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Published with permission from BusinessInsider.

THE BIG ECONOMIC NEWS OF THE day came when ECB chief Jean-Claude Trichet hinted he might soon raise rates to deal with inflation.

Obviously surging Brent Crude is freaking him out.

But the world should be freaked out if history repeats. The last time ECB hiked rates was on July 3, 2008, right at the oil peak, but after global markets were already sliding in that fateful year.

It was a foolish move — tightening money to combat oil prices, when the financial system was showing strain. This time it’s European sovereigns showing strain. Is he repeating his error again?

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Here's what happened last time ECB rates rose in an oil spike

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Making a difference

A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.