I imagine that many readers will react as I did to the Washington Post story, “In China, Wal-Mart presses suppliers on labor, environmental standards” (hat tip reader Paul S): that this story, yet another tidbit supporting the Bentonville giant’s supposed conversion to the true green camp, has to make sense on a cold-blooded P&L basis, […]
Read more...Consider: if we are starting to see signs of resistance to austerity measures in the US, it would suggest that they are not going to go over too well in other countries that have debt overhangs either. Defaults and/or restructurings are usually more palatable, politically. And before suggesting that bondholders won’t stand for it, guess […]
Read more...The financial press has for the most part looked at the possibility of sovereign debt crises in Greece, Spain, and Portugal through a deal-making window: will Germany and other EU surplus countries back a rescue package, and if so, with what strings attached? There has certainly been ample speculation, particularly since a bailout of Greece […]
Read more...Martin Wolf, the Financial Times’ highly respected chief economics commentor, weighs in with a pretty pessimistic piece tonight. This makes for a companion to Peter Boone and Simon Johnson’s Doomsday cycle post from yesterday. Let us cut to the chase of Wolf’s argument: Now, after the implosion, we witness the extraordinary rescue efforts. So what […]
Read more...Tonight provides yet another example of a blogger who brought an important stories to light not being credited by the MSM, in this case, a harsh preliminary ruling against JP Morgan in a dispute involving its client Televisa. I was going to post on Felix Salmon’s story, which discussed some extraordinarily dishonest conduct by JP […]
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Read more...Folks, the time has come when I must start shamelessly promoting my book, Econned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism, which is being released March 2, 2010. I thought the extract below would give readers an idea of what the book is about, with one caveat. Econned goes into some detail about […]
Read more...The latest “Goldman [appears to be] behaving badly” incident reflects either uncommon boneheadedness (the only question is whether by an employee or the firm itself) or a very clever ruse to further discredit the reputation-challenged bank. Well-known British film director/producer/screenwriter Richard Curtis (Four Weddings and a Funeral, for instance) and actor Bill Nightly started a […]
Read more...On the one hand, as we noted in an earlier post, EU president Herman Van Rompuy has made no bones about his view that the EU needs to have more clout in economic affairs. Per the Telegraph: Herman Van Rompuy, the EU’s new president, has submitted a text calling for the creation of an “economic […]
Read more...The New York Times writes tonight about strategic defaults on mortgages, and argues that enough mortgages are deeply enough under water to induce solvent borrowers to think about walking away: New research suggests that when a home’s value falls below 75 percent of the amount owed on the mortgage, the owner starts to think hard […]
Read more...Reader John D sent a link to an Atlantic Monthly story that appeared in its December issue, “Did Christianity Cause the Crash?”. Although this piece is arguably dated, I though it was worthy of consideration. It makes an argument I haven’t seen made elsewhere; a quick search of the blogs to which I subscribe confirms […]
Read more...Harper’s reports today that three detainee deaths at Guantanamo in 2006 that the officialdom has long insisted were suicides were instead likely homicides, and that the military has engaged in a cover-up. Some extracts: ….new evidence now emerging may entangle Obama’s young administration with crimes that occurred during the Bush presidency, evidence that suggests the […]
Read more...Before you dismiss the headline as nutty, at least one respected macroeconomist and former central banker, and now chief economist of Citigroup is of the view that England is at risk of a currency crisis. He noted last November: With the pound sterling dropping like a stone against most other currencies and credit default swap […]
Read more...Catiline, who died during his unsuccessful coup against the Roman Republic, was depicted even by his detractors as a man of considerable talent, charisma, and energy, as well as one of unrestrained impulses and vices (he was tried for deflowering a vestal virgin, for instance). Reader Andrew thought Sallust’s description of Catiline’s character was a […]
Read more...By Edward Harrison of Credit Writedowns Yesterday, I indicated I would write a few thematic posts as a look back at some of the more important economic topics that this credit crisis has uncovered. Tying posts together in a theme definitely gives a better holistic view of a the themes than the posts do in […]
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