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Last Friday’s market rout in employment, oil, the dollar and stocks was not the end of the world, but it is a warning. The message is that the current Washington policy mix of easy money and Keynesian fiscal “stimulus” is taking us down the road to stagflation.

read more here.

OPEC members saw no need on Sunday to pump more oil in response to last week’s double-digit surge in oil prices to over $139 a barrel that top exporter Saudi Arabia described as unjustified.

Read more from reuters here

At WWDC yesterday, Steve Jobs confirmed what have been rumored for a while – iPhone will support 3G, and prices will be cut. Starting at $199 for the smaller, 8GB version and $299 for the 16GB, color option version – iPhone is now destined for the broader audience.

With an open application environment and a clean business model – mobile content will now find its true audience through the unified window of iTunes. Offering a 70/30 split to developers, a open SDK and low entry fees for the firmware unlocking the phone – developers will have a chance at actually making money on mobile content.

Here is a good summary from NY Times from the WWDC

Venture companies explore new demands with unusual technologies and services. However at present, consumption grows at a sluggish pace under a stagnant economy due to the high cost of raw materials and the subprime loan issue. Under this circumstance, many venture companies do not have reliable asset resources and a firm business infrastructure. Small companies are struggling to raise funds under a tough environment.

Read more here.

The widespread use of Wikipedia have spurred some interesting offsprings;

For Business try: www.dealipedia.com

“The business deal wiki”
Michael Robertson, founder of MP3.com, started this archive of M&A activities, IPOs, bankruptcies, and scoops on who made money (including him) on the deals.

For relaxation try: www.chickipedia.com

“The wiki of hot women”
Learn that Scarlett Johansson is known for “her popularity with up-and-coming celebrity men” … and going-nowhere Web surfers.