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What We Read Today 07 November 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.

  • The Cognitive Dissonance Election (Alex Tribou, Chloe Whiteaker and David Ingol, Bloomberg) The country that voted to give the Senate back to conservative Republicans also voted for more marijuana, fewer abortion restrictions, higher minimum wages, and more gambling.

  • Two Election Winners (David Kotok, The Big Picture) Kotok ( a wealth manager) says the two winners were the GINI coefficient and the labor participation rate. In the first case the GINI coefficient's upper levels voted and carried the day as the lower levels stayed home. Kotok also thinks the victims of the lower labor participation rate also stayed home providing a victory for that decline as well.
"This election outcome was about the divisions within our society. Those divisions will continue for the next two years. They are likely to be just as profound in 2016. That presidential race started in earnest last night."
  • FT: European Central Bank united on liquidity injection (Nikkei Asian Review) Mario Draghi now has unanimous support from the European Central Bank's governing council to inject €1 trillion to rescue the eurozone economy from stagnation. This removes concerns about growing divisions within the central bank. Draghi now has the support needed for a full scale QE action of bond-buying should the threat of deflation persist.
  • Articles about difficulties, conflicts and disease around the world

Ebola

How did nurse Amber Vinson get Ebola? 'It is a mystery to me,' she tells CNN (CNN Health)

Ebola cover-up revealed! Pandemic news ordered shut down by feds as NYC Ebola watch list explodes to 357 people (Natural News) Econintersect has not verified this report.

How to plan for a post-Ebola West Africa (The Conversation)

Libya

Exclusive: U.S. weighs sanctions on Libyan factions to try to halt proxy war (Reuters)

Turkey

Turkey walks tightrope over Kobane after peshmerga deployment (AFP, Yahoo! News)

Erdogan presidential palace cost soars for Turkey (BBC News)

Syria

US urged to escalate its war in Syria to save rebel allies (Al Jazeera)

Khorasan group back in US crosshairs as air strikes hit non-Isis targets in Syria : Air strikes on little-known group alleged to be al-Qaida affiliate raise questions about expansion of US air war in Syria and Iraq (The Guardian)

US anti-ISIL strategy faces major setback in Syria’s second city (Al Jazeera)

Iraq

UK's role in Iraq to be boosted (BBC News)

Islamic State Suffering Setbacks in Syria and Iraq (abc News)

Ukraine

Ukraine Lurches Back Toward Open War on East Fighting (Bloomberg)

Putin discusses 'deterioration' in east Ukraine, Kiev denies fresh offensive (Reuters)

Russia

Russia’s Timchenko Probed For Money Laundering (Bloomberg)

Brazil

Biggest Brazil City Desperate for Water in Drought (abc News)


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

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  • Today's Dow Now in Second Place (Doug Short, Advisor Perspectives dshort.com) Doug Short contributes to GEI. Short has been following what he calls the "Sweet Sixteen" stock market recoveries since 1896. The current recovery and advance is now 1,427 market days old (~ 5 1/2 years) and has a larger gain at that juncture than 14 of the group of 16. The only market advance with better performance came in the roaring twenties, from 1921-1929.

dow-recoveries-16-doug-2014-nov-06

  • TPPing APEC? (Jayant Menon, East Asia Forum) With the election of a Republican Senate in the U.S. greatly increasing the chances for the Trans Pacific Partnership to be ratified in that country, the possibility of the U.S. led free trade arrangement reaching fruition is greatly increased. That reduces the possibility that a China led FTAAP (Free Trade Agreement for the Asia-Pacific) for the area will come to pass.
  • USD/RUB - US Dollar Russian Ruble (Investing.com) The ruble is crashing, the ruble is crashing! Preceding article discusses the six-year (well , almost 6 years) decline of the ruble on 06 November, by 4.5% at the end of the day. But that is just part of a 13.5% decline in the past six days (first chart below), 38% in the last four months and almost 60% since January 2013.

ruble-2014-01-nov-06-nov

ruble-27-mos-2014-nov-06

  • While QE proved very effective in reinforcing the Fed's communication about short-term interest rates, there could be simpler ways to achieve the same outcome.
  • The U.S. experience with QE suggests it would be effective in Europe.
  • The Fed ended QE because it succeeded and that's good news for investors.
  • The living wage may cut poverty, but not by very much (Keith Bender, The Conversation) The living wage will help lift those who receive it out of poverty. But most of the poor are not employed (many are children, to begin with) and so mandating a living wage will not have a major impact on poverty. See also next article.
  • Free education for poor mums may help alleviate child poverty (Morag Treanor, The Conversation) Education across England is becoming increasingly unaffordable for lone parents and part-time students. Yet the quickest way to decrease poverty for children is to elevate the prospects of parents. In addition, the education of the child in poverty can only be supported by the example of a learning and achieving parent.

top-1-percent-have-eaten-the-recovery-matt-obrien-WaPo-2014-nov-06

  • Asian shares slump, euro wallows near lows (Lisa Twaronite, Reuters) If the employment gains for the U.S. are strong (much above 240,000) Asian markets could turn around and head higher while the euro could head even lower. Much weaker than 240,000 and just the opposite could occur.
  • A Shanghai Break Out Could Be Huge For S&P 500 (Chris Kimble, Investing.com) Chris Kimble has contributed to GEI. Over the past 5+ years, The Shanghai Composite and the S&P 500 have been heading in different directions. The Shanghai index has lost more than 30% while the S&P 500 is up nearly 100%. Kimble suggests that the trends could change and he is suggesting a breakout from the current position for the Shanghai Composite could provide a bullish boost globally. See also the next article.

Click for larger image.
shanghai-comp-kimble-2014-nov-06-600x360

nikkei-kimble-2014-nov-06

  • Other Economics and Business Items of Note and Miscellanea

20 Sexiest Female Republican Politicians (Rant Political)

The Guru of Supply-Side Economics Had a Very Good Election (Bloomberg Politics)

Saving in Germany, Worse than nothing: Interest rates turn negative for some (The Economist)

Is Clinton the Biggest Winner or the Biggest Loser of the Midterms? (Bloomberg Politics)

Factory Orders End Q3 on a Soft Note (Wells Fargo Economics Group, Real Clear Markets)

The dodgiest duo in the suspect six: As emerging economies hit hard times, Brazil and Russia look particularly weak (The Economost)


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