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What We Read Today 11 April 2015

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.

This feature is published every day late afternoon New York time. For early morning review of headlines see "The Early Bird" published every day in the early am at GEI News (membership not required for access to "The Early Bird".).


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What Year Will Your Car Drive Itself? It’s Closer Than You Think (Wall Street Cheat Sheet)  Google may have gotten much of the publicity but many are working on the "driverless" car.  Delphi, the automotive parts and tech company, just finished a 3,400 mile cross-country driverless journey.  This article says self-driving cars will be ubiquitous within 25 years and start to be available to the public within only a few years.


Articles about events, conflicts and disease around the world



Click for larger view at
Snow boarder enjoys fresh powder on top of 4-6 foot base, Jay Peak, VT 09 April 2015.



  • Devaluation through wages in the euro zone: a lose-lose adjustment (ofce blog)  In fact there is a correlation between changes in wages and changes in GDP.  No cause and effect definitions have been attempted here directly but the authors do make the statement "… that compresses domestic demand and is not very effective in terms of competitiveness", which implies a possible relationship since they think that austerity drives economic compression.





  • Raul Castro Says Cuba Blockade Not Obama's Fault (Associated Press, Huffington Post)  In a stunning address to the Summit of the Americas, Cuban President Raul Castro apologized for letting his emotions get the best of him. He said many U.S. presidents were at fault for that troubled history - but that Obama isn't one of them.  He called the American president "an honest man".

Core profits outperform internal funds when explaining aggregated default expectations (John Lonski, Moody's Analytics)  While free cash flow is considered a better indicator of investment performance potential and sustainability of dividends than reported profits, Moody's has found that internal funds (cash flow) is not as reliable an indicator of default probability as is profit. Should we take a closer look at the reliability of cash flow for equity investment evaluation?

California's New Era of Heat Destroys All Previous Records (Tom Randall, Bloomberg)  Not only are recorded temperature records being broken but drought records inferred from tree rings going back more than 1,000 years are also broken.  There is a video in this article which describes just how much of the produce consumed in the U.S. has been grown in California.


These Will Be the World's 20 Largest Economies in 2030 (Jeanna Smialek, Bloomberg Business)  The G-7 will no longer contain France, Canada and Italy and Russia will be gone from G-8.  For the G-20, South Africa will replaced by Nigeria.  Of course there is no reason the G-7 and G-8 cannot be replaced by the G-10 and the G-20 could also be expanded.


Other Economics and Business Items of Note and Miscellanea

DB plan liabilities continue to outpace assets (Employee Benefit News)  Low interest rates from ZIRP are killing pension funds.

Generic Value (Benjamin Shepherd, Investing Daily)  Benjamin Shepherd has contributed to GEI.  The merger of H.J. Heinz and Kraft Foods (NASDAQ:KRFT) makes perfect business sense to Shepherd.  Distribution efficiencies for the two companies' iconic brands is a major factor.

Why Jeff Gundlach Is Very Scared of High-Grade Corporate Bonds (Bloomberg)  The bond guru says risk-reward looks terrible.

A New ETF Gunning To Beat The Stock Market With A Three-Pronged Strategy (Trang Ho, Forbes)  Trang Ho has contributed to GEI.  Complex and detailed management strategy for this new ETF to maintain positions based on quality, value and momentum.

Single black female BA seeks educated husband: Race, assortative mating and inequality (Brookings)  More than 2/3 of black women with a college degree stay single vs. 38% for white women.

Rolling Stone’s damaging journalism (The Washington Post)

Amazon Drones Could Deliver Packages for Just $1, Study Suggests (Bloomberg)

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