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.”
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.
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.”
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.”
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”
Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College. Edward also writes a premium financial newsletter. Sign up here for a free trial.
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