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Le nuove tribù promuovono nuove infrastrutture di accesso alla Rete. L'innovazione la promuovono i Cittadini; siamo noi quelli che stiamo aspettando.

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    The Crisis Observer - Making Sense Of The Financial Turmoil

    Opinions - Monday, 15 June 2009

    The Debate over Crisis and its Solutions: Geithner, Summers, Krugmann and the Future of the IMF

    A New Financial Foundation (The Washington Post ), Stay the Course (The New York Times), Promises, promises (The Economist)

    A New Financial Foundation (The Washington Post - U.S.)

    By Timothy Geithner and Lawrence Summers

    Over the past two years, we have faced the most severe financial crisis since the Great Depression. The financial system failed to perform its function as a reducer and distributor of risk. Instead, it magnified risks, precipitating an economic contraction that has hurt families and businesses around the world.(...)

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    Stay the Course (The New York Times - U.S.)

    By Paul Krugman

    The debate over economic policy has taken a predictable yet ominous turn: the crisis seems to be easing, and a chorus of critics is already demanding that the Federal Reserve and the Obama administration abandon their rescue efforts. For those who know their history, it's déjà vu all over again -- literally. .(...)

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    Promises, promises ( The Economist - U.K)

    Much has changed for the IMF as a result of the financial crisis. The G20 summit in London in April promised a tripling of its lending capacity. Long known for championing fiscal stringency, the fund has recommended that Tanzania and Mozambique consider countercyclical fiscal expansions. Mexico, Colombia and Poland have been enticed to sign up for its new precautionary lines of credit. Another first is now well on the way, as the IMF prepares to issue its own bonds. (...)

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    Facts - Monday, 15 June 2009

    Is the Worst Still Ahead?

    Financial crisis: Worst may be still ahead, says IMF chief (The Guardian ), Is Obama Flubbing the Financial Fix? (Businessweek), A stony road (The Economist)

    Financial crisis: Worst may be still ahead, says IMF chief (The Guardian - U.K.)

    The worst may yet lie ahead for the world economy in the current financial crisis, the head of the International Monetary Fund warned today. Speaking during a trip to Kazakhstan, Dominique Strauss-Kahn said he largely agreed with the weekend conclusion of finance ministers from the G8 nations that the global economy was showing signs of stabilising after the worst financial crisis since the 1930s.(...)

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    Is Obama Flubbing the Financial Fix? (Businessweek - U.S.)

    Old habits die hard--especially bad ones, and especially when they're backed by well-heeled lobbyists and a powerful congressional committee chairman. It was hard not to draw that conclusion over the past week, as Wall Street and Washington alike prepared for President Barack Obama's much-anticipated June 17 speech outlining the Administration's proposals to overhaul financial regulations .(...)

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    A stony road ( The Economist - U.K)

    Spare a thought for Ford Motor Company, which lost $14.7 billion last year but is battling on, trying to fix its problems with hardly a shred of government help in either America or Europe. In America its two domestic rivals, General Motors (GM) and Chrysler, are using bankruptcy protection and $62 billion from the Treasury to shrink their debt, reduce the cost of their obligations to retired workers and prune their sprawling dealer networks (...)

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    Stories - Friday, 12 June 2009

    Aid a Casuality of the Crisis

    Why Wealthy Nations are Stiffing Africa (TIME - U.S.)

    It may be no surprise, in light of the global economic recession, that the world's richest nations have failed to deliver much of the aid they promised Africa four years ago. But campaigners are not letting the Group of 8 (G-8) industrialized countries off the hook. According to ONE, an advocacy group founded by U2 singer Bono, most of the blame for the shortfall in pledges made at the high-profile Gleneagles summit in 2005 rests on just two countries -- Italy and France. Italy, which next month hosts a summit of G-8 leaders, has delivered a miniscule 3% of the amount it pledged at Gleneagles, according to ONE's annual DATA report tracking aid delivery. France has given just 7% of its pledged amount.(...)

