True Confessions of Bill Emmott

The FT interviews the (thankfully) retiring editor of sister publication, The Economist:
One of his most embarrassing covers, according to Emmott, was in March 1999, about a subject that should have been simple Economist territory: the price of oil. It had its roots in a lunch with an oil company executive, where everybody started musing that, with the oil price at $10, what would happen if it fell to $5? A cover saying that the world was drowning in oil, and noting the possibility of a fall in the oil price, duly appeared. But before the end of the year the price had more than doubled. “It was most embarrassing,” he says candidly.
There was also that 2 December 2004 leader on “The disappearing dollar” that said “the [US] dollar could tumble further and further.” The end of 2004 proved to be a major cyclical low for the USD. Contrarian indicators don’t come much better.

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