Economic misery is spreading. Despite liquidity availability, credit has not made it to the marketplace, or in other words, few credit worthy enterprises or households remain, and credit remains tight. Crime is spiking in pockets all over. It surfaces in increased property crime and thefts, to more violent interactions in illegal drug trafficking. Here are some recent headlines from this week --
Mexico kidnap gang kills boy, 5, with acid
Times Online - UK
Experts say the crime wave reflects increased violence in the drug trade, in which 4000 have died in battles between cartels and the police this year.
Crimewave hits high street as recession bites
http://www.thisislondon.co.uk/standard/article-23584344-details/Crimewave+hits+high+street+as+recession+bites/article.do
>Credit crunch shoplifting rises by 36 per cent as economic downturn bitesTesco, the large Wal-mart style supermarkets chain has been hit by a shoplifting epidemic following the downturn in the economy. Essential items have become the most common target, suggesting that thieves are increasingly motivated by need rather than greed.Tesco caught more than 43,000 shoplifters in the first half of this year - an increase of 36 per cent on the same period in 2007.
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original piece in FT: http://www.ft.com/cms/s/0/038472fe-aec9-11dd-b621-000077b07658.html
ReplyDeleteThanks for your post. The source article you reference has some good points. I particularly thought the following closing remarks were insightful --
ReplyDelete"Yet it is employees, not members of the public, who may pose the biggest problem for retailers as the economy sours, according to some analysts.
"When people do not feel secure in their job, they are more inclined to take a dishonest opportunity when it comes their way," said Geoffrey Northcott, founder of The Loss Prevention Company.