Global News Journal

Tsunami of anger over financial crisis

September 25, 2008

bush.jpg Today’s European edition of the International Herald Tribune is fronted by a photo montage of the presidents of Senegal, Afghanistan, Bolivia, Argentina, France and Brazil.

Central Europe; a safe harbour in the financial storm

September 23, 2008

euro.jpgIf being in the European Union were ever controversial in central Europe, the current financial turmoil may be delivering the ultimate proof that it was worth it.

“I told you so!” Merkel tells U.S., Britain

September 22, 2008

German Chancellor Angela Merkel delivers a speech to members of her conservative Christian Democrats in Berlin, September 22, 2008. Wage gains in Germany have been moderate in recent years, and this will likely remain the case, Merkel said on Monday. REUTERS/Tobias Schwarz

German Chancellor Angela Merkel sent a clear “I told you so!” to the United States and Britain at the weekend, criticising them in unusually frank terms for resisting measures that might have contained the current financial crisis. The conservative leader of Europe’s largest economy reminded her partners that she had pushed for steps to boost the transparency of hedge funds during Germany’s presidency of the Group of Eight last year. ”We got things moving, but we didn’t get enough support, especially in the United States and Britain,” she told the Muenchner Merkur newspaper. Merkel expanded on her point in a speech in Austria, suggesting that both Washington and London were only now coming around to her view.

Trotsky in the night

September 21, 2008

trotski.jpgI’d almost forgotten he was there, in my home. Then came the global economic crisis with its visions of apocalypse, and he caught my eye again, this fiery orator, this ruthless revolutionary killer, the scourge of global capitalism.

Financial crisis: What you see depends on where you stand

September 19, 2008

lehman.jpgDepending on where you stand, the financial crisis has been catastrophic or brought a much needed shake out in the financial sector; it has been disastrous for home owners or proved the folly of lending to people with poor credit histories; it has rightly rolled back the clock on naked capitalism or undermined a system that, in essence, functions perfectly well; it has punished bankers’ hubris or thrown many talented individuals out of work.