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Great Britain: The “Rust Belt” of Global Finance
Think about Michigan or about Ohio’s Mahoning Valley in the 1980s. Both were famous for industries that were world leaders in their time. Yet, once those industries decayed, large parts of both areas became wastelands of home foreclosures, crime and alcoholism.
The decline of the global financial services industry from its unsustainable 2006 peak may produce a similar effect in a once economically thriving country – Britain.
Thirty years ago, Britain had its own rust-belt problems. The British automobile industry, a shining star until the Morris Motor Co.’s Lord Nuffield died in 1963 (remember 1959’s hot new model, the Mini?), was subjected to a…
23Jan2009 | Money Morning | 0 comments | ContinuedIs The Grass Greener in Europe?
How the Euro Economy Compares to the U.S.A.
A quick look at international headlines will tell you that Europe suffers from economic problems too. Falling exports and lower household spending has caused the eurozone economy to shrink over the past six months, with rising fuel and food prices making consumers reluctant to open their wallets.
No one is yet declaring Europe to be in recession (at least, not openly!) but growth is not likely to be impressive with Germany, France and Italy braking sharply. In fact Germany, the EU’s largest economy and the world’s biggest exporter, contracted by 0.5% in the three…
9Sep2008 | Oxbury Research | Comments Off | ContinuedCasualties of Financial Friendly Fire
The war continues. The unstoppable forces of inflation continue to smash into the immoveable lines of deflation. Caught between the two is the U.S. consumer…the American voter…and the lumpeninvestoriat.
Yes, dear reader, we are getting shot to pieces from both directions. Prices are rising. And prices are falling. Mr. Market marks down prices for housing and stocks. Mr. Federal Reserve System pushes up prices for oil and food.
Yesterday brought more hits, more near misses, and more casualties from “friendly fire.” But the big story was that after so many weeks of reporting huge gains by inflation, deflation is back in the…
10Jul2008 | Daily Reckoning | Comments Off | ContinuedIEA Demands $45 Trillion Investment in Clean Technology
The world must spend $45 trillion to cut its dependence on oil and reduce greenhouse gasses, the International Energy Agency (IEA) said Friday.
According to the IEA countries must commit 1.1% of projected total global gross domestic product (GDP) to develop sufficient clean energy technology by 2030.
“Carbon emissions must be cut. Costs of about 1% of [global] GDP are not outrageous, so this target is realistic,†Go Hibino, a senior manager at Mizuho Information & Research Institute, told Reuters.
Without a change in current governmental policies, carbon-dioxide emissions will rise by 130% and oil demand will climb 70% by 2050, Nobuo Tanaka,…
9Jun2008 | Money Morning | Comments Off | Continued
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