The tail risks of a Greek exit from the eurozone or a massive loss of market access in Italy and Spain have been reduced for 2013. But the fundamental crisis of the eurozone has not been resolved, and another year of muddling through could revive these risks in a more virulent form in 2014 and beyond.
America has now suffered around 30 shooting massacres over the past 30 years, including this year’s deadly dozen; each a gut-wrenching tragedy for many families. Today, America’s real freedoms depend on sane public policy and the bloodbath in Newtown is the latest reminder that it is time to stop feeding the US’ gun frenzy.
World governments have borrowed massive amounts of money to live beyond their means. Some countries have taken steps to curb spending and reduce deficits; others like Greece are battling to avoid a devastating default. This infographic examines some of the the world’s largest economies and shows you just how much they have borrowed.
The US economy is edging closer to the cliff as a budget deal between US Democrats and Republicans remains elusive. With less than two weeks before $600 billion of tax increases and spending cuts take effect, potentially pushing the world’s largest economy into recession, US politicians and lawmakers have been put on notice to stay close to the office this holiday season.
Monday, December 17
China’s top leadership wraps up a three-day Central Economic Work Conference with pledges to ensure a “stable and relatively fast” economic growth next year.
Countries like China and India, which leverage their oil use to a greater extent with more coal use are less affected by a rise in oil prices. This is another reason why jobs are moving to China and India, and away from the US.
If an employer wants to maximize profits, it will want to leverage its use of high-priced energy sources. From an employer’s point of view, there are basically three kinds of energy, from most to least expensive:
1. Human energy
2. Petroleum energy
3. Everything else
The big news in the last few weeks has been the relatively positive economic data suggesting that Beijing could be in for a rebound. However, the “relief” data tell us nothing about the health of the underlying economy. In fact, growth rates in China will continue to slow dramatically in the next few years and if there are temporary lulls, as there must be, these do not represent any sort of bottoming out at all.
According to a new study by the National Intelligence Council, the United States will likely remain as “first among equals” in a multipolar world, but Asia’s economy, military spending and technological investment will likely surpass that of the US and Europe combined by 2030.
Within two decades, China will also overtake the United States as the world’s largest economy, a projection in-line with various independent forecasts.
The Philippines would strongly support Japan dropping its pacifist constitution to become a fully-fledged military force, said a government spokesperson on Monday. The call is largely seen as a counterbalance to China’s growing military assertiveness over disputed oil claims in the South China Sea.
Despite its sizeable youth population, some fear that India’s much touted demographic dividend is on the verge of going horribly wrong – that the economy may not produce enough jobs to absorb the fast-growing labour force, leaving millions of young people feeling bitter and betrayed. To make matters worse, a recent Gallup study found that Indians are simultaneously the LEAST and MOST entrepreneurial people in Asia – with many Indian youths possessing strong entrepreneurial traits, though few actually wanted to start their own businesses.
Despite the global economic slowdown, Chinese investments overseas actually tripled in the first half of 2012, according to a recent PwC report. The growing outflow of Chinese money has also shaken up numerous industries abroad – particularly the foreign energy sector as Chinese oil companies continually set ambitious targets for international production.
