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What We Read Today 15 September 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 (and sometimes longer ones) 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.

  • Europeís titans hold on to their cash (Sarah Gordon, Financial Times) Austerity produces a shortage of money so why wouldn't companies hoard cash? The "Austerians" say they must improve confidence to get a recovery and corporations say they have confidence in whatever is left of the money that they can hang on to. Brilliant policy!!!

  • In Columbus County, another death row conviction faces a challenge (Joseph Neff, Raleigh News & Observer) North Carolina is the first and only state with an independent body dedicated to investigating post-conviction claims of factual innocence. The North Carolina Innocence Inquiry Commission was established by the state in 2006. In the latest case reviewed, a 1993 murder conviction resulting in the death penalty, an astounding story of hidden evidence apparently resulting in the conviction of an innocent man has emerged. This is not the first such case that this situation has been found. In this case, the children of the victims still believe the man convicted is the murderer and the prosecuting district attorney still believes the man convicted is guilty. Read this article and marvel at the callousness and carelessness of prosecution, as well as the fact that those close to the case are not able (or willing) to consider the newly revealed exculpatory evidence.
  • Recent articles about Scotland Independence Vote :

Top Scottish companies fear effects of independence (Patrick Jenkins and Pilita Clark, Financial Times)

Why Scotlandís Voting Yes (Felix Salmon)

Scots Independence Campaign Nears Climax as Polls Diverge (Bloomberg)

  • Articles about wars elsewhere in the world:

Gaza: Life amid the rubble (BBC News)

Uganda foils Somalia Shebab cell plotting 'imminent attack': US (Yahoo! News)

Washington Risks Falling for Syria's ISIS Strategy, Again (NBC News)

Airstrikes on IS in Syriaís backyard are high-risk if Assad objects (The Conversation)

ISIS executes British aid worker David Haines; Cameron vows justice (CNN World)

On Obama and war (Al Jazeera)

Boots already on the ground as US mission in Iraq accelerates (The Conversation)

Despite Cease-Fire, Fighting Escalates in Eastern Ukraine City (The New York Times)

Ukraine fights off attack on Donetsk airport by pro-Russia forces (The Guardian)


There are 11 articles discussed today 'behind the wall'.

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  • It's Hard To Ignore George Soros' SPY Put Position Anymore (David White, Seeking Alpha) Hat tip to Roger Erickson. George Soros had a $2.2B S&P 500 put position as of June 30, 2014, per his 13F filing. This represents 16.6513% of his portfolio. It is not possible to assess the losses for Soros without reviewing the put positions held, but the value of SPY itself has only risen 1.75% since June 30. White says Soros is undoubtedly looking at data such as the following Doug Short chart which shows the extreme level of investor credit, which always peaks before major moves down.

nyse-neg-credit-bal-2014-sep

  • The international monetary and financial system: a capital account historical perspective (Claudio Borio, Harold James and Hyun Song Shin, BIS Working Paper No. 457) Interesting paper which shows how monetary contraction varied historically during times of financial crisis. For example the financial crises prior to World War I did not produce a great depression while the crisis in the early 1930s did. Comparisons are made to the crisis of 2008. Worthwhile reading of history. See also next article.

Click for larger image.
bank-lending-pre-wwi-crisis-vs-great-depression-bis-2014-aug-600x350

Click to enlarge.
radio-vs-internet-bubbles-Eichengreen-2003-aug-600x450

  • Growing foreign fund influence a risk for emerging markets: BIS (Sujata Rao, Reuters) The Bank for International Settlements (BIS) says that the international investment funds market is putting undue pressure on emerging market economies. Econintersect translation: Too much "hot money" from highly liquid advanced economies with limited growth potential at home blows bubbles in the rest of the world.

china-fixed-asset-invest-sober-2014-sep-14

  • Other Economics and Business Items of Note

Renewing Australian federalism (The Conversation)

France is a mess, and Europe is worried (Salon)

G-20 talking of 16% to 20% capital adequacy ratio for banks (Nikkei Asian Review)

Alibaba Said to Plan Boosting IPO Price Amid Heavy Interest (Bloomberg)

Millennials are saying no to credit cards (CNN Money)

Why we need clear rules between the states and Commonwealth (The Conversation)

What Drives Obamaís Foreign Policy? (Naked Capitalism)


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