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...economy was dependent on manufacturing, which was in turn dependent on demand from the U.S., the world's undisputed economic locomotive. But that engine remains sidetracked. The IMF predicts the U.S. economy will contract 2.6% this year. American home prices continue to fall in some cities, while the unemployment rate has soared to 9.5%, the highest since 1983. The U.S.'s much ballyhooed stimulus plan has so far yielded little measurable benefit, save putting some spark back in stock markets. The absence of real signs of recovery has Washington discussing the possibility of yet another round of stimulus spending, despite...
...downturn. As Peking University finance professor Michael Pettis says, China is "throwing everything including the kitchen sink'' at the problem. There is no question that as a result of the flood of financing, a lot of Chinese have jobs they otherwise wouldn't. But, as Grant's Interest Rate Observer, an influential Wall Street newsletter, points out in its latest issue, "Massive injections of money and credit ... are always bullish before they are bearish." The newsletter draws worrying parallels between China's current credit boom and the gush of lending that produced the U.S. housing bubble, the collapse of which...
...words, is growing - but is still insufficient to lift the world's advanced economies out of recession. Consumer spending drives less than 40% of China's GDP; in the U.S. before the bust, the consumer accounted for almost 70%. With American shoppers now on the sidelines - the U.S. savings rate has soared from zero to nearly 7% in the past nine months as consumers have closed their wallets - the world desperately needs someone to step into that void. (Read "China Won't Ride to World's Economic Rescue...
None of this means everyone's happy. In fact, one of the ways in which Boise reflects a return to local logic is the city's rising foreclosure rate. It hasn't been tricky subprime and Alt-A loans tripping up the folks in Idaho; it's been the flailing economy. At 10.1%, Boise's unemployment rate is above the national average and nearly twice what it was this time last year. As big employers such as HP and semiconductor maker Micron lay off thousands of workers, job losses cascade through other industries and small businesses. If people...
...skeptical when Berthoud said this. Don't you need to raise your heart rate and sweat in order to strengthen your cardiovascular system? Don't you need to push your muscles to the max in order to build them...