Rankings and levers

October 12, 2008

Newspapers have been quoting the survey by the World Economic Forum in which business leaders have been rating the solvency of world banks.

The rankings however were compiled just before the recent £50 billion bail-out by the UK, the nationalisation of the Icelandic banks and the larger US bail-out.

The website has the co-authors interviewed from the 3rd to the 7th of October. The report itself was published on the 8th October.

RANKINGS

1. Canada

2. Sweden

3. Luxembourg

4. Australia

5. Denmark

6. Netherlands

7. Belgium

8. New Zealand

9. Ireland

10. Malta

11. Hong Kong

12. Finland

13. Singapore

14. Norway

15. South Africa

16. Switzerland

17. Namibia

18. Chile

19. France

20. Spain

21. Barbados

22. Bahrain

23. Slovak Republic

24. Brazil

25. Estonia

26. Austria

27. Panama

28. Mauritius

29. Kuwait

30. Qatar

31. United Arab Emirates

32. Trinidad and Tobago

33. Senegal

34. Israel

35. Portugal

36. Iceland

37. Cyprus

38. Botswana

39. Germany

40. United States

41. Lithuania

42. Peru

43. El Salvador

44. United Kingdom

45. Greece

46. Benin

47. Costa Rica

48. Malawi

49. Guyana

50. Malaysia

51. India

52. Puerto Rico

53. The Gambia

54. Montenegro

55. Mexico

56. Croatia

57. Czech Republic

58. Jordan

59. Ghana

60. Suriname

61. Brunei Darussalam

62. Latvia

63. Saudi Arabia

64. Kenya

65. Jamaica

66. Honduras

67. Zambia

68. Burkina Faso

69. Slovenia

70. Sri Lanka

71. Pakistan

72. Philippines

73. Republic of Korea

74. Romania

75. Thailand

76. Madagascar

77. Colombia

78. Cote d’Ivoire

79. Italy

80. Bulgaria

81. Hungary

82. Cameroon

83. Georgia

84. Oman

85. Tunisia

86. Paraguay

87. Nigeria

88. Armenia

89. Morocco

90. Dominican Republic

91. Bolivia

92. Malia

93. Japan

94. Tanzania

95. Moldova

96. Bosnia and Herzegovina

97. Poland

98. Nicaragua

99. Venezuela

100. Uruguay

101. Guatemala

102. FYR Macedonia

103. Syria

104. Albania

105. Nepal

106. Mozambique

107. Russian Federation

108. China

109. Uganda

110. Serbia

111. Egypt

112. Ukraine

113. Vietnam

114. Turkey

115. Bangladesh

116. Azerbaijan

117. Taiwan, China

118. Ecuador

119. Mauritania

120. Mongolia

121. Indonesia

122. Zimbabwe

123. Tajikistan

124. Kazakhstan

125. Cambodia

126. Burundi

127. Chad

128. Ethiopia

129. Argentina

130. East Timor

131. Kyrgyz Republic

132. Lesotho

133. Libya

134. Algeria

Yes. That’s right.

The UK lies behind Peru and El Salvador.

Now given this report was a survey of the world’s economists whose advice our banks were no doubt taking; should we believe it?

Are the UK’s banks really behind Peru, El Salvador and Senegal?

Or is it an accurate representation that is slightly out of date, compiled as it was slightly before the bail-outs?

That must depend on whether you believe the bail-outs will work.

If reports are to be believed the Royal Bank of Scotland is next in line to be nationalised tomorrow. If that happens then there will be further pressure on the remaining UK bank’s to be nationalised too. The banking sector could be picked off one by one by the market and the taxpayer forced to pick up the tab.

On that Iain Dale post there have already been comments about the English taxpayer bailing out the Scottish bank.

It must be a pity, to all those who carp, that Scotland is not already independent.

An independent Scotland with a similar oil fund like our neighbour Norway could be similarly insulated from these turbulent times.

