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Found 13 results

  1. The New York Times Printer Friendly Format Sponsored By April 6, 2008 30 Seconds With Alex Ovechkin By LEW SERVISS The fans chant “M.V.P.!” when Alex Ovechkin scores at the Verizon Center in Washington. They have had a lot of practice this season. Ovechkin, the 22-year-old dynamo from Moscow, scored his 65th goal Thursday, breaking the season goal-scoring record for a left wing set by Luc Robitaille of the Los Angeles Kings in the 1992-93 season. The next task for Ovechkin is to help the Capitals advance in the postseason; Washington secured a playoff berth Saturday night. LEW SERVISS BEST THING ABOUT LIVING IN WASHINGTON Good people here and just I like it here WHAT DO YOU MISS MOST ABOUT RUSSIA? My family, my friends FAVORITE VIDEO GAME Counter-Strike THE BEST THING ABOUT SCORING A GOAL The celebration WHO WOULD PLAY YOU IN THE MOVIE “THE ALEX OVECHKIN STORY”? Probably Jim Carrey THE SPORT YOU’RE WORST AT American football probably FAVORITE CITY TO VISIT Montreal IF YOU WEREN’T A HOCKEY PLAYER, WHAT WOULD YOU BE DOING? Probably playing soccer LEAST FAVORITE FOOD Sushi FAVORITE DRESSING ROOM MUSIC Hip-hop ANYTHING IN PARTICULAR? No WHAT’S BETTER THAN MAKING THE PLAYOFFS? Nothing Home Contact Us * Work for Us * Site Map Pour moi il va avoir une opportunité de visiter notre belle ville, plusieurs fois ce printemps!
  2. http://www.bloomberg.com/visual-data/best-and-worst/highest-rents-us-cities Plein de stats pour ceux qui aiment cela...très bien fait.
  3. I've consulted the following document: http://www.stat.gouv.qc.ca/statistiques/population-demographie/bilan2015.pdf Page. 82 in 1996/1997 Quebec recorded its worst interprovincial demographic losses. In 2013/2014, we're getting very close to historical records. Not good. Toronto is uncorking the champagne at our cost.
  4. Un ami à moi m'a refilé ce lien. Il nous lit parfois mais n'est pas membre. Il m'a dit que ça nous intéresserait. En effet!! Bien qu'il faille toujours demeurer prudent avec ce genre d'exercice, ça détonne tout de même dans le paysage médiatique actuel concernant la circulation à Montréal! Enjoy! http://gizmodo.com/5838333/the-most-horrific-traffic-in-the-entire-world
  5. U.S. Economy: Retail Sales Drop in October by Most on Record By Shobhana Chandra and Bob Willis Nov. 14 (Bloomberg) -- Retail sales and prices of goods imported to the U.S. dropped by the most on record, signaling the economy may be in its worst slump in decades. Purchases fell 2.8 percent in October, the fourth straight decline, the Commerce Department said today in Washington. Labor Department figures showed import prices dropped 4.7 percent, pointing to a rising danger of deflation, and a private report said consumer confidence this month remained near the lowest level since 1980. ``The weakness in growth is intensifying and inflation pressures have evaporated,'' said James O'Sullivan, a senior economist at UBS Securities LLC in Stamford, Connecticut, who accurately projected the decline in sales. ``Deflation is a word that will be increasingly used over the coming months.'' Spending may continue to falter as mounting job losses, plunging stocks and falling home values leave household finances in tatters. Retailers from Best Buy Co. to J.C. Penney Co. are cutting profit forecasts ahead of the year-end holiday shopping season, when many stores do most of their business. Federal Reserve Chairman Ben S. Bernanke said at a conference today in Frankfurt that continuing strains in financial markets and recent economic data ``confirm that challenges remain.'' The Fed chief said central bankers worldwide ``stand ready to take additional steps'' as warranted. Economists surveyed by Bloomberg News predict the Fed will lower its benchmark interest rate to a record 0.5 percent by March from the current 1 percent. Policy makers next gather in Washington Dec. 16. Stocks, Treasuries Stocks fell and Treasuries rose. The Standard & Poor's 500 Stock Index dropped 1.8 percent to 894.09 at 10:11 a.m. in New York. Yields on benchmark 10-year notes fell to 3.75 