ICIS blog says it predicted financial crisis

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ICIS blog says it predicted financial crisis

Also warned rising oil prices and continuing problems in banking sector could hit consumer demand

Tuesday, November 11, 2008

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LONDON,UK: They say no one saw it coming, but readers of the ICIS Chemicals and the Economy Blog were well forewarned about the full-blown global financial crisis, its authors said on Tuesday.

"A year ago, world stock markets were close to their all-time highs and had seemingly shrugged off earlier US subprime mortgage problems," said Paul Hodges, chairman of International eChem and author of the ICIS Chemicals and the Economy Blog.

"But we saw things differently. In October 2007, we highlighted the growing weakness in new housing starts and US housing prices because these were the key drivers for chemical demand," he added.

The ICIS Chemicals and the Economy Blog also warned that rising oil prices and the continuing problems in the banking sector could hit consumer demand and impact corporate lending, the company said in a press release.

"We advised our readers to put in place contingency plans for just such an outcome," said Hodges.

In September 2008, a month before the crashes in world stock markets and commodity prices, the Blog warned about overall asset deflation under the heading: 'The price of all assets will go down', the release said.

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