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What We Read Today 23 June 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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Every day most of this column ("What We Read Today") is available only to GEI members.

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Articles about events, conflicts and disease around the world

Global

U.S.

Greece

  • Greece Inches Closer to a Deal (Bloomberg)  Euro-area finance ministers will meet for the third time in a week on Wednesday to try and secure an agreement to avert a default in Greece.  Hurdles remain, including votes in the German and Greek parliaments, and figuring out how to pay the International Monetary Fund - but an end appears to be in sight for the current stage of the Greek crisis.
  • Three Ways a Greek Debt Settlement Will Affect the Energy Sector (Kent Moors, Oil & Energy Investor) Dr. Kent Moors has contributed to GEI.  Markets in general and energy specifically will get a boost from another Greek "band-aid", which is appearing more likely.

Ukraine

  • When Social Media is Your Only Hope (The Daily Beast)  A Ukrainian-American protester on how technology is fueling the movement around the world.  This was written during the uprising that overthrew the pro-Russian government of Ukrainian president Viktor Yanukovych in February 2014.

Russia

Australia

  • Tackling housing unaffordability: a 10-point national plan (The Conversation)  Housing unaffordability is not just a problem for those priced out of a decent place to live. It also damages the efficiency of the entire urban economy as lower paid workers are forced further from jobs, adding to costly traffic congestion and pushing up unemployment.  The 10-point plan proposed involves tax incentives, housing supply bonds, rent-to buy (shared equity) programs, improved mass transit and more.

Federal Tax Receipts by Source (Wikipedia)  Hat tips to Laurențiu Ginghină and Roger Erickson.  This shows the agonizing death of progressive taxation.  Taxes paid by corporations and excise taxes paid almost exclusively by the wealthy have been slashed (red trend lines) and FICA (light green trend line), paid predominantly by those in the bottom 80%, has been  increased in a draconian manner.  Bold used for two terms chosen by Econintersect.  Excise taxes and corporate income taxes have seen share of tax revenue decrease by about 75% from 1950 to 2010.  Revenues from FICA have increased 4-fold.

federal.tax.receipts.1946.2010.annotated


Other Economics and Business Items of Note and Miscellanea

Click for large image at NIA.
ipos.global.600x400

We believe the opportunities in Europe are exceptionally good today especially for special situations. We define special situations as companies that are going through strategic change. Cheap stocks in which there are real catalysts for value creation. From a bottoms-up point of view, we have a robust situation.

  • Krugman Battles the Austerians (Bloomberg)  Clever animated cartoon accompanies this article which documents some of Krugman's economic policy debate triumphs, at least in the opinion of the author, Jeremy Kahn.


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