News Links: Does Austerity Promote Economic Growth?
- Does Austerity Promote Economic Growth? – Robert J. Shiller – Project Syndicate
Policymakers cannot afford to wait decades for economists to figure out a definitive answer, which may never be found at all. But, judging by the evidence that we have, austerity programs in Europe and elsewhere appear likely to yield disappointing results.
- Redundant business manager: ‘Nothing could have saved me. You’re a number’ | Joris Luyendijk | Comment is free | guardian.co.uk
Joris Luyendijk talks to a woman about low morale and insecurity as a major bank sheds staff
- Analysis: China has multiple choices to avoid hard landing risk | Reuters
China faces what could be its worst year of growth in a decade with policy firepower that developed nations can only dream of.
- How Google has lost control of Android | Technology | guardian.co.uk
A mobile OS fragmentation doesn’t have to be bad, and there isn’t just one form of it. But one mobile expert – and ex-Microsoftie – argues that Android is now far out of Google’s control
- China consumers spend, even as growth eases – Emerging Markets Report – MarketWatch
Retail-spending growth and the emergence of a new class of super consumers could be among the few bright spots as China’s economy shifts towards an era of slower growth, analysts say.
- AT&T Raises Wireless Data Prices – WSJ.com
AT&T Inc. is raising prices by as much as 33% for the data plans sold with its smartphones and tablet computers.
- Dominique Strauss-Kahn prosecutor tells why he dropped case | World news | guardian.co.uk
Cyrus Vance says he could not be sure beyond reasonable doubt what happened between then-IMF head and hotel maid
- Greek default is major issue clouding the future of the euro – European, Business – Independent.ie
EUROPE still has a chance of safely shepherding Greece through what increasingly looks like an inevitable default and of restoring faith that investors can protect themselves against governments not repaying debt. But time is running out fast.
- Kodak files for bankruptcy | Business | guardian.co.uk
Once-dominant Eastman Kodak Co and its US subsidiaries hit by decline of photographic film business in digital era
- What happened to all the Woolworths shops? – Telegraph
Three years ago Woolworths pulled the shutters down on the last of its 807 shops, ending 100 years of history and putting 30,000 out of a job. While 105 of the shops are still vacant and 68 have been demolished, the rest have been taken by a variety of retailers.
- Unpunished Massacre in Italy: How Postwar Germany Let War Criminals Go Free – SPIEGEL ONLINE – News – International
In the spring of 1944, Nazi troops massacred hundreds of Italian civilians in the Ardeatine Caves near Rome. After World War II came to an end, however, the German government did little to track down the perpetrators. At the time, both Rome and Bonn were more interested in politics than justice.
- The Kangaroo Court of Wall Street | The Big Picture
Cohan is tilting at windmills. Its not that he is wrong – he is, to the contrary, dead on right. But the simple fact of the matter is that, short of a revolution overthrowing the government, nothing is going to ever change when it comes to FINRA arbitrations. Nothing.
- Fred Goodwin could lose knighthood, says David Cameron | Business | The Guardian
PM says former RBS chief’s knighthood can be referred to forfeiture committee in speech on responsible capitalism
- Egan-Jones: Rating-Zwerg stuft Deutschlands Bonität herab – Börse + Märkte – Finanzen – Handelsblatt
Die kleine Ratingagentur Egan-Jones hat Deutschland auf die Bonitätsnote AA- herabgestuft und der Fiskalpolitik der Bundesregierung ein schlechtes Zeugnis ausgestellt.
- Euro-Währungsunion: Wir bekämpfen die falsche Krise – SPIEGEL ONLINE – Nachrichten – Wirtschaft
Standard & Poor’s hat Recht. Ich rede nicht von der Rating-Benotung Frankreichs, sondern von ihrer Begründung. Europa leidet nicht an zu hohen Haushaltsdefiziten, sondern an den krassen Unterschieden in der Leistungsfähigkeit der einzelnen Staaten.
- La morosidad financiera sube en noviembre al 7,51% por primera vez en 17 años – ABC.es
El volumen de créditos dudosos supera los 134.000 millones de euros
- Sarkozy prepara una subida del IVA, «una formidable estafa» según los sindicatos – ABC.es
El presidente de Francia planea un incremento de un máximo de dos puntos del IVA, cuyo tipo general en Francia es actualmente del 19,6%
- Supreme Court Overturns ‘Right v. Wrong’ | The Onion – America’s Finest News Source
"It is the opinion of this court that the Constitution was crafted in such a manner as to uphold and encourage practices that are not right and, ideally, are very wrong," Justice Antonin Scalia wrote for the majority, which also included Justices Clarence Thomas, Samuel Alito, Anthony Kennedy, and John Roberts. "Despite the compelling case for goodness, truth, and justice made by our predecessors in the case of Right v. Wrong, we firmly believe that malice, dishonesty, and injustice were the framers’ original intent."
- The euro is pushing Italy into depression – Telegraph Blogs
Here is the latest money supply chart from the Banca d’Italia. Just look at M3. Horrendous. See page 7 of this report. This speaks for itself. There is no clearer indictment of the dysfunctional nature of monetary union. Italy is being pushed into depression. Criminal. Obviously, Italy and Germany can no longer share the same monetary policy. Ergo, Germany should leave EMU, pronto.