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What We Read Today 05 September 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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Articles about events, conflicts and disease around the world


  • Markit Economics PMI Report: A Key Scorecard for Economies (Market Realist)  The Markit Economics PMI (Purchasing Managers’ Index) reports are helpful when it comes to understanding business conditions in any economy.  And the global compendium of manufacturing PMI readings is reflective of just how well the global economy is doing - and over the last year its not doing so well, although the total is still above 50 indicating a weak expansion at 50.7,



  • Poll: Trump beats Hillary head-to-head (The Hill)  The headline is WRONG!!!!  The better headline would be "Trump Beats Everybody!"  The poll by Survey USA has an uncertainty of +/- 3.3% which means that Trumps margin is greater than the uncertainty vs Hillary (45% - 40%) and Bernie (44% - 40%).  Other Democrats are within the margin of error:  Jor Biden (44% to 42%) and Al Gore (44% - 41%).
  • Eagles release QB Tim Tebow (ESPN)  The Eagles have released Tim Tebow, ending the former Heisman Trophy winner's bid to win the No. 3 quarterback job for Chip Kelly in Philadelphia.  Watch the highlight of Tebow's outstanding last preseason performance and the conclusion is his current skill had little to do with the decision; they obviously did not like his future potential (or didn't like him personally).  Tebow's chances of catching on somewhere when there is a serious quaterback injury would seem to be excellent.

  • Oil crash cut my pay and killed over 86,000 jobs (CNN)  Last year the father of four young children was diagnosed with brain cancer. As he recovers from surgery, Butt has seen many of his friends and family members lose their jobs in an energy industry ravaged by cheap oil.  Roughly one-fifth of Butt's colleagues have lost their jobs at the Billings, Montana-based Pioneer Oil Company. The remaining workers, including Butt, have been forced to take a 10% pay cut.


  • Germany Welcomes Migrants After Long Journey (The New York Times, MSN News)  Germans waving welcome signs in German, English and Arabic came to the train station here on Saturday to greet the first group of about 8,000 migrants, after an arduous and emotional journey through Hungary and Austria.  Germans applauded and volunteers offered hot tea, food and toys as some 450 migrants arrived on a special train service from Austria, finally reaching Germany, which had held out an open hand to them and became their promised land.


  • Modi Government on Right Path, Should Try Out Swadeshi Economics, Says RSS (The New Indian Express)  Sangh workers told the government that it should also look at the Indian economic model for development where not only the environment is saved but also ensures development.  While economic programs encourage migration from villages to cities, there should also be an economic model such that rural life is improved as well.



  • Harper scores a fail in economics (St. John's The Telegram)  The recession in Canada could not have arrived at a worst time for the reelection bid of Steven Harper.  This downturn seems to have a broader cause than just the slump in oil and this article offers a grim assessment of the prime minister's role in the recession (or lack of role in addressing it).

How YOU can keep the economics ecosystem healthy (The News Hub)  The subtitle is "Economics as if human civilisation mattered".  There is a little bit of a feel-good element to this but at the bottom of everything it does focus on the question of sustainability.  Ultimately this is where humans must get or modern society will end.  See also next article.


The Case for Ethical Banking  (The News Hub)  Formerly a designation of commercial credibility, to announce oneself as a banker in 2015 now garners the same derision previously reserved for ticket inspectors and estate agents. Bankers are scoffed at as irresponsible gamblers whose roulette wheel-economics have lightened our wallets.  This might seem to turn the term from the title "ethical banking" into an oxymoron.  And with the current emphasis of the economic system on Keynes' "animal spirits" one could ask:  Do animals have ethics?  Yet this essay develops the idea of the "responsible bank - the new breed of financial institution that promises to adhere to the principles of the Triple Bottom Line – profit, people, and planet".  See also preceding article.

Other Economics and Business Items of Note and Miscellanea

  • Janet Yellen and the Fed Should Hold Fire (John Cassidy, The New Yorker)  Data suggests that we are still well short of reaching the point at which inflation becomes a threat. Indeed, inflation, far from picking up, has been falling sharply. In July, the latest month for which we have figures, the prices paid by consumers didn’t rise at all. Yes, that’s right: there wasn’t any inflation. The consumer price index, which measures the prices of a broad basket of items purchased by people living in urban areas, rose by 0.0%. And July wasn’t an aberration. In the twelve months from July, 2014, to July, 2015, the C.P.I. rose by just 0.2%t. That’s one of the lowest rates of inflation we’ve seen in decades.


  • Economics 101 - What Recovery? (Breitbart News)  What kind of recovery is it when you lose over a million manufacturing jobs, but replace them with waiter/bartender jobs?

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