Death Star Economics



Wednesday, #28

So yesterday, judgment budget day, George Osborne got himself some more enemies. Maybe because he wants to cut £30bn in public spending, or maybe because he didn’t really say as much as he should have. No specifics, no plans, seems to have been the verdict. read article

But thank god, there’s an infographic on the topic: the Guardian data blog compares the 2011 and 2010 budgetread article

Meanwhile, today marks the biggest public sector strike in the UK since 1979, involving 30 unions and a lot of people waving flyers demanding socialist policies in your face. The legitimacy of these strike is an argument in itself, but just disruptions at Heathrow airport could cost the British Airport Authority up to £20m (considering losses in previous strikes).

Speaking of airports, American Airlines parent AMR filed for chapter 11 bankruptcy protection yesterday. read article

In the rest of Europe, Italian yields are stead above 7% and unemployment rate of the eurozone hit 10.3%, which is a record since the monetary union was created. Eurozone inflation is at 3% for the third month in a row, BUT…  consumer confidence is up from -32 to -31 in November. Only marginally, but still, this is somewhat of a good sign. Or just a sign that Christmas is around the corner… read about unemployment read about inflation

Five links down, and I haven’t even started on the banks… S&P downgraded virtually every bank they could think of yesterday. Barclays, HSBC, Morgan Stanley… you name it. But remarkably, they also downgraded Rabobank. The Dutch bank (I’m a previous customer, so this is an emotional matter) was downgraded for the first time since 1981. Until yesterday, Rabobank enjoyed the status of being the only private bank with a triple-A rating. It was fun while it lasted? read article

So long.


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One Response

  1. […] the US Bankruptcy Court is in Manhattan and the scheduled hearing is unlikely to take place today. American Airlines filed for bankruptcy protection 11 months ago. read […]

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