OO Water Bonds Shrivel As California Sees Driest Year The driest year on record threatens water supplies to the world's most productive agricultural region, almost doubling borrowing costs on some bonds issued by California water agencies.
I can illustrate this extraordinary pillaging spree by reference to one sequence in The Lone Ranger that manages a kind of satanic double-borrowing.
Scottish ministers have also been cleared to borrow up to £4.9bn on upgrading the rail network by 2019 – more than double the borrowing attributed to Scotland in 2009 – using debt funded by Network Rail at UK level.
Banks have pulled back on cross-border transactions and lending, and companies in Spain pay double the borrowing rates of companies in Germany even if they are just as creditworthy.
Mr. Brown also announced plans to double net borrowing, to $31 billion in this fiscal year, and he reduced his forecast for British economic growth this year to 1.6percentt, from an earlier range of 2percentto2.5percentcent.
If the economy were simply to stall in 2008-09 and 2009-10, this could double planned borrowing of £38 billion next year; if output were to contract over the period the outcome would be costlier yet.Making matters worse, the shape of the probable recession is likely to inflict particular fiscal pain.
Faced with double-digit borrowing costs, banks began cutting back on lending, which has hurt many businesses in India and contributed to a further slowing of the economy.
Washington Mutual, the nation's largest savings and loan, nearly doubled its borrowing from the Federal Home Loan Bank System over the last year, to $47.7 billion, according to government filings.
TELEGRAPH When Puerto Rico Turned to Wall Street | "In the $3.7 trillion municipal-bond market, Puerto Rico and its agencies more than doubled their borrowing since 2004, to $70 billion this year," Bloomberg News reports.
In what was being seen in Westminster last night as the death knell of New Labour and a return to a form of traditional left-right politics, Darling became the first chancellor since the 1970s to announce income tax increases, and also scrapped Gordon Brown's fiscal rules to sanction a doubling of borrowing this year.
The result, too often, is that managers pass on the singles and doubles, to borrow Charan's baseball terminology, and instead devote their resources to projects that "swing for the fences".
