Economist.com | Diigo - 0 views
Public-sector workers: (Government) workers of the world unite! | The Economist - 0 views
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Unions have suppressed wage differentials in the public sector. They have extracted excellent benefits for their members. And they have protected underperforming workers from being sacked.
Inequality: Unbottled Gini | The Economist - 0 views
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Mr Strauss-Kahn then bemoaned “a large and growing chasm between rich and poor—especially within countries”. He argued that inequitable distribution of wealth could “wear down the social fabric”. He added: “More unequal countries have worse social indicators, a poorer human-development record, and higher degrees of economic insecurity and anxiety.”
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The income of the wealthiest 20% of Americans rose 14% during the 1970s, when the income of the poorest fifth rose 9%. In the 1990s the income of the richest fifth rose 27% while that of the poorest fifth went up only 10%.
'Matters Could Escalate' : Economist Raghuram Rajan Warns of Currency Conflict - SPIEGE... - 0 views
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I think this has to do with more than just currencies. It is very convenient for industrial countries to point to currency intervention as the problem, because they are not directly guilty of that. Is it any surprise that China resists an international agreement where the sole focus will be exchange rates? But industrial countries are not beyond reproach on the kind of policies they have been following in recent years. Let us remember where this crisis originated ...
Why some economists fear Osborne's upper cuts will leave Britain out for the count | Bu... - 0 views
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It is this gloomy backdrop which exercises the minds of the third and final group of experts, the bears. For them, the risk is both of a double-dip recession and a long, painful work out from the excesses of the past. Looking at the four main components of demand they would say that consumption is going to be weak so investment will disappoint. Government spending is going to be slashed, leaving a massive burden on exports at a time of slower growth and currency wars. The bears are currently the smallest group. Their numbers are likely to be swelled as winter progresses.
BBC News - Could Greece be Europe's Lehman Brothers? - 0 views
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Could Greece be Europe's Lehman Brothers?
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Three years ago today, US Treasury Secretary Hank Paulson made a momentous decision - to let the investment bank Lehman Brothers fail. The US government had helped to rescue a string of financial institutions, but markets kept pushing more to the wall. Mr Paulson was running out of time and options. There was no political support in Washington to keep throwing money at the problem. Wall Street would just have to learn to bear the consequences of its own folly. Today, many say that it was the wrong decision. The resulting financial meltdown (the stock market plummeted 43%) forced the authorities to do exactly what they had been trying to avoid - commit trillions of dollars to rescue the financial system.
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Now fast-forward to the present. The "troika" of lenders to Greece - the European Union, International Monetary Fund (IMF) and European Central Bank (ECB) - may soon face a similar moment of reckoning.
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