percent from 3.85 percent late yesterday. The Reuters/University of Michigan preliminary index of consumer sentiment was 57.9 in November compared with 57.6 last month. The measure averaged 85.6 in 2007. Retail sales were expected to fall 2.1 percent, according to the median forecast of 73 economists in a Bloomberg News survey. Purchases in September were revised down to show a 1.3 percent decrease compared with an originally reported 1.2 percent drop. ``The September-October credit jolt to the economy is showing up in all of the numbers now,'' Ellen Zentner, a senior U.S. macroeconomist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, said in a Bloomberg Television interview. ``We're expecting the worst recession, possibly, post-World War II.'' Worse Than Estimates Retailers have now logged the longest string of monthly declines since the Commerce Department's comparable data series began in 1992. Excluding automobiles, purchases decreased 2.2 percent, almost twice as much as the 1.2 percent decline anticipated and also the worst performance on record. Declines were broad based as furniture, electronics, clothing and department stores all showed loses. Demand at automobile dealerships and parts stores plunged 5.5 percent after falling 4.8 percent in September. Car sales are among the most affected as banks make it harder to borrow. Treasury Secretary Henry Paulson this week said the government will shift the focus of the second half of the $700 billion rescue plan from buying mortgage assets to unclogging consumer credit. President-elect Barack Obama and Democrats in Congress are under pressure to push through another stimulus plan even before the new administration takes over. Filling-station sales decreased 13 percent, also the most ever, in part reflecting a $1-per-gallon drop in the average cost of gasoline. Excluding gas, retail sales fell 1.5 percent. Gain at Restaurants Sales at furniture, electronics, clothing, sporting goods and department stores were also among the losers. Restaurants, grocery stores and a miscellaneous category were the only areas that showed a gain. ``Since mid-September, rapid, seismic changes in consumer behavior have created the most difficult climate we've ever seen,'' Brad Anderson, chief executive officer of Best Buy, said in a Nov. 12 statement. The Richfield, Minnesota-based electronics chain said sales in the four months through February 2009 will decline more than it previously estimated. Rival Circuit City Stores Inc. filed for bankruptcy protection this week. Macy's Inc., Target Corp. and Gap Inc. were among the chains that reported same-store sales dropped in October, while shoppers searching for discounts on groceries gave sales a lift at Wal- Mart Stores Inc., the world's largest retailer. Nordstrom yesterday cut its profit forecast for the third time this year. Worst Season J.C. Penney, the third-largest U.S. department-store company, today forecast earnings that trailed analysts' estimates and posted its fifth straight quarterly profit decline as shoppers cut spending on home goods and jewelry. Shoppers are pulling back as the labor market slumps. The unemployment rate jumped to 6.5 percent in October, the highest level since 1994. Employers cut more than a half million workers from payrolls in the past two months. The longest expansion in consumer spending on record ended last quarter, causing the economy to shrink at a 0.3 percent annual pace. The economic slump will intensify this quarter and persist into the first three months of 2009, making it the longest downturn since 1974-75, economists forecast in a Bloomberg survey conducted from Nov. 3 to Nov. 11. Excluding autos, gasoline and building materials, the retail group the government uses to calculate gross domestic product figures for consumer spending, sales decreased 0.5. The government uses data from other sources to calculate the contribution from the three categories excluded. To contact the reporter on this story: Shobhana Chandra in Washington [email protected]
