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Fresh evidence points to paralysis of global economy
Larry Elliott, Guardian
The sharpest contraction in US growth for more than a quarter of a century, a collapse in Japanese factory output and an emergency package of help for the struggling countries in Eastern Europe provided fresh grim evidence today of the paralysis in the global economy.
Amid fears that the downturn triggered by the credit crunch has turned into the worst slump in output since the 1930s, data from Washington showed that the havoc wreaked by the problems on Wall Street last Autumn was far worse than originally believed.
(27 February 2009)
Financial crisis sparks unrest in Europe
Reuters
The global financial and economic crisis has sparked many protests in parts of Europe. Here are some details:
* BOSNIA — Workers of Bosnia’s only alumina producer Birac protested on Feb. 9 in Banja Luka, demanding salary payments and government support to offset falling metal prices.
* BRITAIN — British workers held a series of protests at power plants, demonstrating against the employment of foreign contractors to work on critical energy sites.
— The protests follow a week-long dispute at the Total-owned Lindsey oil refinery in Lincolnshire, which resulted in Total agreeing to hire more British workers on the project. Workers voted to end the unofficial strike on Feb. 5.
* BULGARIA — Police officers, banned by law from striking, have held three “silent” protests since December to demand a 50 percent pay hike and better working conditions. Bulgaria, the poorest EU nation, has been hit by protests demanding the government take measures to shore up the economy. …
(26 February 2009)
A long list. -BA
Economic crisis in European Union (graphic)
NRC International
How is the economic crisis affecting the European Union? This map shows the figures for all the member states by year and quarter and let’s you compare budget deficit, unemployment rate, national debt and economic contraction.
(27 February 2009)
The Boomers Stop Buying
Ed Wallace, Business Week
The greatest generation of consumers is sitting on its credit cards. That’s bad news for the U.S. economy, even after it pulls out of the recession
—
… Twice in less than nine years a whole generation’s retirement plans had been substantially devastated. Moreover, as the two-thirds of the boomers who still viewed Detroit with at least a little respect saw it, retirement was starting to look less certain and they were running out of time to fund it.
For boomers who had experienced financial crises in their lifetimes before, seemingly decades remained in which to recover and make retirement comfortable. Now, as $40 trillion in net worth was wiped out worldwide, suddenly 65 looks like it’s coming the day after tomorrow.
… So the boomers have quit spending, fearing the short distance to retirement, while more than half of the youngest generation has disappeared from the car market because of a lack of economic opportunity. That’s why the economy has fallen so far, so fast.
If this economic downturn lasts into 2010, by the time there is a real recovery boomers will be even closer to retirement and their retirement accounts only a little fatter. That is not a recipe for the consumer rebound America badly needs.
One bright spot is that this downturn has most likely postponed peak oil production, but it will still happen within the next 10 years. Predictions on what that means for world economies range all over the map. But it would be reasonable to assume that oil will be over $200 a barrel, while gasoline could cost $7 or more per gallon. And next time those figures won’t fall back down again. Ever.
(26 February 2009)
