In the energy market on Thursday, crude for July delivery fell back, closing at $61.05/barrel, down 99 cents. June reformulated gasoline dropped just under a penny, to $1.7997/gallon.

Over in the UK, where the economy is already shrinking, Ben Traynor looks ahead to the world after this downturn. He sees three major changes to the future global economy: 1) A larger role for governments. 2) Less efficient capital allocation. 3) More protectionism, especially in the US, with disastrous consequences for the dollar.