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The top of today's reading list is David Simon's story of two Americas which he sees as a horror show ........ and the tenth article is from Australia discussing a potential massive economic collapse for that country. There is an eleventh bonus article which is a video of China's soft landing on the moon.
- There are now two Americas. My country is a horror show (David Simon, The Observer, 07 December 2013) Hat tip to Stephanie Kelton, via Twitter. David Simon, a former Baltimore police officer, is the creator and primary writer for the HBO series "The Wire".
America is a country that is now utterly divided when it comes to its society, its economy, its politics. There are definitely two Americas. I live in one, on one block in Baltimore that is part of the viable America, the America that is connected to its own economy, where there is a plausible future for the people born into it. About 20 blocks away is another America entirely. It's astonishing how little we have to do with each other, and yet we are living in such proximity.
- Glass-Steagall Fans Plan New Assault If Volcker Rule Deemed Weak (Phil Mattingly and Cheyenne Hopkins, Bloomberg)
- The True Cost of a Higher Minimum Wage (Zachary Karabell, The Atlantic)
"It's clear that income inequality is a crisis worth addressing. It's not clear that a higher minimum wage would address it."
See also GEI Analysis: Arguing Over Extending Unemployment Benefits.
- Amazing Demographic Trends in the 50-and-Older Work Force (Doug Short, Advisor Perspectives dshort.com) Doug Short contributes to Global Economic Intersection.
- The 10 Worst Economic Predictions Ever (Tyler Durden, Zero Hedge)
- Is service work today worse than being a household servant? (David Cay Johnson, Al Jezeera) David Cay Johnson has contributed to Global Economic Intersection.
- Harvard Study Finds: The Rent Is Way Too High (Peter Coy, Bloomberg)
- Rethinking the Idea of a Basic Income for All (Bruce Bartlett, The New York Times) This idea is coming from all flavors of political and economic thinking, from progressives to conservatives and libertarians. Historically it has been more supported by famous conservatives (like Hayek and Friedman) than famous liberals. Go figure!
- ‘Secrets’ of Warren Buffett’s Success Revealed in New Research (Michael S. Fischer, ThinkAdvisor)
- Australian disease will be one for the text books (House and Holes, Macro Business) Australia and its dollar are headed for a massive collapse, according to the author.
- China's Moon Landing and lunar rover deployment. (Space.com, 16 December 2013) First soft landing on the moon since 1976 (Russia). The U.S. hasn't been there (with manned landings) since 1972.