  6. Job picture may be worse than it looks Many losses were full-time positions. Weakness in U.S. saps Canada as unemployment rate rises to 6.6% By SHEILA MCGOVERN, The Gazette; Reuters contributed to this report January 10, 2009 Canada's unemployment rate shot up more than expected in December, but avoided the carnage witnessed in the U.S. where the jobless rate is now the highest in 16 years. Still, Canadian economists aren't heaving a sigh of relief. The country is definitely in recession, there's more bad news ahead and it would be naive to think Canada won't feel repercussions from the bloodbath to the south, said Carlos Leitao, chief economist at Laurentian Bank Securities. And that includes Quebec, he quickly added. "This week, we've seen articles here and there stating somehow Quebec was on some other planet, able to ride out this storm. Well, not. We are on the same planet as everyone else." And the dreadful situation in the U.S. will sap Canada's manufacturing sector, based in Quebec and Ontario, he said. Canada lost 34,400 jobs in December, driving the unemployment rate to 6.6 per cent from 6.3 per cent, fuelled by losses in construction. Canada Mortgage and Housing Corp. says housing starts slid 11.8 per cent in November, the third double-digit decrease in four months. Quebec saw its unemployment rate rise to 7.3 per cent from 7.1 per cent, because of losses in construction, trade and the tourism industry. And the figures are actually more troubling than they appear, Leitao said. There were major losses in full-time jobs, he said, which were partly offset by gains in part-time work. "That's not exactly a recipe for great prosperity. We have weak job creation and the quality is less than a year ago." And it isn't about to get better, said Krishen Rangasamy of CIBC World Markets. "With forthcoming plant closures and layoffs already announced, it's clear the worst is yet to come on the employment front, with the unemployment rate likely to creep up steadily toward eight per cent." However, economists said we can take some solace: for a rare moment, our unemployment rate is less than that of the U.S. Though the past two months have been tough here, employment in Canada at least grew between December 2007 and December 2008, albeit by a scant 0.6 per cent (an addition of 98,000 jobs, 100 of them in Quebec.) The U.S. has been losing all year and, in December, was hit with a massive drop of 524,000 jobs, driven by layoffs in all major sectors except government, education and health. That pushed its unemployment rate to 7.2 per cent from 6.8 per cent in November, higher than the seven per cent analysts were forecasting and a peak not seen since January 1993. Total job loses for 2008 reached 2.6 million, the largest decline since a 2.75-million drop in 1945. "The job situation is ugly and is going to get uglier. There's no reason to expect hiring anytime in the next three to six months. We are not going to see any hiring until the government steps in and acts. Talk doesn't work," said Richard Yamarone, chief economist at Argus Research in New York. The collapse of the U.S. housing market and the resulting financial crisis have triggered the worst financial environment since the Great Depression, and businesses and consumers have both retrenched. The darkening labour market picture underscored the sense of urgency President-elect Barack Obama and lawmakers feel about enacting a huge economic stimulus plan. "Clearly the situation is dire. It is deteriorating and it demands urgent and immediate action," Obama told a news conference yesterday. "This morning, we received a stark reminder about how urgently action is needed." [email protected] thegazette.canwest.com
  7. jesseps

    Road rage

    Worst thing on the planet. That is one of the main reasons why I do not drive in this city. I swear, if it happens again. I am going to register for a handgun. If anyone see's a black Madza 3 on the left side backdoor (window) with Zoo York on it. Also it has an Albi Mazda sticker on the back of the car, can't remember which side though. Please take down the license plate and send it to me. Thanks. I'd probably feel safer in Israel then here.
