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What We Read Today 18 October 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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Real interest rates still low, but rising. (David Andolfatto, Twitter)  But nominal rates have been rising more slowly, staying level or falling.  Real rates are not rising for a good reason.

Articles about events, conflicts and disease around the world

U.S.

  • Feds pull back Arctic offshore lease sales (The Sun Chronicle)  Three weeks after Royal Dutch Shell announced it was walking away from exploratory drilling in U.S. Arctic waters, the Obama administration has taken steps to keep drill rigs out of Alaska's northern ocean for a decade or more.  Interior Secretary Sally Jewell announced Friday that the federal government is cancelling federal petroleum lease sales in U.S. Arctic waters that were scheduled for 2016 and 2017.

EU

  • Migrant crisis: Slovenia sets limit of 2,500 people a day (BBC News)  Slovenia will only allow 2,500 migrants to cross its borders daily - half the number neighbour Croatia has asked for.  Interior Ministry Secretary of State Bostjan Sefic said Slovenia could not accept Croatia's request to take 5,000, because Austria's daily limit is 1,500.  Most migrants - many from Afghanistan, Syria and Iraq - are crossing Croatia and Slovenia to reach western Europe. 

Lithuania

  • How Lithuania Is Kicking Russia To The Curb (Forbes)  Russia has become nothing but a bad memory in Lithuania. There’s nothing Russian here except anti-Putin graffiti and a few Russian citizens investing here and there and carrying out their private lives in a country that, well, kind of hates them. If not them, then their government.

China

  • China must hasten infrastructure investment to stabilize growth: state advisor (Reuters)  Increased infrastructure investment is key to stabilizing China's economic growth, a top state advisor said on Sunday, while calling on the central bank to lower the cost of financing for companies and increase overall credit.  China needs to speed up its 172 hydropower projects, develop 800 million mu (53 million hectares) of high-standard agricultural land and increase investment in rural roads, according to Yu Bin, head of the micro economy research department at the State Council's Development Research Centre.

  • China's Premier Li says achieving growth of around 7 pct "not easy" (Reuters)  China's Premier Li Keqiang said that with the global economic recovery losing steam, achieving domestic growth of around 7 percent is "not easy", according to a transcript of his remarks posted on the website of the State Council, China's cabinet.  Nonetheless in his comments, made at a recent meeting with senior provincial officials, the premier said that continued strength in the labour market and services were reasons for optimism, despite the headwinds facing the manufacturing sector.

  • New A-share investor count in China (Sober Look, Twitter)  Not only share price has crashed.

Philippines

  • ‘Good governance is good economics’ (Business World Online)  No more can the local economist who called him “inept” stubbornly argue against official statistics that prove the Aquino government has brought the country economically somewhere better. Other local economists and economy watchers have quieted down on their stringent qualifiers to admitting the official 6.1% gross domestic product (GDP) growth in 2014, and the 6.7% GDP growth forecast by the International Monetary Fund for 2015, upped from the 6.6% originally projected before March this year.

Canada

Other Economics and Business Items of Note and Miscellanea

  • How To Invest In The Stock Market Like A Brainiac Economist (Ky Trang Ho, Forbes)  KTH has contributed to GEI.  Economics is the only field in which two people can win a Nobel Prize for saying the opposite thing.  When it comes to investing in the stock market, however, anecdotal responses from the elite with PhDs show they surprisingly agree on a similar course of action. Economists from universities, asset management firms and private organizations alike were asked to reveal what they own in their portfolios and why. Indeed, they have a strategy for maximizing potential returns while minimizing risks and costs.  KTH interviews several leading academics.

  • Polya's 3 Laws Of Economics Expose Deadly, Dishonest  And Terminal Neoliberal Capitalism (CounterCurrents.org)  Polya's 3 Laws of Economics mirror the 3 Laws of Therrnodynamics and are (1) Price minus COP (Cost of Production) equals profit; (2) Deception about COP strives to a maximum; and (3) No work, price or profit on a dead planet. These fundamental laws help  expose the failure of neoliberal capitalism in relation to wealth inequality, massive tax evasion by multinational corporations, and  horrendous avoidable deaths from poverty and pollution culminating in general ecocide, speciescide, climate genocide, omnicide and terracide.

  • Fear and Wonder: The Bookends of Age (Adirondack Almanack)  Everyone should read this beautifully written account of family intimacy.

  • A Loaded Gun (The New Yorker)  A very unusual mass shooting story.

  • From College Student To Corporate CEO: Career Advice To An Economics Major (Bill Conerly, Forbes)  A step-by-step operations manual for the ambitious student.


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