The world undergoes a major financial crisis resulted from credit crisis. Some financial analysts and experts have said that it is the major crisis since the international crisis of 1929.

On the causes of this crisis, analysis have been coming. In this regard, I agree with the approach talking about the capitalist greed, especially in the United States associated with mismanagement of assets and credit policy or practice. This greed led to what is called “toxic assets” the main direct source of this crisis.

But above of all, and whatever approaches and analysis are applied, can anyone imagine that the energy cost based on oil price rises from 20s or 40s to 140s without a major impact on the international economy and international economic growth. Particularly, that energy cost raises along with it all other raw materials and products prices, with special attention to food prices.

Hence, the big rise in production cost, because of the rise of energy cost and raw materials prices, would definitely cause serious problems at the levels of individual businesses and national economy. Moreover, the descending demand by the buyers, because of the big rise of oil and food prices and eventually various goods, would make things worse and even disastrous. The result, eventually, is recession at best.

With the interdependence marking the international economy, because of the internationalization of trade and investments and even capitals, the problem or crisis would have no national limits.

On the other hand, the plenty of money coming from the huge rise of oil returns due to ascending prices gets to the previous picture, as this money goes to the markets with the need to be invested and employed somewhere while the economic structure and situation cannot absorb it mainly because of the previous reasons.

Therefore, it worsens the entire situation, especially when it goes to the easiest way to make a well profit, which is the real estate and mortgage market. That is what happened and caused a bubble rise in real estate prices, especially in the United States, the well-profiting market.

The banks and financial firms made the same mistake by investing this coming money in the mortgage market with really bad credit policy and practice, which eventually led to the ‘toxic assets’ associated with a decrease in real estate prices while the previous bubble prices was blown.

Hence, there is a wide range of blame in terms of the current international crisis, but, first of all, the blame should be directed at OPEC. Its greed for high oil prices was disastrous to the entire world and to OPEC’s countries as well.

OPEC acted, in the first place, selfishly and opportunistically with no sense of responsibility and a lot of ignorance. OPEC previously announced that 70 USD is a fair price for oil, but sold it for 147 USD. I think that if OPEC somewhat abide by this policy, a different international financial situation would have been now.