My all time favorite wrong call of theirs came in 1999. Oil had dropped to $11 and they were predicting that it could hit $5:
a “normal” market price might now be in
the $5-10 range. Factor in the current
slow growth of the world economy and the
normal price drops to the bottom of that range.
Of course, oil did just the opposite, climbing to about $140 per barrel over the next decade.
totally agree. They're infamous for this front page call. Remember when they also were lauding Gordon Brown for selling half of Britain's gold for an average price of 270?
My all time favorite wrong call of theirs came in 1999. Oil had dropped to $11 and they were predicting that it could hit $5:
Of course, oil did just the opposite, climbing to about $140 per barrel over the next decade.http://www.economist.com/node/188181