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What We Read Today 27 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

Global

U.S.

Germany

In early 2014, shares of Deutsche Bank were trading above 50 dollars a share.  Since that time, they have fallen by more than 40 percent, and they are now trading below 29 dollars a share.

It is common knowledge that the corporate culture at Deutsche Bank is deeply corrupt, and the bank has been exceedingly reckless in recent years.

If you are exceedingly reckless and you win all the time, that is okay.  Unfortunately for Deutsche Bank, they have increasingly been on the losing end of things.

Prior to the “sudden collapse” of Lehman Brothers on September 15th, 2008, there had been media reports of mass layoffs at the firm.  To give you just a couple of examples, CNBC reported on this on March 10th, 2008 and the New York Times reported on this on August 28th, 2008.

When big banks start getting into serious trouble, this is what they do.  They start getting rid of staff.  That is why the massive job cuts that Deutsche Bank just announced are so troubling

Spain

  • Catalonia vote: Pro-independence parties win elections (BBC News)  Pro-independence parties in Spain's Catalonia region (around Barcelona) have won an absolute majority in regional elections, near complete results show.  With more than 90% of the votes counted, the main separatist alliance and a smaller party won 72 seats in the 135-seat regional parliament.  They said earlier a majority would allow them to declare independence from Spain unilaterally within 18 months.  The central government in Madrid has pledged to block such moves in court.

Yemen

Iraq

  • Iraq Agrees to Share Intelligence on ISIS With Russia, Syria and Iran (The New York Times)  The Iraqi military announced Sunday that it had agreed to share intelligence about the Islamic State with Russia, the Syrian government and Iran, an agreement that caught the Obama administration off guard.  The Iraqi military said in a statement that the new agreement was necessary because thousands of volunteers who have joined the Islamic State have come from Russia. Asked if he welcomed the accord, Secretary of State John Kerry said it was important that the United States and Russia coordinate.

Iran

  • Have spies infiltrated Iranian media? (Al Monitor)  Twelve conservative members of the Iranian parliament have signed a statement warning Iran’s culture and intelligence ministers that hundreds of spies have infiltrated Iranian media organizations. The statement comes just after comments by the supreme leader asking the Islamic Revolutionary Guard Corps to protect the country from the “enemy’s influence.”  Among the coiuntries mentioned as instigating the spying are Norway, Netherlands and England.

India

China

Colombia

Other Economics and Business Items of Note and Miscellanea

Inconsistency is a major theme of behavioral economics. Nudges can improve our lives because we act in short-sighted ways, behaving in ways in the moment that are inconsistent with our “real” preferences. We have our true self, which wants to behave healthily and save wisely, but our short-sighted self fails to fulfill those preferences and doesn’t save enough or eats too much.

In the future, I believe widespread self-monitoring and the use of algorithms that recommend things too us will make this field largely irrelevant. In the year 2045 we will have all the information we want about how much we’re eating, and as many reminders as we want about our true preferences.

"And not only is Benn’s speech refreshingly direct, it’s inspiring to see how energetic he was at the age of 83."

 


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