  8. http://sports.yahoo.com/nhl/blog/puck_daddy/post/GQ-ranks-Montreal-Canadiens-fans-among-worst-in-?urn=nhl-wp643&utm_source=twitterfeed&utm_medium=twitter
  9. Abolish Montreal's 'Little Kingdoms' Posted by: Michael Dudley 8 January 2008 - 1:00pm Owing to political fragmentation and 20 different mayors, the Canadian city of Montreal is becoming increasingly dysfunctional and must be simplified, writes Lysiane Gagnon. "How many mayors does a city with 1.8 million people need? In Montreal, no fewer than 20." "Mayor Gérald Tremblay chairs city council. Nineteen "smaller" mayors chair the conseils d'arrondissements; these municipal districts have become responsible for zoning, housing, parks, street maintenance and so on. The arrondissements often collide with the central administration, and some of the mayors, riding on their inflated status, behave like feudal lords." "Montreal [is] divided...into 'arrondissements' (some carved out of the main city, and others corresponding to the former suburban municipalities) [to which are] delegated massive powers. Montreal was stuck with 19 cities within the city." "More and more, Montrealers complain about the disintegration of services. They don't even know who to blame because there is no tangible political accountability." "The absurdity of the system...was especially obvious in the wake of two consecutive snowstorms that descended on the metropolitan area before Christmas. Since boroughs are responsible for snow removal, the clearing operations varied from one district to another." "In Côte-des-Neiges, the streets surrounding two hospitals were still clogged days after the snowfall, while the quiet residential streets of Rosemont were thoroughly clean. The worst was in Ville-Marie. Sherbrooke, Montreal's major east-west artery, was still lined with giant snowbanks when the second snowfall hit. On Ste-Catherine, Montreal's major commercial street, the Ville-Marie workers never managed to spray salt or sand on sidewalks covered with black ice. "It was the worst performance in memory," wrote Gazette city columnist Henry Aubin, who believes that snow clearance, like firefighting and policing, should be subject to a unified policy." "Actually, Montreal is ready for more: The city should be recentralized and its little kingdoms abolished." Source: Globe & Mail, Jan 07, 2008 http://www.planetizen.com/node/29179 Full Story: Down with Montreal's 19 kingdoms
  10. Le renouvellement perpétuel qui se passe dans les 50 états et milliers de villes que forment les USA. State of renewal The federal government could learn some lessons from the states Jun 2nd 2012 | from the print edition THE American political system, as all the world thinks it knows, is gridlocked, not to mention dysfunctional and broken. The tea-maddened Republicans who seized control of the House of Representatives are holding Barack Obama and the Democrat-controlled Senate to ransom, refusing either to balance the federal budget or to pass any of the administration’s legislation without first getting swingeing cuts in taxes for the rich and in aid for the poor. In the White House Mr Obama is too busy planning his re-election to govern, while the economy races towards a “fiscal cliff” of tax increases and spending cuts that will take effect on January 1st next year unless they can find consensus; that seems more elusive than at any time since the end of the civil war. All true, up to a point; but not the whole story. Across America, most obviously in the battered Midwest and the property-busted sunnier climes of Florida and Nevada, a turnaround is under way. Thank many things for that: lower energy prices, recovering demand in at least a few places abroad, exceptionally loose monetary policy at home and the effects of the stimulus that Mr Obama was able to push through Congress before he lost control of it at the 2010 mid-terms. But also thank the fact that gridlock in Washington does not mean gridlock in the real drivers of America’s prosperity, its 50 competing states and its hundreds of self-governing cities. It is in those states and those cities that America is endlessly renewing itself. It is at city and state level, for instance, that America’s education system is being rewired, thanks to the independent or “charter” school revolution that was pioneered in places as diverse as New York City and Texas and is growing all the time. Experiments with health care in states as far apart in every way as Utah and Massachusetts pre-dated anything done at the federal level. A clutch of new Republican governors elected at those mid-terms have been driving forward the reform of the public sector, often controversially but in the long-term interest of their states. In Republican Indiana Mitch Daniels, the governor, has made his state the only one in the Midwest to ban the closed shop; other states in the region may have to do the same if they don’t want to be left behind. And, it bears repeating, since states and cities are not supposed to run deficits, it is at these levels that most progress has been made in restoring public finances. Jon Kasich, the new Republican governor of Ohio, for