Economy

The March 2009 Manufacturing ISM Report on Business is out.  The widely-followed figure of 36.3 for the purchasing manager's index (PMI) shows a manufacturing sector contracting quickly, albeit at a slower pace.  Last month, the PMI was…

I don't want to beat a dead horse here, but the Chinese have been making a lot of muscular moves diplomatically. While shifts in balance of power often take decades, it is increasingly apparent that China is making a strategic move in that…

Back in February I posted an article called "The bullish argument for the global economy" highlighting Goldman Sachs' Chief Economist Jim O'Neill's bullish view for the economy. O'Neill believed in February that a economic rebound was…

Marshall Auerback here. Remind me again what Larry Summers was talking about when he spoke of the US as being a "nation of laws", where "sanctity of contract" is sacrosanct? In a case of first impression that could have far-reaching…

If you want to know what a modern-day depression looks like, try Ukraine. Growth in the ex-Soviet state, hit by shrinking markets for its steel and chemical exports, stood at 5.8 per cent of gross domestic product in the same period of…

Standard and Poors had their hands full today cutting credit ratings.  They cut Ireland. But, they also cut Hungary, putting the country just above a junk credit rating.  I don't think these will be the last sovereign debt ratings…

Dunfermline, the largest uilding society in Scotland was forced into the hands of the Nationwide.  This happened only after the U.K. government was forced to pony up 1.6 billion pounds - not the best of news for Gordon Brown before a major…

Spain is one of the original four bubble economies to implode.  This group includes the U.S., the U.K. and Ireland.  Unfortunately for the Spanish, in the wake of their property crash, things in Spain are looking particularly bleak with…

This comes via Edward Hugh at "A Fistful of Euros": The governing council of the Bank of Spain has taken the decision to intervene in the operation of the Caja after carrying out an analysis of its financial position, thus taking as read…

This weekend has seen two major European financial institutions forced into the hands of government and a third on the verge of major new asset writedowns and job cuts. The events highlight the fragility of European banking and the need…