Friday 5 August 2011

Capitalism Hits the Fan... Again

Deutsche Welle (Germany):

"In a letter to EU heads of state, European Commission President José Manuel Barroso has warned that the eurozone debt crisis was still spreading despite agreement over a bloc-wide bailout fund."

The Guardian (UK):

"Live Japan, Hong Kong, Australia, New Zealand, Taiwan, Indonesia and South Korea all see large falls
"Global stock markets panic after Wall Street losses
"Larry Elliott: Turmoil carries echoes of 2007
"Eurozone fears send banking shares plunging
"Dow Jones returns to losing ways
"Editorial: State of emergency
"Italian prosecutors turn fire on rating agencies
"Poll: are the euro's days numbered?"

El País (Spain):

"-Japón, Corea y Hong Kong abren con fuertes pérdidas.
"-Los mercados esperan un catalizador hoy en el previsible crecimiento del empleo de EE UU o en alguna medida de Europa.
"-Se extiende el temor a un parón en la recuperación
"-Suben las comisiones por la avalancha de liquidez".

The Sydney Morning Herald (Australia):

"Aussie shares plunge at the opening, as investors reel over the state of the global economy."

And who's at fault? Go on, make a guess.

" 'One of the reasons [confidence] is beginning to erode is we have lost the reform energy that we had over a 25-year period.'
"In a reference to the politically fraught topic of industrial relations, Mr.
[my comment: John] Howard said regulation of the labour market had taken the nation backwards." See here

Or this perfectly timed pearl of political and economic wisdom, by Paul Sheehan, published yesterday:

"What happened in Washington last week, embodied by the Budget Control Act and the brinkmanship that brought it into law, was a national failure. The bill is a bandage, when surgery is required.
"The financial markets tell the real story
, and the conservative mothers have every right to be angry."
See here.

I can smell a Nobel Prize somewhere near.

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