Armageddon

At this time of writing – early Thursday evening – the global financial system is still teetering on the brink of the abyss. There is a fair probability that by the time you read this, we will be over the edge and into a ‘systemic collapse’ – indeed, in many senses, that is already underway. What this new buzzword means […]

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Reality check

Fifteen months into the global financial crisis, the slogan coined here last August remains as valid as ever: IKGW – It Keeps Getting Worse. But that is the objective situation. Subjectively, an important – arguably critical – improvement is underway. This is that governments, in the West and elsewhere, are finally beginning to move beyond shock and denial and face […]

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Boom to Bust

Two weeks ago, this column suggested that the commodities boom might be over and noted indicators supporting that contention. What was a nebulous maybe two weeks ago looks a lot more solid today. Indeed, with regard to several critical items, the extent of the price falls has gone well beyond any normal ‘correction’ and looks suspiciously like a collapse. In […]

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Shaky

An excellent indication of the sorry state of the global economy is the degree of scepticism regarding any seemingly positive development. Examples abound, but here are a few outstanding ones: Oil: a fall of some $35 in the price of a barrel of oil, from the July peak of $147 to around $111-112 earlier this week, is surely good news […]

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Spreading the woe

Everything is relative, even crises. So after a year of being the epicenter of both the housing and financial crises and feeling their impact on its economy more than any other country, America is now facing the prospect of seeing its position improve. Ideally, that would happen by ‘things’ – various measures of economic activity – actually getting better. Unfortunately, […]

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