instance, has made up an $8 billion shortfall while cutting taxes. A number of states, mostly Republican ones, have “rainy-day funds” which saw them through the worst of the post-Lehman storm, though the federal government also helped a lot. Slashing red tape and opening government to inspection by the public by means of “sunshine laws” have also played their part; here again, the record of Republican states has been better than Democratic ones. California, for the eighth year in a row, has just been voted the worst state in which to do business, with New York (also strongly Democratic) a close second, thanks to high taxes and excessive regulation. According to Chief Executive magazine, which did the survey, all top ten spots are held by Republican states, with Texas in the lead. As we report here, a feature of the past year or so of the recovery is that among the dozen “swing states” that will determine the outcome of the election, unemployment has fallen by more than the national average. You might think that this is bad news for Mr Romney: his pitch is that Mr Obama has failed to sort out the economy and that he can do better. Actually, it is potentially good news for the man who this week clinched his nomination with a spectacular victory in Texas. Florida, Michigan, Ohio, Virginia and Wisconsin, probably the five states most critical to the election, are all run by new small-government Republican deficit hawks. Mr President, learn from your enemies The newcomers do not deserve all the credit, of course. The bail-out of the car industry, for instance, was what saved Michigan. Yet Mr Obama should take note. Sound public finances, opening up government, taking on unions, privatising services: the mid-terms showed that there is a great appetite in America for these right-of-centre remedies. http://www.economist.com/node/21556247
  11. Méga article très intéressant du magazine The Economist Lien The world economy A glimmer of hope? Apr 23rd 2009 From The Economist print edition The worst thing for the world economy would be to assume the worst is over THE rays are diffuse, but the specks of light are unmistakable. Share prices are up sharply. Even after slipping early this week, two-thirds of the 42 stockmarkets that The Economist tracks have risen in the past six weeks by more than 20%. Different economic indicators from different parts of the world have brightened. China’s economy is picking up. The slump in global manufacturing seems to be easing. Property markets in America and Britain are showing signs of life, as mortgage rates fall and homes become more affordable. Confidence is growing. A widely tracked index of investor sentiment in Germany has turned positive for the first time in almost two years. All this is welcome—not least because the slump has been made so much worse by panic and despair. When the financial system was on the brink of collapse in September, investors shunned all but the safest assets, consumers stopped spending and firms shut down. That plunge into the depths could be succeeded by a virtuous cycle, where the wheels of finance turn again, cheerier consumers open their wallets and ambitious firms turn from hoarding cash to pursuing profits. But, welcome as it is, optimism contains two traps, one obvious, the other more subtle. The obvious trap is that confidence proves misplaced—that the glimmers of hope are misinterpreted as the beginnings of a strong recovery when all they really show is that the rate of decline is slowing. The subtler trap, particularly for politicians, is that confidence and better news create ruinous complacency. Optimism is one thing, but hubris that the world economy is returning to normal could hinder recovery and block policies to protect against a further plunge into the depths. Luminous indicators Begin with those glimmers. It is easy to read too much into the gain in share prices. Stockmarkets usually rally before economies improve, because investors spy the promise of fatter profits before the statisticians document a turnaround. But plenty of rallies fizzle into nothing. Between 1929 and 1932, the Dow Jones Industrial Average soared by more than 20% four times, only to fall back below its previous lows. Today’s crisis has seen five separate rallies in which share prices rose more than 10% only to subside again. The economic statistics are hard to interpret, too. The past six months have seen several slumps, each with a different trajectory. The plunge in manufacturing is in part the result of a huge global inventory adjustment. With unsold goods piling up and finance hard to come by, firms around the world have slashed production even faster than demand has fallen. Once firms have run down their stocks they will start making things again and the manufacturing recession will be past its worst. Even if that moment is at hand, two other slumps are likely to poison the economy for much longer. The most important is the banking crisis and the purge of debt in the bubble economies, especially America and Britain. Demand has plummeted as tighter credit and sinking asset prices have exposed consumers’ excessive borrowing and scared them into