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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.
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The future of new business is disrupting old business (Barry Ritholtz, The Washington Post) The sharing economy, represented by Uber, but also including the likes of Airbnb, Snapgoods, RelayRides, TaskRabbit and Lending Club, is disrupting the stautus quo economy just as surely as the advent of the automoblie in the early 20th century disrupted the buggy whip industry. He discusses what is going on with these new companies:
Articles about events, conflicts and disease around the world
Historically speaking, Germany a bigger deadbeat than Greece (CBC News) Germany's debt defaults after the two world wars dwarfs anything Greece has done, economists say.
Tsipras Outlines Plans to Break Free From Bailout Program (Bloomberg Business)
What Happened to Ebola? (Bloomberg Business) This has gone from a global pandemic to less than 100 new cases a week.
Yemenis rally against Houthi seizure of power (Al Jazeera) Thousands take to streets a day after rebels dissolve parliament and proclaim a formal takeover of government.
German-French Push Yields Ukraine Summit Plan With Putin (Bloomberg Business)
Europeans Laugh as Lavrov Talks Ukraine (Bloomberg Business)
In a rough part of Mexico City, shooting with cameras instead of guns (Al Jazeera) A leading lensman in Mexico uses his own troubled past to steer teens out of trouble and into careers.
Baltic Dry Index (Darren Winters) This relates to an article discussion from WWRT 06 February 2015, reproduced below this disccussion (next article).
Collapsing commodities leads to collapsing Baltic Dry Index (Walter Kurtz, The Daily Shot) See also previous article.
ECB's Lautenschlaeger does not see bond-buying: paper (Reuters, Investing.com) For your amusement, this discussion is repeated from 06 July 2014 - It indicates just how blind ECB people can be. European Central Bank executive board member Sabine Lautenschlaeger said she does not see the ECB embarking on a bond-buying spree in the near future, according to a German newspaper report. She said a large-scale purchase of bonds would only be an option if the ECB faced extraordinary risks, adding: "I really don't see that right now".
Inequality and Growth (Justin Wolfers, Brookings Institution) This is a 24 page summary and review of Thomas Piketty Capital in the Twenty-First Century. Wolfers concludes that Piketty has raised more questions than he has answered.
The incapable soothsayers (Salil Mehta, Statistical Ideas) Salil Mehta has contributed to GEI. Statistical analysis proves the the Fed has forecast unemployment six months after it happened.
Stiglitz, McKibbin clash on US failure (Houses and Holes, Macro Business) This discussion of the U.S. education system is repeated from WWRT 03 July 2014.
From the AFR, at a conference today Jo Stiglitz,
Meet the 80-Year-Old Whiz Kid Reinventing the Corporate Bond (Edward Robinson, Bloomberg Business) John “Mac” McQuown has invented a new hybrid security called an “exchangeable bond,” or eBond for short. It is a process that converst a junk bond into a triple-A rated security by embedding a credit-default swap (CDS), the derivative that helped push the global financial system to the edge of ruin in 2008, in a corporate bond. Econintersect: Oh-oh! And who guarantees the CDS?
Other Economics and Business Items of Note and Miscellanea
Why Do Many Reasonable People Doubt Science? (National Geographic)
Why Google Glass Broke (The New York Times)
Why Work Is Turning Into a Nightmare (Robert Reich, AlterNet) Robert Reich has contributed to GEI. The ultimate in labor productivity is to fit minor human activities into a robotic world and pay the humans pennies.
The Hack That Warmed the World (Foreign Policy) Europe’s carbon-trading market was supposed to be capitalism’s solution to global warming. Instead, it became a playground for gangsters, international crime syndicates, and even two-bit crooks -- who stole hundreds of millions of dollars in pollution credits.
The euro crisis: Debt, morality and the cycle (The Economist) This really gets at the idea of credit-created money and debt-free money. Can the two exist in parallel in one economy?
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