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 dayin the early am at GEI News (membership not required for access to "The Early Bird".).
Honoring Officers Killed in 2016 (Officer Down Memorial Page) Gunfire has produced more than 40% of on-duty police fatalities. Vehicles have been involved in 44% of fatalities.
Fatal Force (The Washington Post) Fatalities in 2016 are running slightly ahead of last year. New insight: Mental illness played a role in roughly 25% of the shootings. See also next article. Econontersect: This is a condemnation of U.S. neglect for the mentally ill.
Tony Blair unrepentant as Chilcot gives crushing Iraq war verdict (The Guardian) The former prime minister is "strikingly unrepentant" after the release of the devastating report by Sir John Chilcot, which mauled the ex-prime minister’s reputation and said that at the time of the 2003 invasion Saddam Hussein “posed no imminent threat”. Blair argued today that he had acted in good faith, based on intelligence at the time which said that Iraq’s president had weapons of mass destruction. This “turned out to be wrong”.
France overtakes Britain as world's No. 5 economy after pound drops (Reuters) France and Britain were vying for fifth place on the list of the world's biggest economies on Wednesday, with France nudging ahead after a renewed slump in the pound in the wake of the Brexit vote, Reuters calculations showed. Britain's gross domestic product stood at £1.864 trillion pounds in 2015, according to the last available figures from the International Monetary Fund. With the pound falling below €1.17 euros overnight for the first time since 2013, that means the size of the British economy in 2015 is now equivalent to €2.172 trillion - less than France's official GDP of €2.182 trillion last year.
Italy Hoping For Temporary Exemption From EU Bank Rules To Stabilize Financial System (Benzinga) Italy may be the next epicenter of European economic turmoil. Italy’s non-performing loans currently represent 20% of GDP and the country’s public debt is 120% of GDP. Prime Minister Matteo Renzi wants to help struggling Italian banks without forcing investors to share losses. However, this plan is in direct conflict with European Union banking rules. Renzi has requested a six-month exemption from the rules, but Germany has objected. If Renzi is not granted permission for his plan, he may choose to break the rules anyway rather than risk financial collapse in Italy. See next article.
The EU's Inflexible Bank Rules Risk an Italian Brexit (Bloomberg) Italy's continuing banking crisis shows the euro zone still faces major challenges. The EU must act fast to change the vernacular of austerity that has alienated voters and restricted the ability of national governments to put together policies for growth. See preceding article for the depressing (pun intended) numbers.
Other Scientific, Health, Political, Economics and Business Items of Note - plus Miscellanea
Wealthy spending more on health care than poor and middle class, reversing trend (CNBC) Healthcare is the newest benefit of privilege. Health-care inequality is the new income inequality. The rich in the United States — despite being healthier on average than the poor — have become the biggest buyers of health care, a dramatic shift in spending patterns across income groups, according to a new Harvard study. The study also reveals that the poor — who as a group have more health needs and live shorter lives than higher income groups — in recent years have become the group with the lowest-spending per capita, after decades of being the biggest spenders. In other words: People who need health care the most are now getting less of it than the people who need it the least.
‘I’ll Never Retire’: Americans Break Record for Working Past 65 (Bloomberg) Almost 20% of Americans 65 and older are now working, according to the latest data from the U.S. Bureau of Labor Statistics. That’s the most older people with a job since the early 1960s, before the U.S. enacted Medicare. See also next article.
A 'Lost Generation Of Workers': The Cost Of Youth Unemployment (NPR) Note: This article is two years old. See next article for more recent data. As more seniors continue to work, fewer youthful Americans are finding employment. A whopping 5.8 million young people were neither in school nor working as of 2013. It is "a completely different situation than we've seen in the past," says Elisabeth Jacobs, the senior director for policy and academic programs at the Washington Center for Equitable Growth.
United States Youth Unemployment Rate (Trading Economics) Youth unemployment has been improving continuously but still remains more than double that of the total unemployment rate for all age groups. But that is no improvement from 2013 when the ratio was just about the same.
DoubleLine's Gundlach: Gold remains best investment in 'shaky' world (Reuters) Jeffrey Gundlach, the chief executive of DoubleLine Capital, said on Wednesday that gold remains the best investment amid fears of instability in the European Union and prolonged global stagnation, as well as concerns over the effectiveness of central bank policies. Gold hit more than two-year highs on Wednesday as some bond yields slid to record lows in the wake of Britain's vote to leave the European Union, prompting investors to buy bullion as a haven from risk. Spot gold XAU=, which is up almost 30% so far this year, was up 0.56% at $1,363 per ounce at 2:34 p.m. EDT (1834 GMT). Gundlach said in a telephone interview:
"Things are shaky and feeling dangerous. I am not selling gold.”
Gold & Silver index, breaks through triple resistance level (Kimble Charting Solutions) Chris Kimble has contributed to GEI. The chart below looks at the Gold & Silver Mining Index, dating back to to the early 1980’s. The Index lost over 80% of its value from 2011 to the 2016 lows, where it looks to have created a double bottom (2000 lows).
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