Euromoney (October Issue)
“As investors lament the unsustainable credit boom and reform inertia that has blighted China, India and Indonesia, in particular, in recent years—raising the spectre this summer of a repeat of the 1997 Asia crisis—Singapore has consolidated its status as the region’s competitive dynamo, thanks to a flurry of supply-side reforms, backed by judicious fiscal and monetary policies.” Singapore’s economy is now “the most competitive in the world, according to the World Bank, with the highest income per capita in southeast Asia, outpacing the US in recent years.”“As investors lament the unsustainable credit boom and reform inertia that has blighted China, India and Indonesia, in particular, in recent years—raising the spectre this summer of a repeat of the 1997 Asia crisis—Singapore has consolidated its status as the region’s competitive dynamo, thanks to a flurry of supply-side reforms, backed by judicious fiscal and monetary policies.” Singapore’s economy is now “the most competitive in the world, according to the World Bank, with the highest income per capita in southeast Asia, outpacing the US in recent years.”
Tags: Asia crisis, China, Credit boom, Fiscal policy, India, Indonesia, Investors, Monetary policy, Reform, Singapore, Supply-side reforms
The Economist (October 12)
“China is dangerously short of water. While the south is a lush, lake-filled region, the north—which has half the population and most of the farmland—is more like a desert.” To try to solve the problem, China has now “built as many large dams as the rest of the world put together.” To really solve the problem, however, China will need to focus on regulatory issues, such as cracking down on polluters, and economic incentives, such as increasing water rates to encourage conservation.
Tags: China, Conservation, Dams, Desert, Economics, Farmland, Polluters, Population, Regulation, Water
Wall Street Journal (October 11)
The misleading “story you hear in Brussels, Berlin and Frankfurt” is that “Greece’s fiscal adjustment is on track and its economy is bottoming out.…. Europe’s politicians prefer the status quo of eternal, rolling bailouts because it serves their purposes. They never have to present their taxpayers with a bill for the Greek rescue. And while Greece’s economy never really recovers, it might avoid any new crisis.” The time has come for more realistic reckoning.
Tags: Bailouts, Crisis, Economy, Europe, Greece, Greek rescue, Politicians, Recovery, Status quo, Taxpayers
Financial Times (October 10)
“The world has just passed a historic milestone: China has overtaken the U.S. as the world’s largest oil importer…. The implications for international relations and global security are profound.” Cinching the global “gas guzzler” title has as much to do with the dramatic increase in domestic U.S. production through fracking as rising living standards in China. While China is now the biggest oil importer, the U.S. remains the biggest consumer. Per capita, the U.S. consumes over seven times more oil than China or 21.5 barrels annually per person.
Tags: China, Consumer, Fracking, Global security, International relations, Living standards, Milestone, Oil imports, U.S.
The Australian (October 10)
“As Sydney gears up for what could be its hottest October day on record, a landmark study warns that such extremes will be the norm in just 25 years.” The predicted climate departure dates for Australia range “from 2038 in Sydney to 2049 in Adelaide.” West Papua will get hit much earlier (2020) and Anchorage much later (2071), with Tokyo sandwiched in the middle (2041).
Tags: Adelaide, Anchorage, Australia, Climate departure, Extreme temperatures, Sydney, Tokyo, West Papua
New York Times (October 10)
A study at the University of Hawaii finds that “by 2047, plus or minus five years, the average temperatures in each year will be hotter across most parts of the planet than they had been at those locations in any year between 1860 and 2005.” The researchers calculated the expected “climate departure,” the year when a location exceeds its historic temperature range, as 2046 for Beijing, 2047 for New York and Washington D.C., and 2063 for Moscow. Climate departure will come even earlier for tropical areas.
Tags: Beijing, Climate departure, Moscow, New York, Planet, Temperature, Tropics, University of Hawaii, Washington D.C.
Washington Post (October 8)
John Boehner, Speaker of the U.S. House of Representatives “doesn’t know how to get out of the predicament. A shutdown is bad; a default on the debt, which looms 10 days from now, could be catastrophic…. At some point, Mr. Obama and the Democrats will have to throw the speaker a lifeline…. But throwing a lifeline is pointless until the victim realizes he may be drowning. It’s not clear the Republicans have reached that point. The danger is they will take the country down with them.”John Boehner, Speaker of the U.S. House of Representatives “doesn’t know how to get out of the predicament. A shutdown is bad; a default on the debt, which looms 10 days from now, could be catastrophic…. At some point, Mr. Obama and the Democrats will have to throw the speaker a lifeline…. But throwing a lifeline is pointless until the victim realizes he may be drowning. It’s not clear the Republicans have reached that point. The danger is they will take the country down with them.”
Tags: Danger, Debt, Default, Democrats, House, John Boehner, Lifeline, Obama, Predicament, Republicans, Shutdown, U.S.
Chicago Tribune (October 8)
“President Barack Obama’s decision to skip a trip to Asia … was understandable given the circumstances, but it also has consequences. This is a crucial moment in America’s negotiations for free trade with Asia, and Obama is 10,000 miles away from the action.”
Tags: Asia, Circumstances, Consequences, Free trade, Negotiations, Obama, U.S.
USA Today (October 7) USA Today (October 7)
“There are two Americas, all right. There’s one that works — where new and creative things happen, where mistakes are corrected, and where excellence is rewarded. Then there’s Washington, where everything is pretty much the opposite.”“There are two Americas, all right. There’s one that works — where new and creative things happen, where mistakes are corrected, and where excellence is rewarded. Then there’s Washington, where everything is pretty much the opposite.”
Tags: Corrected, Creative, Excellence, Mistakes, Rewards, U.S., Washington
Wall Street Journal (October 7)
“Billionaire Warren Buffett tossed lifelines to a handful of blue-chip companies during the financial crisis. Five years later the payoff on those deals is becoming clear: $10 billion and counting.” In terms of income before taxes, the investments to companies like Bank of America, Dow Chemical, General Electric, Goldman Sachs and Mars, have yielded Berkshire approximately 40%. Berkshire received an attractive premium, but provided the companies with critical capital and something even more valuable: “Mr. Buffett’s implicit endorsement of their long-term prospects. Shares of these companies generally went up after they revealed Berkshire’s involvement.”
Tags: Bank of America, Berkshire, Billionaire, Blue-chips, Capital, Dow Chemical, Endorsement, Financial Crisis, General electric, Goldman Sachs, Investments, Mars, Payoff, Premium, Shares, Warren Buffett
