Word: crediteers
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...deterioration of the global economy in the wake of the ongoing U.S. housing bust and subsequent credit crunch is accelerating at a frightening pace. In the U.S., nothing captures the concussive force of the downturn better than the Consumer Price Index released Wednesday, which showed prices falling 1% in October after being flat in September. Suddenly, the prospect of outright deflation in the U.S. - and all the risks that entails - is a clear and present danger. "With the unemployment lines growing ever longer, there is a genuine risk that the U.S. economy could fall into a corrosive deflationary phase," says...
...just a U.S. anxiety. Japan, which emerged from deflation only earlier this decade, is now back in recession, has negligible inflation and could soon see prices fall again. So too in Europe, where the European Central Bank was behind the curve in seeing the risks to growth that the credit crisis posed and kept interest rates too high for too long. Though Europe is not in outright deflation yet, the pressures across the continent are all trending downward. Even in China, the world's largest developing nation, officials acknowledge that the risk of inflation - their main concern at the time...
...That doesn't bode well for global growth prospects. David Roche, president of Independent Strategy, an economic consultancy in London, notes that throughout most of this decade "the world economy has been used to using $4 to $5 of credit for every $1 of GDP growth." Even if this "profligate use of capital is halved," Roche argues, "it still means credit expansion of 10% to 15% is needed to achieve real growth of 2% to 3%." The problem: credit, far from expanding, is still contracting around the world - despite governments' efforts to salvage the financial system...
...Merrill Lynch economist King argues, it's likely that the deflationary forces will intensify as the result of a vicious cycle. As economic conditions deteriorate, bank lending naturally declines because the number of credit-worthy borrowers - whether corporate or individual - shrinks. In other words, financial institutions that got into their current egregious situation by making bad loans aren't going to recover by making more bad loans. Thus a declining economy leads to contractions in lending, which further dampens demand...
...things, in the 1962 film “Cosmic Ray.” The film arranges footage of nude women, cartoons, dancers and—what else—more bombs, to the near-frenzied sounds of Mr. Charles’ raucous, sexually charged frenzy of a performance. Many credit the piece, as well as others by this film’s director (Bruce Connor), with influencing the concept of the contemporary music video. To assert that the man behind “Cosmic Ray” was interested in searching for new means of delivering popular music into...