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News round-up: 14 Aug 2008
The key story today is pretty downbeat. It shows a global recession taking form. In the global recession section below are a number of stories from different newspapers I get in my RSS feeds from around the world. All of them are…
Sterling in freefall
Sterling has dropped 10 days on the trot, the most in 37 years. What does that tell us? Well, it tells me that people think the BoE will be cutting rates at some point soon. The Pound was over $2.10 in October 2007. Now it trades for…
Eurozone in recession as Germany contracts
It's pretty much official now: Europe is in recession. As I predicted late last month, the Eurozone has hit stall speed with Germany now reporting a fall in GDP for the second quarter.The German economy, Europe's largest, contracted for the…
Writedown news: 13 Aug 2008
Below are the latest writedown stories from the web that I have seen. For the full timeline of news, visit my credit crisis timeline. Bloomberg recently updated their tally of writedowns to arrive at $501 Billion to date. That is on the…
Estonia and Latvia: headed for the rails
Late last month, I made a big to-do about the Baltics becoming the next Argentina. Well, part of that mess is unraveling as we speak. Estonia is in recession and Latvia is headed for recession.Read my translation of a Dagens Nyheter article…
The Swedish banking crisis response – a model for the future?
Yesterday I pointed out that today's global banking crisis has some historical precedents worthy of comparison. In particular, I looked at the Japanese bailout schemes from their housing bubble to see if there was anything there to learn.…
News round-up: 13 Aug 2008
RecessionJapanese economy shrinking - BBC NewsU.S. retail sales dip in July - BBC NewsUK unemployment rise fastest since 1992 - GuardianForsaking Waitrose for Aldi - Times OnlineEuropean Industrial Output Stalled in June After Slump in May…
Lessons from Japan’s Bank Crisis
The Wall Street Journal has a good piece from Yuka Hayashi about lessons that can be learned from Japan's experiences with its bank crisis in the 1990s. While I do take issue with a number of the article's assertions, on the whole it sheds…
UK inflation exceeds Bank interest rate for first time since 1981
Despite my protestations that inflation is due to fall sharply over the next six months, I do have to point out that real interest rates are not only negative in the U.S. all the way across the curve, they are also negative in most of the…
Bloomberg: $500 billion in writedowns by firm
(See my Credit Crisis Timeline for the news stories associated with the writedowns and related events during the crisis, the most recent of which you can find here.)Yalman Onaran at Bloomberg News has tallied the writedowns in the credit…