Alan Greenspan stoked the dotcom bubble with low interest rates, all the while blowing smoke about productivity and the new Economy.

Barely had that bubble burst than he was stoking the real estate bubble with low interest rates, blowing smoke about financial innovation and new collateralised instruments.

Barely has that bubble burst than Greenspan’s equally inept successor Ben Bernanke has further slashed interest rates, financing rampant, margin-fuelled speculation in commodity futures, creating a crude oil price bubble.

There’s no way the oil price is due to supply and demand fundamentals. Demand did not spike suddenly, nor did supply plunge. It’s a bubble. It will burst. The price of oil will plunge when it does. Commodity traders will queue up behind mortgage lenders.You read it here first.

The age of bubbles. Exciting time to be alive.