Europe contagion madness. Who owes how much whom infographic. (via zh)
PIIGS speculation could continue.
Bailout does not prevent contagion.
Other PIIGS need to hurry up to get fiscal consolidation and implement budget cuts.
via Carsten Brzeski, a senior economist at ING Belgium SA, talks with Bloomberg
Point made, it takes off the market pressure from Greece. But not other Eurozone peripheral countries. Bond vigilantes are on the move.
“The bond vigilantes are walking out on Greece, Spain, Portugal, the UK and Iceland,” said Roubini, a former adviser to the US. “The thing I worry about is the build-up of sovereign debt. Greece is just the tip of the iceberg, or the canary in the coal mine, for a much broader range of fiscal problems.” (via Nouriel Roubini, Guardian)
Gordon Brown talking about Conservative implementing budget cuts within 50-days after the election in case they win.
I just want to remind everyone. Budget cuts within the next 9 months will be inevitable, whether you vote Labour, Conservative or Lib Dems. The markets will force it upon this nation.
As we have learned during this brief time of financial upheaval, things usually get worse till they get better.
What Brown said is lie. He is misleading the public. He still is Prime Minister, and saying such things is pure manipulative of the public, misleading, a lie.
Bond fund managers have called for steep cuts in welfare spending by highly indebted European countries to avoid a repeat of the Greek crisis. Spain, Portugal and Ireland have already been targeted by speculators. Some economists have included Britain and Italy in the European “circle of doom” countries that ring the more financially secure nations of France and Germany.
Last week the National Institute of Economic and Social Research (NIESR) said Britain was unlikely to come under the same pressure as Greece, Spain and Portugal because it was able to devalue its currency and trade its way out of recession. Britain remains the world’s sixth-largest exporter in the world. Sterling has fallen from $2 before the crisis to $1.70 early this year to $1.50 last week, giving exporters a boost as prices of their goods fall. (via Guardian May 3rd 2010)
And giving consumer a hard time on the till, especially petrol (oil), gas, travel tickets. As a world deeply intertwined, the weakness of the pound will push up the CPI and RPI. Inflation will remain at alleviated levels above 2 if not over 3% year over year.
Which implies with the current overall world outlook, the perspective shifts towards double-dip, all things considered.
The PM says sorry on the Jeremy Vine radio show after calling an elderly female voter bigoted woman’ while he still had his microphone on.
That, of course, raises the question: what is copyright really worth anymore if technology has turned it into something that benefits only those with the resources to enforce and defend it at every turn?
You see who the power has when looking who writes the bills/laws. Ie in UK, the Digital Economy Bill was entirely written by the Music Industry Lobby Group blah. It wasn’t written democratically by and with users, indie artists, artists with 360 contracts, ISPs, lables, lawyers. It was written by the music bigheads.
And the ‘so democratic UK government’ made it rule of the land with a blink of the eye. Would like to know how much money each MP got to vote yes on the DEBILL.
Pre-internet generation determines how post-internet time is ruled.
The neutral communications medium is essential to our society. It is the basis of a fair competitive market economy. It is the basis of democracy, by which a community should decide what to do. It is the basis of science, by which humankind should decide what is true. Let us protect the neutrality of the net.
I have spent most of this morning reading reactions and thoughts about Facebook’s “Open Graph” via Techmeme, Tumblr, Twitter and comments to my post and Fred’s post. All of it has me convinced that the power of the web will be stronger than any one company. That is with one important caveat:…
Agree a quadrillion times.
Net Neutrality over all. Facebook is turning into a marketing and advertising network full of unknowing targets (users). Ad money has to flow somewhere after print and TV died, and the Zuckerberg Crew welcome it with open arms.
Boom! Inflation is back baby! [UK]
The hidden cost for consumers starting to creep down the walls, slowly.
The rise in the Consumer Prices Index (CPI) inflation rate was greater than analysts had expected. Retail Prices Index (RPI) inflation, which includes housing costs, also rose sharply to 4.4% in March from 3.7%. The CPI inflation rate is the measure targeted by Bank of England interest-rate setters, while RPI is often used as a benchmark in wage negotiations.
[Knock-on effects of] higher petrol prices were an important factor in rising consumer prices.
Despite the sharp rise in prices, analysts expect the rate of inflation to fall again in the coming months, as weak economic growth and high unemployment dampen price rises. The governor of the Bank of England, Mervyn King, has said that he expects inflation to fall back towards the target rate of 2% in the coming months. Analysts therefore expect the Bank to keep interest rates low to stimulate growth. (BBC)
I don’t think so, all the reflationary measures undertaken in the last months are hard to pin down —- what effects they will have on inflation and price stability for consumers. Nobody knows how much you have to open the window and when to shut it.
Excesses will find its way to consumers one way or the other.