* UPDATE: The Spiral: Deflation Brings Bad News For Almost Everyone (Laura Mandaro, SmartMoney)
SAN FRANCISCO (Dow Jones) — Bargain shoppers, beware. The last time a major economy experienced repeat price cuts across a broad range of consumer goods, the stock market lost 80% of its value and unemployment hit its highest level since World War II.
* ECB bashing back in fashion as bank trails rate-cutters elsewhere (Paul Taylor, Reuters America)
PARIS : Inflexible, behind the curve, still fighting yesterday’s war – bashing the European Central Bank has become the latest fashionable blood sport.
* The economy writ Short, Tall, Grande (Philadelphia Inquirer)
In the middle of 2006, Starbucks’ stock price peaked at $39.63 a share. Everywhere you looked, a new Starbucks was opening, an average of six new stores a day. The company had 12,241 shops in the United States, with plans to expand to 40,000 locations worldwide. Citing increased demand from less-affluent customers, chief executive officer Howard Schultz told investors: “We don’t believe that we…
* Stephen King: Let’s admit that rate cuts will not end the crisis, printing money will (The Independent Online)
Chugger chugger chugger chugger”… yes, it’s the sound of the printing press. With UK interest rates down to 1 per cent and US interest rates at zero, it’s no longer possible to pretend that rate cuts alone will bring this economic crisis to an end. In the monetary sphere, something else needs to be done. Central bankers can no longer be content merely focusing on the price of money: in real, …
* Senate bill expands oversight of prearranged funeral industry (David A. Lieb)
JEFFERSON CITY In response to the financial collapse of a St. Louis company, senators signed off Thursday on new oversight for Missouri’s prearranged funeral industry.
* Mikhail Prokhorov is Russia’s richest man with 14bn (Jamie Dunkley, Telegraph)
The 43-year-old former banker and mining executive, who is regarded as Russia’s most eligible bachelor, displaced aluminium magnate Oleg Deripaska from the top spot.
* French isles top EU jobless table (BBC News)
Four French overseas territories had the highest unemployment rates in the 27-nation EU in 2007, the EU’s statistics agency Eurostat says.
* Chavez wins referendum on term limits (Agence France-Presse)
CARACAS: President Hugo Chavez and his supporters celebrated victory Monday after Venezuelans voted to scrap term limits on elected posts, paving the way for him to seek re-election in 2012 and beyond. Chavez said he intended to stand for a third term in 2012. “The doors of the future are wide open,” Chavez said from the balcony of the Miraflores presidential palace to cheering supporters as fi…
* Bogle on Obama, Geithner, stocks vs bonds (Philadelphia Inquirer)
Retired Vanguard Group founder John Bogle spoke for law firm Stradley Ronon at the Comcast Center last Thursday. Lively Q&A at the end:
* No joy in this cooking _ recipes can make you fat (J.M. Hirsch-)
Eating at home can save you some cash, but beware the calorie cost.Though restaurants often take the blame for portion distortion – the trend of serving up ever larger helpings – cookbook recipes have done some Supersizing of their own, a study published this week in the Annals of Internal Medicine found.”There’s so much attention that’s been given to away-from-home eating and so …