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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.
Kurtz quotes Scotia Bank cost estimates for Bakken (North Dakota) at $69 and Permian (Texas) at $68. (Note: Not all estimates agree with those from Scotia Bank - see next article.) The U.S. oil price (WTC- West Texas Intermediate Crude) starts the week at $66. If oil stays at this level or lower it is likely that drilling will stop in these two high producing fields and within a year production will likely decline by more than 50% from these sources that currently produce more than a quarter of all U.S. oil (Permian 15% and Bakken 13%). Kurtz suggests that the U.S. government could support this production by building the U.S. petroleum reserve but it would have to buy above market (somewhere in the $70s) to keep Bakken and Permian drilling continuing. But how long that could continue is in doubt. See Oil at $40 Possible as Market Transforms Caracas to Iran (Gregory Viscusi, Tara Patel and Simon Kennedy, Bloomberg). See also next article.
Was Michael Brown surrendering or advancing to attack Officer Darren Wilson? (Sandhya Somashekhar and Kimbriell Kelly, The Washington Post) See witnesses' one liners below:
Case: State of Missouri v. Darren Wilson (Transcript of: Grand Jury Volume V - Date: September 16, 2014)
Ferguson mayor: No severance pay for Wilson (USA Today)
In Ferguson's Violence, Small Business Owners Are the Biggest Losers (Bloomberg Businessweek)
A deafening liberal silence on Ferguson (Al Jazeera)
After the Ebola Zone: The Life of a New York Doctor In Quarantine (Bloomberg Businessweek)
Gaza floods: UN declares state of emergency (BBC News)
Blast in eastern Kenya wounds one: police (Reuters) More chaos spills over border from Somalia.
Ukraine in maps: How the crisis spread (BBC News)
Thousands protest against Russian health cuts (BBC News) Russia's budget is under pressure from Western sanctions and low oil prices.
The Russian Rouble Is Collapsing To New Record Lows (Business Insider)
Bulgarians see Russian hand in anti-shale protests (Financial Times) Fear of Kremlin "empire" designs.
Moldova votes in 'EU v Russia' election (BBC News)
Swiss voters reject immigration cap (Al Jazeera)
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"Investment efficiency has fallen dramatically [in recent years]. It has become far more obvious in the wake of the global financial crisis and has caused a lot of over-investment and waste."
Further examination of their data suggests there are more nuances in the Chinese data than Xu and Wang have revealed. See today's article What You Need to Know about Investment in China in 8 Charts (GEI Analysis). See also China's $6.8-trillion hole? (S.R., The Economist) and the original paper: Inefficient and ineffective investment causing a huge waste (Xu Ce and Wang Yuan, Shanghai Securities News - in Chinese).
But the Xu and Wang research is not the only work that is identifying waste and inefficiency in the Chinese economy. Other work is reported by Anderlini:
Is it any wonder that China is looking all over the world for ex-pat government officials as well as at home? See China Seeks More U.S. Help to Return Fugitive Corrupt Officials (Edmond Lococo and Ting Shi, Bloomberg) and China shames 'most fashionable' corrupt officials (Tom Phillips, The Telegraph).
MYEFO: Government source issues warning on falling ore price as Deloitte Access Economics warns 'the budget is burning' (ABC.net.au) Australia budget panic.
Government way of pushing trade agenda upsets voters: economist (Focus Taiwan) Antagonism toward the mainland still runs deep in Taiwan.
The sages of the pampas: Like the tango, the fame of Argentine economists is tinged with sadness (The Economist) You can tell how much trouble an economy is in by how much visibility economists get.
Local shoppers showing support on Small Business Saturday (The Boston Globe)
Why does sales shopping turn us into barbarians? (The Telegraph)
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