saving more. History suggests that such balance-sheet recessions are long and that the recoveries which eventually follow them are feeble. The second slump is in the emerging world, where many economies have been hit by the sudden fall in private cross-border capital flows. Emerging economies, which imported capital worth 5% of their GDP in 2007, now face a world where cautious investors keep their money at home. According to the IMF, banks, firms and governments in the emerging world have some $1.8 trillion-worth of borrowing to roll over this year, much of that in central and eastern Europe. Even if emerging markets escape a full-blown debt crisis, investors’ confidence is unlikely to recover for years. These crises sent the world economy into a decline that, on several measures, has been steeper than the onset of the Depression. The IMF’s latest World Economic Outlook expects global output to shrink by 1.3% this year, its first fall in 60 years. But the collapse has been countered by the most ambitious policy response in history. Central banks have pumped out trillions of dollars of liquidity and, in rising numbers, have resorted to an increasingly exotic arsenal of “unconventional” firepower to ease credit markets and loosen monetary conditions even as policy rates approach zero. Governments have battled to prop up their banks, committing trillions of dollars in the process. The IMF has new money. Every big rich country has bolstered demand with fiscal stimulus (and so have many emerging ones). The rich world’s budget deficits will, on average, reach almost 9% of GDP, six times higher than before the crisis hit. The Depression showed how damaging it can be if governments don’t step in when the rest of the economy seizes up. Yet action on the current scale has never been tried before and nobody knows when it will have an effect—let alone how much difference it will make. Whatever the impact, it would be a mistake to confuse the twitches of an economy on life-support with a lasting recovery. A real recovery depends on government demand being supplanted by sustainable sources of private spending. And here the news is almost uniformly grim. Searching for new demand Take the country many are pinning their hopes on: America. The adjustment in the housing market began earlier there than anywhere else. Prices peaked almost three years ago, and are now down by 30%. Manufacturing production has been falling at an annualised rate of more than 20% for the past three months. And the government’s offsetting policy offensive has been the rich world’s boldest. As the inventory adjustment ends and the stimuli kick in, America’s slump is sure to ease. Cushioned by the government, the economy may even begin to grow again before too long. But it is hard to see the ingredients for a recovery that is robust enough to stop unemployment rising. Weakness abroad will crimp exports. America’s banks are propped up with public capital, but their balance-sheets are clogged with toxic assets. Consumer spending and firms’ investment will be dragged lower by the need to pay back debt and restore savings. This will be a long slog. Private-sector leverage, which rose by 70% of GDP between 2000 and 2008, has barely begun to unwind. At 4%, the household savings rate has jumped sharply from its low of near zero, but it is still far below its post-war average of 7%. Higher unemployment and rising bankruptcies could easily cause a vicious new downward lurch. In Britain, given the size of its finance industry, housing boom and consumer debt, the balance-sheet adjustment will, if anything, be greater. The weaker pound will buoy exports, but fragile public finances suggest that Britain has much less scope to use government spending to cushion the private sector than America does—as this week’s flawed budget made painfully clear (see article). The outlook should in theory be brighter for Germany and Japan. Both have seen output slump faster than in other rich countries because of the collapse in trade and manufacturing, but neither has the huge private borrowing of the sort that haunts the Anglo-Saxon world. Once inventories have adjusted, recovery should come quickly. In practice, though, that seems unlikely, especially in Germany. As the output slump sends Germany’s jobless rate towards double-digits, it is hard to see consumers going on a spending spree. Nor has the government shown much appetite for boosting demand. Germany’s fiscal stimulus, although large by European standards, falls well short of what it could afford. Worse, the country’s banks are still in trouble. Germans did not behave recklessly, but their banks did—along with many others in continental Europe. New figures from the IMF suggest that European banks face some $1.1 trillion in losses, hardly any of which have yet been recognised (see article). This week’s German plan to set up several bad banks was no more than a down payment on the restructuring ahead. Japan has acted more boldly. Its latest package of tax cuts and government spending, unveiled in early April, will provide the biggest fiscal boost, relative to GDP, of any rich country this year. Its