Beggar thy neighbour at izbrano

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Beggar thy neighbour

Economist - Extending insurance on retail deposits is no bad thing, especially in cases where the guarantees make explicit promises that had previously been implicit. Yet when done in haste, it may serve to make deposits more volatile. Blanket coverage of all deposits may encourage further recklessness on the part of banks and those whose money they hold.

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The car industry - Pass the plate

Economist - Much depends on what the Americans decide to do. One option for Europe, assuming the Detroit Three get their money, would be to complain to the World Trade Organisation. But Ford and GM are too important for Europe’s car industry to make that probable. The betting is that Europe’s carmakers will [...]

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Carmaker bosses cling to their jets but could lose their aid

Guardian - Shares in US carmakers tumbled yesterday as it looked like the industry would lose its attempt to secure a $25bn (£16.6bn) bail-out from Congress. GM’s stock had fallen more than 15% by midday and Ford had dropped 25% as both companies joined the privately held Chrysler to plead for help averting [...]

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Detroit Shock Doctrine

Nation - Bloomberg reports that a General Motors failure would cost the federal government $200 billion. And the Center for Automotive Research concludes that if the Big Three fail, it will mean the loss of 3 million jobs in the first year of collapse.

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Motor City: From Motown to no-hope town

Independent - Music and motor cars made Detroit’s name – but the crisis in the automotive industry has created an economic and social disaster area. How much more of Detroit, how many of the still-vibrant neighbourhoods close to the remaining car plants and supplier factories, will soon experience the struggles of Highland Park?

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30 reasons for Great Depression 2 by 2011

MarketWatch - First. Dot-com crash Second. Subprime meltdown Third. Megabubble cycles. We see the Great Depression 2. Why? Wall Street’s self-interested greed. They are their own worst enemy … and America’s too.

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Pharmaceuticals - Racing down the pyramid

Economist - FOR many years America has been the heart and soul of the pharmaceuticals business. The adoption of price controls and government-run health systems in Europe, where the industry began, led many drugs firms to pitch their tents in the land of the free market. Keen to encourage innovation and suspicious of [...]

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Carrefour chief Duran to leave

Financial Times - Carrefour will this week announce the departure of José Luis Duran as its chief executive after months of tension. Europe’s biggest retailer will name Lars Olofsson, a Nestlé executive who ran for the top job there last year, to Mr Duran’s post. The Paris-based retailer has struggled at home [...]

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