Links: 2009-06-15
- The crucifixion of Latvia – Ambrose Evans-Pritchard, Telegraph“Contrary to revisionist talk, Argentina was not a basket case. Its imbalances were no worse than those of the Baltics, Balkans, Spain, or Greece, and arguably better. It ran a trade surplus in 1999 and 2000 until dollar revaluation against Brazil and Europe crushed exports. The economy shrank 5pc in 2001, mild compared to Latvia’s 20pc slump this year.”
- FT.com: Wolfgang Munchau – Optimism is not enough for a global recovery“The March signs of revival turned out to be little more than a technical inventory correction, with no change in the underlying trend. The world economy is still contracting, though perhaps not quite as fast as at the start of the year. As an analysis by economists Barry Eichengreen and Kevin O’Rourke* shows, global industrial output is still on the same trajectory as it was during 1930. The only question is whether we can avoid 1931 and 1932.”
- China’s recovery still isn’t supporting (much) global demand – Brad Setser“If industrial production for export was 40% of total production and if it fell by around 25%, the 60% of industrial production that is far domestic use would need to be up around 30% to generate 9% y/y growth. That is a big increase. And it isn’t totally implausible.”
- German credit crunch deepens – Telegraph“The liquidity crunch is increasingly threatening the survival of companies, as well as finance for new orders,” said Hans Heinrich Driftmann, president of the German Chamber of Commerce and Industry (DIHK). “This is becoming a danger to possible recovery.” Note: This article says cash for clunkers has not worked.
- Cantona kick fan still hated 14yrs on – The Sun
- Silk Road threatened by melting glaciers – New Scientist“The Chinese gateway to the ancient Silk Road is being flooded – and the culprit, researchers say, is climate change. Melting glaciers sitting above the Hexi corridor in Gansu province, once an important trading and military route into Central Asia, are fuelling dramatic regional floods.”
- PureSync Makes File Backup and Synchronization Simple – LifehackerThis could be the best free file sync software out there.
- BRICs won’t mull new reserve currencies: Kremlin“Leaders of Russia, China, India and Brazil do not intend to discuss new global reserve currencies at their first summit in the Urals city of Yekaterinburg on Monday, a top Kremlin aide said on Sunday.”
- How the world’s greatest golfer lost his game – New ScientistThis is about Ralph Guldahl and how over-thinking may have caused his game to fall apart. Cites Malcolm Gladwell. Interesting.
- Colorectal Cancer Rates Increasing Worldwide – Science Daily“The authors say the increase in colorectal cancer in economically transitioning countries may reflect the adoption of western lifestyles and behaviors. Many of the established and suspected modifiable risk factors for colorectal cancer, including obesity, physical inactivity, smoking, heavy alcohol consumption, a diet high in red or processed meats, and inadequate consumption of fruits and vegetables, are also factors associated with economic development or westernization”
- Tehran\’s Streets Become a Battleground – TimeI don’t really know what to make of this, but this election and the violence is significant. The question is what happens next.
- Michelle Obama finds a new friend in Britain’s Queen – ReutersApparently the Queen and Mrs. Obama get on quite well. They call and write.
- The Clock Is Ticking Away Under Latvia – Edward HughThis is a very thorough and researched ‘Generational Storm’ argument using Latvia and birth statistics. Quite interesting.
- The magical world of credit default swaps once again – WIllem BuiterBuiter uses the case of Amherst Holdings to show how the CDS market distorts market outcomes. He does not argue for a ban but reform.
- Ahmadinejad Defends Election Victory Amid Protests – Bloomberg.com“Former member of parliament Mohsen Mirdamadi and Behzad Nabavi, a former deputy parliament speaker, were among those held, AFP said, and Mohammad-Reza Khatami, a brother of former President Mohammad Khatami, was also detained.”