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Jeff Rubin Quits CIBC

The Canadian Press March 27, 2009

Jeff Rubin, one of Canada's most highly visible economists, is leaving CIBC World Markets.

Rubin, best known for dramatic predictions on currency movements and oil prices, said today he has resigned from the investment banking arm of the Canadian Imperial Bank of Commerce (TSX: CM) to focus on a new book.

He will be succeeded as chief economist by Avery Shenfeld, who has been with CIBC since 1993. Shenfeld, who has a doctorate in economics from Harvard, previously held the title senior economist.

Rubin joined CIBC in 1988 and was named chief economist of CIBC World Markets in 1992, bringing an unusual flamboyance to the economics profession. He was among the first to predict crude oil prices over US$100 a barrel – though his expectation of $200-a-barrel oil has been confounded at least temporarily by the global recession.

His book, "Why Your World Is About to Get a Whole Lot Smaller," will be published by Random House in May, arguing that future oil shortages will lead to the end of globalization.

"We've all got our eyes right now on the global financial meltdown, but I believe that oil scarcity will change the global economy even more profoundly and in the process change all of our lives – from where we work to where we live to what we eat," Rubin stated.

"I believe it's important to deliver this book's message in as many places and to as many people as possible."

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