Do not be seduced by a 'fracking’ gas bonanza

For several years now, storm clouds have loomed large over much of the Western world. The sub-prime debacle dealt the “advanced” economies a shocking blow. Engineers look at the Cuadrilla shale fracking facility in Preston, Lancashire. Photo: GETTY By Liam Halligan 3:13PM GMT 15 Dec 2012 Comments With the US still sluggish, and Western Europe back in recession, four years on from the “credit crunch” the economic climate remains harsh. The West’s response to sub-prime has, in my view, made our predicament even worse. Faced with widespread institutional insolvencies and high debts, governments have shielded politically powerful banks from reality, while...