back $147 in July, but its value has now plummeted below $50 due to waning demand amidst looming recessions in several economies.

Businesses and consumers in the world's wealthiest countries are reining in their consumption of the industrial elixir, placing sand firmly up the butt-cracks of leading global oil exporters.