economy is likely to perk up, temporarily at least. But its public-debt stock is approaching 200% of GDP, so Japan has scant room for more fiscal stimulus. With export markets weak, demand will soon need to be privately generated at home. But the past two decades offer little evidence that Japan can make that shift. For the time being, the brightest light glows in China, where a huge inventory adjustment has exaggerated the impact of falling foreign demand, and where the government has the cash and determination to prop up domestic spending. China’s stimulus is already bearing fruit. Loans are soaring and infrastructure investment is growing smartly. The IMF’s latest forecast, that China’s economy will grow by 6.5% this year, may prove conservative. Yet even China has its difficulties. Perhaps three-quarters of the growth will come from government demand, particularly infrastructure spending. Not much to glow about Add all this up and the case for optimism fades quickly. The worst is over only in the narrowest sense that the pace of global decline has peaked. Thanks to massive—and unsustainable—fiscal and monetary transfusions, output will eventually stabilise. But in many ways, darker days lie ahead. Despite the scale of the slump, no conventional recovery is in sight. Growth, when it comes, will be too feeble to stop unemployment rising and idle capacity swelling. And for years most of the world’s economies will depend on their governments. Consider what that means. Much of the rich world will see jobless rates that reach double-digits, and then stay there. Deflation—a devastating disease in debt-laden economies—could set in as record economic slack pushes down prices and wages, particularly since headline inflation has already plunged thanks to sinking fuel costs. Public debt will soar because of weak growth, prolonged stimulus spending and the growing costs of cleaning up the financial mess. The OECD’s member countries began the crisis with debt stocks, on average, at 75% of GDP; by 2010 they will reach 100%. One analysis suggests persistent weakness could push the biggest economies’ debt ratios to 140% by 2014. Continuing joblessness, years of weak investment and higher public-debt burdens, in turn, will dent economies’ underlying potential. Although there is no sign that the world economy will return to its trend rate of growth any time soon, it is already clear that this speed limit will be lower than before the crisis hit. Start preparing for the next decade Welcome to an era of diminished expectations and continuing dangers; a world where policymakers must steer between the imminent threat of deflation while countering investors’ (reasonable) fears that swelling public debts and massive monetary easing could eventually lead to high inflation; an uncharted world where government borrowing reaches a scale not seen since the second world war, when capital controls ensured that savings stayed at home. How to cope with these dangers? Certainly not by clutching at scraps of better news. That risks leading to less action right now. Warding off deflation, for instance, will demand more unconventional steps from more central banks for longer than many now seem to foresee. Laggards, such as the European Central Bank, do themselves and the world no favours by holding back. Nor should governments immediately seek to take back the fiscal stimulus. Prolonged economic weakness does far greater damage to public finances than temporary fiscal activism. Remember how Japan snuffed out its recovery in the 1990s by rushing to raise taxes. Japan also put off bank reform. Countries facing big balance-sheet adjustments should heed that lesson and nudge reform along, in particular by doing more to clean up and restructure the banks. Countries with surpluses must encourage private spending at home more vigorously. China’s leaders are still doing too little to boost private citizens’ income and their spending by fostering reforms, from widening health-care coverage to forcing state-owned firms to pay higher dividends. At the same time policymakers must give themselves room to change course in the future. Central banks need to lay out the rules that will govern their exit from exotic forms of policy easing (see article). That may require new tools: the Federal Reserve would gain from being able to issue bonds that could mop up liquidity. All governments, especially those with the ropiest public finances, should think boldly about how to lower their debt ratios in the medium term—in ways that do not choke off nascent private demand. Rather than pushing up tax rates, they should think about raising retirement ages, reining in health costs and broadening the tax base. This weekend many of the world’s finance ministers and central bankers will meet in Washington, DC, for the spring meetings of the IMF and World Bank. Amid rising confidence, they will be tempted to pat themselves on the back. There is no time for that. The worst global slump since the Depression is far from finished. There is work to do.
  12. http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20090508/Toyota_loss_090508/20090508?hub=World