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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 25 highest-paying jobs with the most openings right now (Julie Bort, Business Insider) Number 25 is Sales Engineer with 5,508 openings at an average base salary more than $90,000. Here is the summary description from job-hunting site Glassdoor:
Number 1 is Physician with 7,984 openings at an average base salary of $212,270.
There are some surprises in between.
Articles about events, conflicts and disease around the world
Stock Market Indicators: Fundamental, Sentiment & Technical (Yardini Research) Is there any chance that New York Stock Exchange volume may have bottomed? Econintersect is suspicious of any conclusion from a data stream this volatile.
Benjamin Franklin and the Birth of a Paper Money Economy (Farley Grubb
In the first era the legislatures of the various colonies (and eventually the Continental Congress for the colonies becoming states collectively) issued paper currency as needed for the needs of commerce in the colonies and then states. When the U.S. Constitution was written in 1787 (and adopted by 1789) the power of legislative issuance of money was ended leading to the system in place for the past 225 years where nearly all money is issued by privately owned banks which are government chartered and regulated.
The issuance of money by private banks has been in the form of credit backed by assets pledged as collateral by the parties funded by the banks or by commodities, commonly gold or silver, held as reserves by the banks.
Farley reviews the history of colonial paper money and the association of Benjamin Franklin with that monetary system. Farley asserts that Franklin was the preeminent expert on money in the colonial period in America. Farley also considers Franklin as one of paramount influence over the course money policy in Pennsylvania if not over all the colonies. Franklin has left a record of his thinking and action via pamphlets he wrote at the time.
Franklin argued that a lack of money carried a heavy cost because it reduced the ocassion of commerce to the level of barter which is very inefficient. He saw paper money as the solution to this problem. He recogniized the need to have enough money to meet the needs of the economy but not so much that the value would be diminished. And indeed lack of control of paper money did lead to significant depreciation events in New England and South Carolina. Franklin said that proper control of the issuance of moeny was a crucial factor.
Here is a section from Farley's essay:
Farley points out that colonies sometimes financed military expenditures with large amounts of paper money issuance and then had to "redeem" said excess through subsequent taxation.
EURUSD Bear Bias Intact; March Risk Through 1.1000 (Steve Miley, The Market Chartist) Annotation added to this 17-year chart to emphasize the 7-year down trending trading channel.The bottom of the channel is very close to the author's 1.1000 target.
Net Neutrality Explained (Source unknown) Hat tip to Roger Erickson. This is in the member only section because we are not sure of attribution and copyright status.
Other Economics and Business Items of Note and Miscellanea
Will YCharts Eventually Overtake the Bloomberg Terminal? (Michael Grogan, First Class Analytics) Michael Grogan contributes to GEI.
Wal-Mart, the Market Combine in Minimum-Wage Hike (The Wall Street Journal) Author invokes the "rising tide raises all boats" bromide. Econintersect: More like an added drop raises the contents of a cup.
Buffett looks to succession, signals future growth problem (Reuters) Warren says not to expect 50 more years like the last 50.
Fed’s Williams Sees Full U.S. Employment by Year End (The Wall Street Journal) He says that 5% unemployment will be "full employment" and acheived in 2015. But if the labor force for age 25-64 had the same participation rate as in 2000, there would be an additional 6.7 million people in the labor force and all would be unemployed. On that basis the unemployment rate wold not be 5%, but more than 9%.
Structural Trends in Employment by Age Group (Advisor Perspectives dshort.com) Doug Short is a regular contributor to GEI. The labor force participation age 25-64 has declined by 4.0 percentage points (from 87.9% to 83.9%) since 2000. That difference is about 6.7 million people in 2015.
Singletary: College-bound teen needs Economics 101 (The Dallas Morning News)
3 Lessons Monopoly Can Teach Us About Finance (Everything Finance) Paraphtrasing the author: Money not used is money wasted - and using it wisely helps as well.
Real World Economics: Using tax to capture increased value an ideal, but tricky, feat (Twin Cities Pioneer Press)
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