econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



>> Click Here for Historical Wall Post Listing <<

What We Read Today 05 May 2014

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

  • No Amount of Alcohol Is Safe (Laura A. Stokowski, Medscape) For some cancers the correlation between the amount of alcohol consumed and incidence of disease is now well established. For other types of cancers the data is conflicting.

The vision is to use a system that works similarly to how we conduct the most sensitive forms of online transactions, like applying for a mortgage. It will utilize two-step authentication, say, some combination of an encrypted chip in your phone, a biometric ID, and question about the name of your first cat.

It is easy to anticipate that this will be extended to replacing all existing sign-ons, from Facebook to your personal blog page. But this also raises a number of questions. Since this is essentially a "one password" scheme it exposes all of your internet activity and information to a single breach point. Just how secure can such a system be? It will have to be the "Fort Knox" of security systems - it will be the ultimate motherlode for hackers.

It also raises the question of abuse of power by central control, be that private sector or government. You essentially relinquish the ability to access a wide range of internet content to the possibility of central censorship. The facilities would exist to classify categories of users (via their cyber ID) as restricted from any list of resources that might be designated. Think government censorship, think unfair blockage of competition. Unless you have government authorization you might not be able to access Chinese government news services. If you do business with Amazon you might be blocked from online access to other retailers.

And, of course, this creates a central repository of all your online activity. Whatever slim veil of privacy still remains in cyberspace would be gone with very little additional government effort.

As you might guess Tyler Durden at Zero Hedge has this on his radar screen with a post from Mike Krieger of Liberty Blitzkrieg blog.

  • 10 top spots for foreclosures (Chris Kahn, Bankrate.com, MSN Real Estate) Nationally, foreclosures rose by 4% from February to march. The top ten states for foreclosures contain four surprises: Connecticut, Delaware, Indiana and Maryland. But the biggest surprise for Econintersect? Arizona is not on the list.

Today there are 10 articles discussed 'behind the wall'.

Please support all that we do at Global Economic Intersection with a subscription to our premium content 'behind the wall'.

You get a full year for only $25.

snowden-hero-co-sign-hacked-YourAnonNews-tweet

  • Expensive surprise with reverse mortgage (Don Taylor, BankRate.com) This is a description of someone who entered a reverse mortgage contract and apparently didn't understand how it worked (or even worse didn't know how to add). With a conventional mortgage of $152,500, a check received at closing on the reverse mortgage of $9,500, he doesn't understand why the reverse mortgage balance ended up at $162,000. (All amounts are rounded.)
  • How The U.S. Can Slay The Deficit In 4 Years (Dale Roberts, Seeking Alpha) Interesting article but doesn't deal from a full deck (work with a complete accounting ledger). Read all the comments for a view of some of the missing cards.
  • Europe’s Precarious New Normal (Erik Berglof, Project Syndicate) The author, Chief Economist of the European Bank for Reconstruction and Development, argues that the social fabric is what is precarious. The economic fabric of the EU is strong, provided politics doesn't get in the way.

Comparing Poland and Ukraine underscores the difference that EU membership has made. In 1989, Poland and Ukraine had approximately the same standard of living; today, Poles are three times richer. Poland's income gap with Western Europe today is smaller than it has been at any point since the year 1500.

Given that the EU's combined GDP is eight times larger than that of Russia, we should expect a path toward normality for Ukraine to mean that the EU would dominate the country's foreign trade. But this does not imply a complete break with Russia, whose weight in Polish exports has tripled since 2004. Given their geographic proximity and industrial networks, the potential for trade between Russia and Ukraine is much greater.

But the new normal is about democracy and dignity as well. It is hard to imagine that what is currently happening to the social fabric in eastern Ukraine could happen in Poland.

  • This Week In BI Intelligence: eBay's Payment App Is Blowing Up On College Campuses (Keith Griffith, Business Insider) Venmo is an Amazon app for peer-to-peer payments and contains optional social networking features so that your netwrok can see what you buy but not what you pay. It is going viral, with activity centered on college campuses and spreading from there. It is emerging as a leader in a space occupied by companies like PopMoney, Square Cash, and Google Wallet. Other innovations for in-app purchases are discussed, including a new Amazon effort that appears to under-cut fees currently charged by Apple and Google.

