Stockmann’s brilliant ruble move
THE iconic Finnish retailer Stockmann is now accepting Russian rubles in some of its stores. There are obvious advantages to this, but there are also some more subtle benefits. RUSSIA is probably the...
View ArticleThe end is coming!
HUMANITY is fascinated by apocalyptic scenarios. Whether it is by the hand of man (nuclear war), the hand of God (Judgement Day) or bad luck (asteroid impact), we seem to love discussing global...
View ArticleNew Year’s Resolutions 2013
PARLIAMENTARIANS are on their long Christmas holiday, but soon they will be back and raring to go to work. As I have done in previous years, I have put together a list of some of our most pressing...
View ArticleWhat to do with the owners of failed banks?
THE most recent bailout in Europe is now underway. If you have lost track, this is the rescue of Spanish banks. Now we can see how a national bank bailout differs from a pan-European bailout, and not...
View ArticleFinland’s interest rate problem
THE Eurozone does not consist of a single economy, but it does use a single currency. This can cause a remarkable diversity of problems – as economists have been effusively pointing out for years – but...
View ArticleBritain’s threat to leave the EU is a good thing
LAST week Chancellor of the Exchequer George Osborne told Die Welt the EU must change if the UK was to remain part of it in the future. Good for him. Someone needed to say it. A GROUP of Conservative...
View ArticleNokia’s saintly firing spree
FINLAND’S fallen idol Nokia is in the news again. Recently the chairman of a trade union accused Nokia of “outsourcing its redundancies,” and this was picked up by the Wall Street Journal, among...
View ArticleThe next European sovereign default
I HAVE long been critical of the first Greek default. European leaders refused to cut Greece’s debt levels to what the country needed. In practice, they forced private investors to take a loss while...
View ArticleThe state and shipbuilding
LAST December Finland lost an order for a major cruise ship to France. Immediately fingers started pointing at who was to blame. But more significantly, questions have been raised on how to save the...
View ArticleUs slaves
MINISTER of Labour Lauri Ihalainen is upset about the employment status of us foreigners. He has even likened it to “a form of modern slavery.” He is certainly correct that there is a problem, but I...
View ArticleFree trade with US is okay, I suppose
PRESIDENT Barack Obama announced in the State of the Union address that negotiations were beginning to create a free trade agreement between the EU and US. Free trade is a fine thing, but when one...
View ArticleCould Finland experiment with growth policies?
THE United Kingdom has just lost its AAA credit rating, and economists are pointing at austerity measures. Austerians claim the downgrade means they must continue watching their budget. Growtharians...
View ArticleCan democracy survive the crisis?
THE Italian elections resulted in confusion and uncertainty, and now people are waiting for the political parties to negotiate their way to some sort of conclusion. The markets reacted with a minor...
View ArticleFinnish stocks aren’t invited to global party
STOCK markets around the world are surging. The Dow Jones Industrial Average in New York just hit an all-time high. London’s FTSE is at its highest level in five years. Stockholm is up by 25% since...
View ArticleWhat’s going on in Hungary?
A SINGLE Hungarian political party holds a supermajority of seats in parliament, and are using that power to drastically rewrite their constitution. What is going on, and why should we care? FINLAND...
View ArticleThe Cypriot precedent
THE final details of the bailout of Cyprus are still unclear. But what is incontrovertible is that a line has been crossed, that which was hitherto untouchable has been violated, and a disturbing...
View ArticleTime banks, taxes and a novel opportunity
YLE recently reported that time banking is increasing in popularity in Finland, but simultaneously quoted tax officials as saying it could be illegal. If time banks are illegal, there is good reason to...
View ArticleFinland should rethink its alliance with Germany
DURING the present European crisis, Finland has consistently joined the bloc led by Germany. In the short-term, this has been the most sensible option. But as our situation continues to change one...
View ArticleGrowth and debt: chicken and egg
IN POLITICS, people try to base their decisions on hard facts. Yet when these facts are suddenly questioned, their positions become awkward. This is exactly what is happening with the growth v....
View ArticleThe pension tipping point
IN APRIL, Finland passed an unenviable threshold. We are now taking more out of our pension system than we are adding to it. Hopefully this fact, which has been frequently repeated in the media, will...
View Article