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    Opinions - Friday, 12 June 2009

    Everyone's Talking About Debt, Restored Faith in Capitalism

    The Bubble Next Time (Economix), Crisis? What crisis? The market confounds the left (Financial Times), Which debt are we worried about? (Free Exchange), The biggest bill in history (The Economist)

    The Bubble Next Time (Economox - The Net)

    Ben Bernanke gave a great speech in 2002, mapping out exactly what the Fed should do if the United States faced a deflationary price spiral -- falling wages and prices -- that could wreak havoc on the economy. He outlined a series of steps: starting with lowering short-term interest rates to zero, then making purchases of longer-dated Treasury securities, then purchasing securities issued by Fannie Mae and Freddie Mac. All of this is has come to pass since mid-2007. Surely, Mr. Bernanke was well prepared for the crisis, and is a shoo-in to be reappointed as chairman of the Fed early in 2010. (...)

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    Crisis? What crisis? The market confounds the left (Financial Times - U.K.)

    Surely it was only yesterday that the west was engulfed by the crisis of capitalism? Markets buckled under the strains of the credit crunch. Portraits of Adam Smith made way for freshly-burnished busts of John Maynard Keynes. Popular rage against greedy bankers promised to restore politics to parties of the left.

    Pace the doomsayers who predicted imminent Armageddon, liberal market capitalism has survived: somewhat humbled and, in the case of the financial services industry under much tighter official supervision, but recognisably much as it was. Governments have stepped in to prop up markets rather than to dismantle them. Nationalising the banks has been a means to an end rather than an end in itself.(...)

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    Which debt are we worried about?( Free Exchange - The Net)

    WARNING: there may be a lot of posts about debt today. The issue is the talk of the blogosphere, and this being a social medium, I feel inclined to participate...

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    The biggest bill in history (The Economist - U.K.)

    THE worst global economic storm since the 1930s may be beginning to clear, but another cloud already looms on the financial horizon: massive public debt. Across the rich world governments are borrowing vast amounts as the recession reduces tax revenue and spending mounts--on bail-outs, unemployment benefits and stimulus plans. New figures from economists at the IMF suggest that the public debt of the ten leading rich countries will rise from 78% of GDP in 2007 to 114% by 2014. These governments will then owe around $50,000 for every one of their citizens.(...)

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    Stories - Friday, 12 June 2009

    Taking Advantage of the Downturn

    Companies Willing to Take Risks in a Recession (Business Week - U.S.)

    "The time to buy," said Baron Rothschild, "is when there's blood in the streets."

    These days it's hard enough for many managers to keep their businesses afloat, much less think about taking risks. After all, excessive risk-taking is what put us in the current financial mess.

    Yet a few companies, big and small, are daring to go against the grain. They're scouring the bankruptcy courts for deals, getting tough with suppliers on prices, and muscling in on rivals--all to gain advantage for the eventual upswing. Fiat has successfully snapped up the bulk of assets in Chrysler, overcoming opposition. Toys 'R' Us has bought FAO Schwarz to gain market share. Procter & Gamble (PG) is investing heavily in research while others cut back. Novartis is betting its future on discoveries linked to diseases most people have never heard of. (...)

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    Facts - Friday, 12 June 2009

    Europe Behind U.S. in Recovery, Brazil Officially Enters Recession

    Europe's Economy Lagging Behind U.S. (New York Times), Setback for eurozone recovery hopes (Financial Times), Brazil Officially in Recession (Latin American Herald Tribune), Japan stocks close above 10,000 (BBC)

    Europe's Economy Lagging Behind U.S. (The New York Times - U.S.)

    There was more evidence Thursday that the United States economy might be stabilizing, if not rebounding, even as economic reports in Europe remained gloomy. The American news -- showing slight growth in retail sales and a dip in first-time jobless claims, as well as rising stocks -- was not enough to end the disagreement between bulls and bears over how soon the economy would improve.(...)

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    Setback for eurozone recovery hopes (Financial Times - U.K.)

    Eurozone economic recovery hopes have been set back by an unexpectedly sharp fall in industrial production that suggests continental Europe's recession is only slowly losing its ferocity.

    Industrial production in the 16-country region tumbled by 1.9 per cent in April, further extending the precipitous falls since the second half of last year, according to Eurostat, the European Union's statistical office. Compared with April 2008, production was 21.6 per cent lower - the steepest year-on-year fall since record began in January 1991.(...)

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    Brazil Officially in Recession ( Latin American Herald Tribune - Venezuela)

    Brazil's economy officially has entered into recession, with the gross domestic product contracting 1.8% in the first quarter and posting a decline for the second consecutive quarter. (...)

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    Japan stocks close above 10,000 ( BBC - U.K.)

    The Nikkei index of leading Japanese shares has closed above 10,000 points for the first time in eight months.

