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Economic meltdown scenario piles pressure on Russia and the west

From theguardian.com

Oil prices above $200 a barrel. Energy shortages in western Europe. The return of recession to the still-fragile global economy. A slump in Russia. That's the fear haunting policymakers as they contemplate how to respond to the shooting down of MH17 over eastern Ukraine last week. The meltdown scenario can be easily sketched out. Every global downturn since 1973 has been associated with a sharp rise in the price of energy. Russia is one of the world's biggest energy suppliers and is responsible for about one-third of Europe's gas. America's economic recovery from the deep recession of 2008-09 has been weak by ... (full story)

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