The Organization for Economic Cooperation and Development (OECD) has confirmed that there is a significant economic slowdown in most of its member nations, and it is being led by the seven most industrialized nations, those that comprise the so-called Group of 7. The news was made even worse by a sharp cutback in industrial production within the euro zone, which in September experienced a drop of 2%, its worst cutback in 31 months.

For the sixth month in a row, the composite index of OECD leading indicators posted a drop in September, and while it’s still above the 100- point level, the fact that it’s situated just on the borderline between a falling economic activity and an upward trend, was a source of concern. The indicator, which anticipates economic trends in the 33 member nations, was situated at 100.4 points, against 100.8 points the previous month.

The OECD indicator shows that the slowdown has become a generalized trend, including growth leader Germany which showed a slowing trend for the first time since 2008. Mexico showed one of the few positive trends within the OECD registry, with 101.74 in September, up slightly from the August reading of 101.06.

Also, check out the following opinion columns:

“Rich and Powerful”, by Marco Mares

It is now claimed that Iván Barona is backed not only by Michael Chamas’ 400 million dollars, but also by another investor whose identity is being kept strictly confidential. At least that’s what bankruptcy judge Felipe Consuelo is saying. The judge says that Barona presented last Friday a promissory note for one million dollars to the Communications and Transport Secretariat. It’s not that he deposited a million dollars, but he made a commitment through the note to pay that amount. On the other hand, Barona had pledged ´practically all his real estate holdings and other properties with investment banker Chamas. Barona has presented himself as a mining entrepreneur and had pledged all his mining holdings as guarantee of his word. Michael Chamas has a very bad reputation. According to newspaper stories, he is being investigated for money laundering in Canada, and commutes between Dubai and Switzerland.

“The Great Depression”, by Enrique Campos

Early today I’ll be checking my bank balance to see if they’ve deposited by salary, so that I can start putting money aside for next weekend. Truth is, I was thinking of making a long weekend of it, since Monday is a holiday and I could adopt the Mexico City custom of heading down to Acapulco. But I thought it over and since I have a couple of suits that deserve replacing and three ties that have been overused, I thought I’d better stick around and head for the mall this weekend to take full advantage of the Good Weekend sales, the Mexican version of post-Thanksgiving’s Black Friday. I regret the fact that many wage earners like me will decide to stay behind and go shopping, since it means that many travel service providers will probably have a lousy weekend.

“Strongbox”, by Luis Miguel González

The best way for Italy to erase the Berlusconi era is to pick a successor that does not resemble him. That’s what President Giorgio Napolitano did. Mario Monti is a technocrat who defines himself as “the most German of Italian economists”. Monti is disciplined and austere. He doesn’t boast a driver, own companies or display a love life plagued with sex scandals. His main defect is the absence of a sense of humor. His biggest virtues have to do with being serious: he is a top-line academic, a public official with a great track record. He favors a single tax for the richest citizens, and a fiscal strategy that works in curbing tax evasion. He’s in favor of a drastic cut in spending through privatization or closure of state-owned companies.

rmena@eleconomista.com.mx