    The Nikkei-225 stock average closed up 154.49 points at 10,135.82 points, as global recovery hopes grew. (...)

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    Crisis Culture - Friday, 12 June 2009

    How the Recession Is Wrecking Friendships

    Friends Without Money(Slate - The Net)

    In his book The Big Sort, Bill Bishop shows how our country is ever more divided along economic lines. Migration patterns differ by income, reinforcing the separation of people into rich and poor counties--a phenomenon that has been on the rise since 1976 with a big jump since 2003, according to a recent paper by professor of government James Galbraith. One of the reasons schools are so often segregated, in terms of class as well as race, is that rich and poor people--or even middle-class and working-class people--don't live side by side in many places(...)

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    Numbers - Thursday, 11 June 2009

    Will Gas Prices Hit Last Summer's High?

    Will Gas Prices Hit Last Summer's High? (Business Week - U.S.)

    By Esmé E. Deprez

    With crude oil prices rallying above $71 a barrel in recent days, should Americans fear a repeat of the summer of 2008, when $4 gasoline jolted the nation? The national average on June 10 for a gallon of regular unleaded was $2.627, according to the Oil Price Information Service's American Automobile Assn. daily Fuel Gauge Report. That's up 40¢ from a month ago but significantly lower than last June, when the average price was $4.04 and well on its way to a July record high of $4.11 per gallon. (...)

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    Numbers - Thursday, 11 June 2009

    Which Nations Have The Biggest Debt Bubbles?

    Which Nations Have The Biggest Debt Bubbles? (Wealth of Nations - The Net)

    Public debt is rising at its fastest rate since World War II, as pretty much every country around the world struggles to stimulate its economy. Who's most at risk from the ballooning debt bubble? It's an important question, since markets will eventually penalize countries that struggle to service their debt (already, there have been a slew of sovereign downgrades around the world). (...)

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    Opinions - Thursday, 11 June 2009

    Roubini on Latvia, The Economist and Others on Banks

    Principles, not Pitchforks (The Economist), Latvia's currency crisis is a rerun of Argentina's (Nouriel Roubini on the Financial Times), Small Bank--Big Trouble? (Realtime Economic Issues)

    Principles, not pitchforks (The Economist - U.K.)

    Some sensible new proposals for curbing corporate greed in America

    Although the debate about excessive executive pay in America has been heated, cool heads prevailed when the time came to tackle the problem. On Wednesday June 10th Tim Geithner, America's treasury secretary, said the government would not impose fierce restrictions such as caps on pay. Nor would it meddle in the detail of compensation packages. Instead, it wants companies to adopt a series of broad principles on pay and it intends to make it easier for shareholders to ensure that they do so.
    This approach will infuriate pitchfork populists, who were hoping the Obama administration would impose a regulatory straitjacket on corporate pay after an outcry earlier this year over hefty bonuses dished out at firms rescued with taxpayers' cash. But Mr Geithner warned that such an approach would ultimately be "counterproductive". In practice only firms that have been bailed out will face stiff restrictions on bonuses and other forms of pay. Some will have to submit senior managers' compensation for review by a new, government-appointed "special master". (...)

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    Latvia's currency crisis is a rerun of Argentina's (Financial Times - U.K.)

    by Nouriel Roubini

    After a recent failed public debt auction, the authorities in Latvia are desperately trying to prevent a depreciation of the currency, the lat. The country's predicament is similar to the one that faced Argentina in 2000-01: a severe recession driven by global financial shocks, a sudden drying up of capital inflows and the need to reduce a large external deficit worsened by an unsustainable currency peg. As in Argentina, the International Monetary Fund initially went along - somewhat uncomfortably - with the authorities' strong preference for not letting the currency depreciate, in spite of its significant overvaluation. But a real exchange rate depreciation is necessary to restore the country's competitiveness; in its absence, a painful adjustment of relative prices can occur only via deflation and a fall in nominal wages that will take too long and exacerbate the recession. (...)

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    Small Bank--Big Trouble? ( Realtime Economic Issues - The Net)

    One of the more interesting counter-arguments against the idea that big banks should be broken up comes from people who play close attention to the behavior of small banks.  They point out that small banks are a powerful political lobby, a point nicely illustrated by the NYT's explanation of how changes to bankruptcy law were recently derailed. (...)

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    • 15 June 2009
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