Econintersect: Click Read more >> below graphic to see today’s list.
The top of today’s reading list has the Reserve Bank of India’s surprise interest rate hike …….. and the last two articles are acerbic criticisms of the Obama legacy and the age of unprecedented inequality by Lynn Paramore.
- Raghuram Rajan shocks markets with rate hike on inflation fears (Dinesh Unnikrishanan, Live Mint) Hat tip to Sanjeev Kulkarni.
- The Rise of the New Left (Peter Beinart, The Daily Beast) Bill de Blasio’s win in New York’s Democratic primary isn’t a local story. It’s part of a vast shift that could upend three decades of American political thinking.
- The Totally Unfair And Bitterly Uneven ‘Recovery,’ In 12 Charts (Mark Gongloff, Jan Diehm and Katy Hall, Huffington Post) The following is one of the charts. Click title to see all 12.
- Another Insult to the Poor (Editorial Board, The New York Times) An accusation of “supreme indifference” is levelled against the House Republicans. But that charge is ignoring the great compassion of the same legislators for rich farmers who were voted continued farm subsidies in a separate bill.
- Dutch king declares end of the welfare state (euronews) Hat tip to Russell Huntley.
“It was not immediately clear if the 100 million euros spent by the government on maintaining the Royal House, with its castles and parades, would be included in the austerity cuts.”
- Random Thoughts: The Gold Scold, Part Deux (Todd Harrison, Minyanville)
“Note the steady correlation between gold [orange] and the S&P [white], with the latter matter leading the way higher. A funny thing happened earlier this year: Gold lost its luster, not only on an absolute basis, but perhaps more concerting, on a relative basis. Indeed, if the past is in any way prologue to the future, this is about as loud of a warning siren as we could ask for, absent having tomorrow’s newspaper today.”
- Have Financial Markets Become More Informative? (Jennie Bai, Thomas Philippon and Alexi Savov, Social Science Research Network) Information about future earnings is still not determined by stock prices.
- Baltic Dry Misfiring Again (Houses and Holes, Macro Business) Oversupply problem?
- 5 Years Later, Wall Street Still Sucking Life Out of America Like Vampires at a Blood Drive (Lynn Parramore, AlterNet)
“Only massive reform and no-holds-barred prosecutorial assault will drive a stake into the heart of this monster.”
- Shocking New Research Reveals Obama’s Legacy Could Be an America of Aristocrats and Peons (Lynn Stuart Parramore, AlterNet)
“Inequality experts Thomas Piketty and Emmanuel Saez reveal the biggest gap between rich and poor ever recorded by economists.”