Free Republic

October 8, 2008 Why globalisation will yield to regional fiefdoms While we watch the drama of the global banking system slashing its own wrists, the real economy has just arrived at outpatients with headaches Carl Mortished: World Business Briefing While we watch the grotesque drama of the global banking system slashing its own wrists, the real economy has just arrived at outpatients with headaches. There is tummy upset in the West, while a mysterious rash has broken out in the East. In China, steelmakers are in deep trouble, the Olympics are over and the building sector, inflated by huge injections...

With the price of gasoline topping $2.35 a liter in much of Europe, growing protests by groups from truckers to fishermen are putting governments under pressure to cut the taxes that make up much of the cost of fuel. So far, however, the real puzzle is that despite soaring fuel costs that make U.S. pump prices look cheap, they haven't caught fire as a major political issue. Analysts cite reasons from simple fatalism to a growing green consciousness that makes some Europeans feel they should be cutting back on miles anyhow. Fishermen in France have blocked ports and oil depots...