As a follow up to this item from yesterday, in which the similarities in the price of oil between 2008 and 2011 were detailed and, in the comments, it was noted that the ECB (European Central Bank) hiked interest rates with oil prices soaring and the global economy faltering, some thought was given to whipping up a chart to show just how awful the timing of that rate hike turned out to be. But, since they’ve already done that in this story over at Business Insider, it’s much easier to just use their chart instead.
Click to enlarge
Of course, the reason why this might be relevant is that, earlier today, the ECB hiked interest rates for the first time since, well, July of 2008. Yes, things are quite different today than they were back then, probably the biggest distinction being that, now, all the bad debt is on the books of central banks and governments rather than being held by private banks.