It would also have the economic levers to maintain its economy best, not just for the South-East of England as remains the case today. Remember Eddie George, the former Governor of the Bank of England: Unemployment in the north is a price worth paying for affluence in the South!

Although the credit crunch is global, take a look back at those rankings.

Sweden, Luxembourg, Denmark, Belgium, Netherlands. All small countries lying in the top 10.

Even Ireland, who have recently guaranteed all deposits in their banks, are sitting 9th.

The argument that Scotland is too small to be financially unstable is farcical! I don’t hear anyone saying that Denmark is too small and should be run from Berlin. (Not since the days of Adolf Hitler and the Second World War anyway!)

As countries large and small struggle with the credit credit crunch from the U.S. and Russia down to Iceland with its 300 000 population, this population argument of independence must be seen to be invalid. Iceland, with a population slightly smaller than North Lanarkshire, isn’t exactly Miramont Gardens in Pimlico!

Passport to Pimlico

What matters now is that we take the right decisions to get out this mess.

Those decisions may be different for each country. They may even be different for England, Scotland, Wales and Northern Ireland.

That’s why its important key economic levers are devolved away from Westminster.

Otherwise the Eddie George syndrome will hamper ‘the North’ recovering for years.

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Olympic successes and Google Earth

August 28, 2008

It seems that Chris Hoy was upset by The Scotsman’s reports that he said a Scottish Olympic team would be ridiculous.

He is quoted in the Daily Record (Its something when even the Daily Record shows up how anti-SNP The Scotsman has become!):

“I feel a bit upset that I have been quoted as saying the idea of a Scottish Olympic team is ridiculous.

“If and when a Scottish team was put together, I would be delighted to represent Scotland in the Olympic Games.

“But before that happens, so much needs to be done for the athletes to be able to compete at the highest level.

“As a cyclist, there isn’t a facility in Scotland where I can train throughout the year and that’s why I have to base myself outside Scotland.

“I am proud to be Scottish, but at the same time it’s not feasible to think we can compete as a nation without the right facilities.”

So he’s just calling for an improvement in facilities, and seems to have clarified his past comments.

I’m sure he would much rather train in Scotland if the facilities matched those of Manchester.

And that’s the rub. Athletes can train anywhere that have the right facilities. Many of the successful Jamaican Olympic team trained in the United States, for instance.

The 2014 Commonwealth Games should provide a legacy of facilities for our athletes for years to come.

Some athletes don’t need much in the way of facilities:

Kristin Armstrong, an American Olympic cyclist in Beijing, won the Gold in the Women’s Individual Time Trial in Road Cycling.

Kristin Armstrong winning the Gold with help from Google Earth

It seems all she needed was her bike, her husband’s GPS and a PC running Google Earth.

She took the GPS when she trialled the Olympic route in 2007. She then went home, imported the data into Google Earth, and then matched the elevations of the Chinese Olympic route to a similar route at her home in Boise, Idaho for her training.

Now that is smart thinking.

And in Beijing she cruised to a Gold Medal.

You can just bet Google Earth will be playing this up for years!

Incidentally, Emma Pooley from England won the Silver, one of the medallists in Team GB. She is based and trains in Zurich, Switzerland. I’ll bet she wishes she thought of that idea! Or indeed, Nicole Cooke from Wales – based in Lugano, Switzerland, who finished fifteenth. But she did win the Gold in the Road Race.

Finally a hat-tip to Daibhi Anseo who pointed out in the comments to my post on Home Nations Olympic teams in history that a cycling team represented Scotland in the 1912 Olympics in Sweden.

I’ve not found a picture yet but I have found the names of the Scotland cycling squad:

John Wilson
Robert Thompson
John Miller
David Stevenson
Charles Hill
James Stevenson
George Corsar
Arthur Griffiths

They finished fourth and just missed out on a medal. The hosts Sweden came first and took the gold, obviously having the advantage of regularly training on the Olympic route.

If only Google Earth was around in 1912!