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What We Read Today 29 September 2014: Special Edition

reading-240x240Econintersect: Today is a special edition of WWRT (What We Read Today). This is a view of the complete page seen by subscribers 'behind the wall'. All content in today's special edition is new material.

This is the third of three special days run this weekend showing the entire WWRT file to the general public in order to acquaint non-subscribers with the type of content they are missing every day. The two preceding days can be viewed for 28 September and 27 September

We hope these three special event days will convince readers of the value in supporting GEI with a modest annual subscription of $25 to access our daily premium content. This is way to help support the entire effort of this site to bring you the latest in economic, financial and political economy news, analysis and opinion every day of the year.

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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.

The content today is all new material. Normally there would be a public section available to all readers and a premium content page which displays both the public section and the 'behind the wall' section on a single page.

Section 1: Public

Sorry, folks, but this is simply the way the New York Fed was designed to behave. The system of 12 Federal Reserve banks, established about 100 years ago by an act of Congress following secret meetings presided over by J.P. Morgan himself at an island off the coast of Georgia, has always existed for the benefit of the commercial and investment banks that created the system, that own the banks and that control their boards of directors. To think that these banks exist for any other reason than to serve their Wall Street masters is complete folly. It has never been so and it will never be so - as long as the current system remains intact - despite what Segarra captured her bosses talking about on tape, without their knowledge.
  • This Is What Eric Holder's Legacy Will Be (Mollie Reilly, Ryan J. Reilly and Shadee Ashtari, Huffington Post) This article specifies 11 legacies. Econintersect suggests that one is a real accomplishment (first-ever cabinet member held in contempt of Congress) but only the last legacy mentioned in the HuffPo article will have a lasting dominant affect on the country: "He failed to hold Wall Street accountable for the financial crisis." This singular failure will be the predominant legacy of the president he served under as well.
  • Has Capitalism Reached A Turning Point? (Steve Denning, Forbes) Hat tip to Marvin Clark, GEI Discussion Group, LinkedIn. This is a well referenced summary of current discussion about reformation of capitalism. The author compares the issues to those of the Protestant Reformation and suggests that some of the counter currents from that earlier time may have parallels today.
  • Recent articles about Scotland:

No vote powers more wind farm investment (Herald Scotland)

Spurred on by Scotland: Catalonian President signs decree for independence referendum (City AM) Hat tip to Ian R. Campbell, GEI Discussion Group, LinkedIn.

  • Articles about conflicts elsewhere in the world:

Philippines, US begin military exercises near disputed seas (The Times of India) Hat tip to Sanjeev Kulkarni.

Indian frontline warships test waters in South China sea (Hindustani Times) Hat tip to Sanjeev Kulkarni.

Vietnam, India to Expand Oil Exploration in Contested South China Sea (The Wall Street Journal) Hat tip to Sanjeev Kulkarni.

Chasing Ebola Patients in Liberia (abc News)

Israel's Netanyahu Says Will Refute Gaza "Lies" (abc News)

ISIS-controlled oil refineries hit by airstrikes in Syria, witness says (CBC News)

US 'underestimated' rise of ISIS, Obama says (Fox News)

ISIS-Allied Militants Behead 15 During Afghanistan Offensive: Official (NBC News)

Top Republican calls for US ground war amid fresh strikes on Isis (The Guardian)

ISIS planning attack on New York City, Canadian terrorist claims: U.S.-based fighters 'ready right now to make an operation in your land' (New York Daily News)

Obama Says U.S. Role in Iraq Not ĎAmerica Against ISILí (Bloomberg Businessweek)

World Economic Forum convenes with focus on Turkey (Hurriyet Daily News)

Ukraine nationalists tear down Kharkiv's Lenin statue (BBC News)

Another mass grave reportedly found in E.Ukraine (RT)

Troops prepare for pullback in Ukraine (SBS.com.au News)


There are 12 articles discussed today 'behind the wall'.

Do not miss "Other Economics and Business Items of Note", the final section every day.

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

There are between 75 and 100 articles reviewed most weeks. That is in addition to the 140-160 articles of free content we provide.

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Section 2: 'Behind the wall' premium content

Note: 'Behind the wall' page normally starts with the public section material (above) and moves seamlessly into the premium content (below).

  • Deleveraging? What Deleveraging? (Alen Mattich, The Wall Street Journal) When looking at broad sectors deleveraging has not occurred to a significant extent since 2009 and for governments it has increased.

leverage-2000-2014

household-assets-in-equities

  • Global Bellweather: Japan's Social Depression (Charles Hugh Smith, Of Two Minds) Charles Hugh Smith contributes to GEI. This is an impressive collection of sources documenting the decline of social well-being in Japan and the disconnect between a stagnant GDP and a degrading social condition.
  • West Coast warming linked to naturally occurring changes (Tony Barboza, LA Times) Hat tip to Sig Silber who writes the weekly global Climate and Weather Report for GEI News. A new study makes the case that human activity played very little role in the warming of the northeast Pacific Ocean over the past century or so. Not all climate changes are directly associated with global warming as some might like to claim.
  • Should Mortgage Lending Standards Ease? (Nick Timiraos, The Wall Street Journal) Is credit too tight? is 3.5% down payment too much to ask to qualify for a mortgage? Should low credit score mortgage loans be as easy to get as sub-prime auto loans? Timiraos examines the data and finds these are not straightforward questions.

auto-mortgage-loans-vs-credit-score-2000-2014-timiraos-WSY-2014-sep-21

  • The lessons of student debt (Gillian Tett, FT Magazine) Sen. Elizabeth Warren goes where no one else dares to tread - and Gillian Tett follows. Warren is talking about the student loan problem (crisis?) and the exorbitant interest rates charged for that debt by the federal government.
  • House prices have finally started to fall after two years (Anna White, The Telegraph) The latest report shows no price rises on average after 19 months of persistent rises. But Econintersect finds a cooling housing market not credible when average time on the market before selling this month ranges from 4 to 8 weeks. That indicates pretty hot demnand to us.

Home-selling-time-uk

  • Other Economics and Business Items of Note and Miscellanea

Enough Already With The Sweeping Claims That Economics Is Unscientific (Forbes)

Speech by Chairman Jason Furman: The Economics of America's Clean Energy Future (insurancenewsnet.com)

Legislators making bigger push to curb tax inversions (Dan Freedman, SF Gate)

CEO Douglas Hodge Cites 'Overwhelming' Relief at Pimco (Kirsten Grind, Nasdaq.com)

New Pimco Chiefs Seek to Calm Investors (Mary Childs, Bloomberg Businessweek)

PM's US Visit: Narendra Modi hasn't eaten in four days, baffles Americans with vigour (The Economic Times) Hat tip to Sanjeev Kulkarni.

US Treasury announces targeted crackdown on tax inversion (World Finance)

The Saudi Arabia of the South Pacific: How Australia became the dirtiest polluter in the developed world. (Slate)

Time to ditch the export-led growth mania (billy blog)

Why Oil Prices Are Dropping Despite Mideast Unrest (Financial Sense)

Where Macroeconomics Went Wrong (Pieria)


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