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ECONOMICS – FINANCE – WORLD NEWS – GREEK DEBT

Wednesday, #38: framing

The latest unemployment figures for the UK came out today, and while everybody is very gloomy about it, I decided to present them in a different light: They did not rise. Woohoo. We’re still at a solid 8.3%, highest since September 1994; and according to the Office for Budget Responsibility, things won’t look much better until 2014. read article

Speaking of unemployment… here is indirect proof of German efficiency in form of a chart. How so? Because Italians work on average 20% more than Germans. Yet, Germany’s GDP was $3.316tn in 2010, while Italy’s was 2.055tn. Also, despite negative predictions, the German industrial output seems to be doing a bit better. read article

Meanwhile, Greece is likely to miss its 2011 deficit target of 9% (down from 10.6% in 2010). In other words, the country is headed straight into its fifth consecutive year of recession. Even worse, a Greek official said “9%? Hell no!” Fine, he didn’t say that, but the bottom line is that 10% are much more likely to be hit than 9%. This should settle the argument whether things will continue to be bad in 2012, I think. read article

The piece of paper that incorporated Apple in 1976 was sold for almost $1.6m, 10-times the expected price, at Sotheby’s in New York. What’s more interesting, Ronald Wayne, third owning party of Apple and author of the document, asked to be removed from it just about when the ink had dried. He received $800 for his 10% share in the company. Today, those 10% would be worth around $36bn. read article

Yesterday’s Economist advent calendar chart made me a little bit nauseous. Look at what happens if you add all debt together (government + household + fianancial + non-financial). And then look for the UK. view graphic

So long.

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