Time has an article (in the new issue, likely) about the Gulf: "The Lessons of Dubai".

Labels: Dubai, economy, Time

So by now have you heard of "PIGS" - as in (Portugal, Italy, Greece and Spain)?

Now Schott's Vocab tells us about a new acronym for the possible dominoes if Greece should fall - "STUPID" - as in (Spain, Turkey, UK, Portugal, Italy, Dubai).

Labels: Dubai, economy, NY Times, recession, wordplay

This is creepy. Apparently in 2008 Russia was trying to get China to sell off their stakes in our country's Government-Sponsored Enterprises.

It's like declaring economic war: "Paulson Says Russia Urged China to Dump Fannie, Freddie Bonds".

Labels: China, economy, Russia

So big news from Dubai this morning is that Sheikh Hamdan bin Mohammed al Maktoum, Crown Prince of Dubai, is reworking the workings of Dubai: "Dubai's Crown Prince Reorganizes Government".

Sheikh Hamdan, who goes by the handle "Fazza3", is still second in command to his father, HH Sheikh Mohammed bin Rashid al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, the guy who got them into this mess, which the Wall Street Journal estimates at more than $80 billion.

Dang.

Labels: Dubai, economy, Fazza3

I've been wondering about this since that Time Magazine cover story back in October - how can California's high tech firms generate enough new jobs to save the entire state? I mean, as we all know by now if California were an independent nation it would have either the seventh, eighth or tenth (depending on who you ask) largest economy in the world.

Now we have some answers - it won't. Check out: "High Tech Won't Save California's Economy".

They even have charts to prove it - Silicon Valley's San Mateo and Santa Clara Counties had very slight job growth between 1990 and 2009 while Los Angeles County lost jobs (and added almost a million people).

Key quote?

Therein lies California's dilemma. The ability to generate large amounts of wealth on a narrow job base isn't enough to support a state of 37 million people. Brazil generates enormous wealth too, and supports lavish stores like Daslu, where you can't walk in off the street, but there's a helipad on the roof – and a favela just down the street. But Brazil doesn't have a middle class economy.

Labels: California, economy, recession

Hey, I made the cover of the new issue of BusinessWeek!

Labels: economy, recession, temps

Interesting blog by Nancy Koehn at Harvard Business Review yesterday: "American Consumption and the New Normal".

Ms. Koehn sees that American consumers are looking to brands that they trust, that are worthy of our loyalty. That we're "abandoning the 'next new thing' mentality that powered so much spending for the past 20 years, in favor of more enduring priorities".

More interestingly, she says that as a society we are moving beyond just "keeping up with the Joneses," by using the internet as a social networking resource similar to pre-Industrial Revolution villages.

It's a short read and fascinating, so check it out.

Labels: economy, recession

I love articles about how temporary workers are bad for the economy, and they all should be hired full-tim: "Is Your Job Permanent?"

Labels: economy, NY Times, temps

Hey look, companies are hiring lots of temps! Who knew?! "Labor Data Show Surge in Hiring of Temp Workers".

Key paragraph: "In the past, temps who do well have often been offered regular employment, with higher pay and benefits. Given the uncertainties about this recovery, companies are not doing that now, and temps, as a result, are less likely to spend as freely as regular employees or to qualify for credit, generating less demand than permanent employment would."

Awesome.

Labels: economy, NY Times, temps