  • Economics students call for shakeup of the way their subject is taught (Phillip Inman, The Guardian) Hat tip to Steve Keen. Economics students from 19 countries have joined forces to call for an overhaul of the way their subject is taught, saying the dominance of narrow free-market theories at top universities harms the world's ability to confront challenges such as financial stability and climate change. The ISIPE (International Student Initiative for Pluralist Economics) says in a manifesto:
"The lack of intellectual diversity does not only restrain education and research. It limits our ability to contend with the multidimensional challenges of the 21st century - from financial stability to food security and climate change. The real world should be brought back into the classroom, as well as debate and a pluralism of theories and methods. This will help renew the discipline and ultimately create a space in which solutions to society's problems can be generated."

Andy Haldane, Executive Director of Financial Stability at the Bank of England has endorsed the movement:

"The crisis has laid bare the latent inadequacies of economic models. These models have failed to make sense of the sorts of extreme macro-economic events, such as crises, recessions and depressions, which matter most to society."

This article also quotes from Thomas Piketty:

"For too long economists have neglected the distribution of wealth, partly because of the profession's undue enthusiasm for simplistic mathematical models based on so-called representative agents."

See also GEI News for a complete copy of the statement issued by ISIPE.

  • Healthy or Hogwash? The Pros and Cons of a Vegetarian Diet (Leigh Erin Connealy, MD, Newport Natural Health) Definitions of diet terms alone is enough to read this article. Dr. Connealy goes on to extol the virtues of a meat-free diet, but concludes with a concession to those who want to continue to eat meat: "OK as long as it is really eaten in moderation."
  • The Right’s Piketty Problem (J. Bradford DeLong, Project Syndicate) Brad DeLong has contributed to GEI. The author summarizes conservative criticism of Piketty's book: "its author is a mentally unstable foreign communist". There is considerably more detail, so read the article.
  • Here's Why India Will Soon Outpace China (James Gruber, Investing.com) The usual arguments for Indian advantage center on demographics. Gruber says we won't have to wait for the Chinese to grow old. Before that are significant factors centering on the stabilization of the currency and increasing investment and productivity. One specific sign of a resurgence for India is the rapid improvement in the current account deficit depicted below. So, while China's necessary rebalancing, corruption elimination and expensive environmental issues will be slowing China's growth in the next couple of years, India will be moving in the opposite direction.

India-current-account-deficit-investing.com-Gruber-2014-may-04


Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.






Econintersect Behind the Wall



search_box

Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.


Take a look at what is going on inside of Econintersect.com
Main Home
Analysis Blog
Was Marx Right?
Angst in America, Part 4: Disappearing Pensions
News Blog
Documentary Of The Week: History Of The World From The Beginning Of 'Time'
The Four Factors That Decide How We Feel About Income Inequality
Why Mexican Immigrants Are Healthier Than Their US-born Peers
The US View On Climate Change
Hilarious Security Camera Compilation
Brexit: Whither The Pound?
Is Chinese Growth Overstated?
Trading Ideas Between Countries
Recession To Recovery: A Decade In Perspective
Infographic Of The Day: Visualizing America's Changing Energy Mix
Early Headlines: Asia Stocks Up, Dollar And Oil Down, Gold Stable, Trump Tax Plan Today, Trump Reviews National Monuments, UK Deficit Lowest In 10 Years, China Banking Crisis, Canadian Lumber Tariff, And More
Jesus Christ vs. Confucius
2016 The Worst Year So Far For Syria's Children
Investing Blog
Facebook Is Coming After Snapchat From All Sides
Know Your Energy Sector
Opinion Blog
Squeezing The Philippine Peso
Trump Just Imposed A New Tax On Lumber
Precious Metals Blog
A New Age For Gold
Live Markets
26Apr2017 Market Close: Wall Street Closes In The Red After What First Appeared To Be Another Green Session, WTI Crude Slips Down Into The Low 49 Handle, While Gold Trends Sharply Higher
Amazon Books & More






.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government































 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2017 Econintersect LLC - all rights reserved