Econintersect: Here are some of the headlines we found to help you start your day. For more headlines see our afternoon feature for GEI members, What We Read Today, which has many more headlines and a number of article discussions to keep you abreast of what we have found interesting.
Fed, ECB, BOE Officials All Say They See Inflation Rising (Bloomberg) News from Jackson Hole: Stronger growth will pull inflation higher in the U.S. and Europe, according to three top central bankers who voiced confidence that their regions will escape from headwinds that are keeping inflation too low.
Human rights groups face global crackdown 'not seen in a generation' (The Guardian) Laws affecting funding, requiring registration and prohibiting protest are among controls that are making it difficult for NGOs and other campaign groups. Over the past three years, more than 60 countries have passed or drafted laws that curtail the activity of non-governmental and civil society organizations. Ninety-six countries have taken steps to inhibit NGOs from operating at full capacity, in what the Carnegie Endowment calls a "viral-like spread of new laws" under which international aid groups and their local partners are vilified, harassed, closed down and sometimes expelled. See also article in section for Spain.
BofAML's Woo Explains How China Was Behind One of This Week's Most Extraordinary Market Developments (Bloomberg Business) Last week bonds and stocks fell in parallel, not what is supposed to happen in a "disorderly" stock sell-off. investors are supposed to flee to Treasuries when stocks collapse. David Woo says what is going on in China is the reason - China was selling Treasuries to raise money to shore up their stocks and that pushed bonds lower (interest rates higher). China - U.S. financial interactions are now a global force.
Hurricane Katrina: New Orleans marks 10 years since disaster (BBC News) Commemorations have taken place in the US city of New Orleans to mark the 10th anniversary of Hurricane Katrina. At a memorial service, Mayor Mitch Landrieu recalled how residents had turned to each other for support. Former President Bill Clinton later spoke at a concert in the city. Hurricane Katrina killed nearly 2,000 people and displaced one million. It was the most expensive natural disaster in US history and caused destruction along the Gulf coast. In New Orleans, the failure of the levee system left about 80% of the city under water.
It is worth repeating again and again that the bulk of America's mainline media is owned and controlled by a mere 6 corporations. This, of course, means that unless you're already consciously avoiding these mainline media sources, then most of the news and entertainment that makes it onto your screen and into your mind comes from a small pool of corporate sources, all of which play important roles in delivering propaganda, social programming and perpetual crisis narratives to the public.
The conglomerates are: General Electric, News Corp., Disney, Viacom, Time Warner and CBS.
Spain's Orwellian "Citizens Security Law" Gag (Global Research) If you think our First Amendment rights are being trampled here in America left and right, check out what's going on in Spain. A woman posted the picture below of a police car parked in a handicapped spot on her Facebook page with the caption "Park where you bloody well please and you won't even be fined." Now, because of Spain's Orwellian "Citizens Security Law" which went into effect July 1st, they have fined her €800 (nearly $900 USD) simply for sharing the picture on social media. Police were reportedly able to track her down within 48 hours.
China's commerce ministry defends devaluation, sees 'limited' impact (Reuters) China on Saturday defended the recent revamp of its foreign exchange regime that led to a sharp devaluation of the yuan, calling it a "normal adjustment". State news agency Xinhua quoted an unnamed Commerce Ministry spokesman as saying the devaluation will have "limited impact" on the country's foreign trade. On Aug. 11, in a move that stunned markets, China devalued the yuan reminbi by nearly 2% vs. the U.S. dollar. The devaluation was meant to correct a "relatively large deviation" between the yuan's spot rate in the market and the daily midpoint fixing by the central bank, the spokesman said. China allows the yuan to rise or fall a maximum of 2% from a day's midpoint.
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