Fuels on the Hill
New York Times by Paul Krugman - Congress has always had a soft spot for “experts” who tell members what they want to hear, whether it’s supply-side economists declaring that tax cuts increase revenue or climate-change skeptics insisting that global warming is a myth.
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The Subprime Swindle
Nation - The problems started when the housing market took off at the turn of the millennium, driven by historically low interest rates, skyrocketing sales prices and the resulting global rush to invest in the US mortgage market. Suddenly, subprime loans turned into trapdoors–increasingly exotic products through which lenders, desperate to feed the mortgage investment beast, lured people into needless debt. By 2004 subprime loans were 20 percent of home loans–and half of all home-purchase and refinance borrowers had one in 2006.
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The meaning of Bill Gates
Economist - Mr Gates had the good fortune to be perfectly suited for his time—but he is less well-equipped for the collaborative and fragmented era of internet computing. This does not diminish his achievement. Nor, as some would have it, does his philanthropy necessarily magnify it. Whatever the corporate-social-responsibility gurus say, business is a force for good in itself: its most useful contribution to society is making profits and products.
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‘Interest Rates Have Been Too Low for Too Long’
Spiegel - Jürgen Stark, 60, the chief economist of the European Central Bank (ECB), speaks with SPIEGEL about the growing threat of inflation, planned interest-rate increases and the consequences of the financial crisis.
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A double cartel holds EU hostage on energy
International Herald Tribune - For weeks now, people across Europe have been trying to cope with the soaring price of oil. What is less talked about but just as painful is the increase in the price of gas. Governments, while they say it is time to diversify energy sources to reduce dependence on oil, don’t speak about the direct link between oil and gas. Here in Europe and in most parts of Asia their prices are inextricably tied together. Consumers and industry have no chance of breaking away from high fossil fuel prices.
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Russia may feed the world and make it a better place, but not today
Pravda - Russia ’s Minister for Agriculture, Aleksei Gordeyev, said that the boosting production of crops and meat in Russia would be capable of leaving the global output of food 2.5 or even 3 times behind. It is worthy of note that the minister said in April of this year that Russia would become one of the world leading exporters of crops during the upcoming five years. In November 2007 Mr. Gordeyev said during his meeting with Vladimir Putin that Russia would be able to become self-sufficient in terms of dairy and meat products in just a couple of years.
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Russian economy to experience ten most difficult years
Pravda - Russia’s Finance Minister Aleksei Kudrin stated at a recent press conference in Moscow that the upcoming ten years would be quite a difficult period for the national economy. The reduction of crude output and the unstable pension system will create serious problems in the Russian economy, the minister said.
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Eurozone’s stagnant growth and inflation present rates dilemma
Times - The European Central Bank’s dilemma over interest rates deepened yesterday as new figures pointed to a “toxic cocktail” of stagnant growth and spiralling inflation. Jean-Claude Trichet, the President of the ECB, hinted this month that borrowing costs would rise to control inflation, which has soared to a record 3.7 per cent.
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