News from around the web: 2009-09-07

  • There Is Another Shoe To Drop In The Global Economic and Financial Crisis – And The Focus Will Be On Europe’s Perifery | Edward Hugh
  • A number of countries in Eastern Europe immediately come to mind – not only the Baltics, but also Russia, Ukraine, Bulgaria, Romania, Hungary, Serbia and Croatia. And in Southern Europe Spain and Greece stand out as in particular need of what Jean Claude Trichet would undoubtedly call “extreme vigilance”.

  • Smithers castigates central bankers
  • He is dismissive of central bankers’ calibre, up to and including Ben Bernanke, chairman of the Federal Reserve: “They used to be 130 well bid. Now they are offered in size at 6.” He added: “Banks will always hang us if they are given enough rope.

  • Android Market Now Over 10,000 Applications Strong
  • Going by both numbers, that means the Android market has grown 4.4 times in size in just four months.

  • Facebook ‘enhances intelligence’ but Twitter ‘diminishes it’, claims psychologist
  • Playing video war games and solving Sudoku may have the same effect as keeping up to date with Facebook, according to Dr Tracy Alloway. But text messaging, micro-blogging on ”Twitter” and watching YouTube were all likely to weaken ”working memory”.

  • – Mexico to enjoy $8bn windfall from oil bet
  • Oil traders said the world’s sixth-largest oil exporter had started to hedge a small portion of its oil revenues for next year after it successfully locked in an average price of $70 a barrel for all its oil exports this year. The fresh deals were securing a lower price floor for 2010 of about $50-$55, they said.

  • Foreign reserves achieve new high | The Japan Times Online
  • Japan’s foreign exchange reserves rose in August by $19.6 billion to a record $1.042 trillion, largely due to an increase in its holdings of special drawing rights at the International Monetary Fund, the Finance Ministry said Monday.

  • Oil Spin | Foreign Policy
  • Ignore the optimists. Peak oil is real. Hat tip Paul Kedrosky.

  • Enter China’s consumers
  • Two thousand and nine may just be the year that marks the rise of the Chinese consumer and the Chinese brands that they will covet.

  • Does the world have the courage to deal with its debts? – Ambrose Evans-Pritchard
  • He talks of Scylla and Charybdis flation challenge. My exact words in June. "Deflation is spreading from the core of the global system to the most unexpected regions of the world. It has even reached Latin America. Prices are sliding in Peru, Chile, Colombia, Paraguay, Bolivia, Ecuador, Guatemala, and El Salvador, to the consternation of everybody."

  • G20 rules spark fears of more bank bail-outs – Telegraph
  • France and Germany may be forced to semi-nationalise more of their stricken banks after the G20 imposed new, stricter rules on banks’ balance sheets.

  • Limiting bonuses will not solve the deep problems in the banking sector – Telegraph
  • I returned from holiday to find the City in a funk over something on which I have been pondering long and hard, and which forms a major part of my forthcoming new book, writes Roger Bootle.

  • China alarmed by US money printing – Ambrose Evans-Pritchard
  • As soon as I saw the headline, I knew it was AEP. ‘The US Federal Reserve’s policy of printing money to buy Treasury debt threatens to set off a serious decline of the dollar and compel China to redesign its foreign reserve policy, according to a top member of the Communist hierarchy."

    Distraction of the day: What you should include in an emergency survival kit

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