What We Read Today 07 July 2014

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 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.

• France hits out at dollar dominance in international transactions (Michael Slothard, Financial Times) French government officials and industry leaders are calling for a “rebalancing” of the international payments system away from use of the dollar. This is in response to the nearly $9 billion penalty levied by the U.S. against BNP Paribus for money laundering to circumvent international sanctions. The protests center on the fact that BNP Paribus broke no European laws.

• In NSA-intercepted data, those not targeted far outnumber the foreigners who are (Barton Gellman, Julie Tate and Ashkan Soltani, The Washington Post) The NSA is capturing nearly ten times as many online account holders as were targeted according to documents released by Edward Snowden. Half of the apparently superfluous identities belonged to Americans. From WaPo:

The surveillance files highlight a policy dilemma that has been aired only abstractly in public. There are discoveries of considerable intelligence value in the intercepted messages – and collateral harm to privacy on a scale that the Obama administration has not been willing to address.

Among the most valuable contents – which The Post will not describe in detail, to avoid interfering with ongoing operations – are fresh revelations about a secret overseas nuclear project, double-dealing by an ostensible ally, a military calamity that befell an unfriendly power, and the identities of aggressive intruders into U.S. computer networks.

• Even Against Good Fundamentals, Negative Social Mood Will Sound the Drums of War: The American Revolution (Euan Wilson, Socionomics Institute) Hat tip to John O’Donnell. Why did the wealthiest land in the world with a per capita income more than three times the current U.S. level, adjusted for inflation, and the lowest taxation levels in the world revolt in 1776? It had little to do with economic factors, according to Euan Wilson and everything to do with “social mood“. Opinions and sentiment count more than all other factors in determining the course of history is the premise of socionomics: events follow social mood, not the other way around. See also next three articles.

• Journalists warn us about the coming revolution, but we don’t listen (Fabius Maximus) Fabius Maximus has contributed to GEI. Can the social mood be subliminal? FM discusses the displacement (by robots, software and automation) of many humans from employment activities and provides 37 examples of how the process has been reported by the media. Yet there is no revolution. Should we add “YET” to the preceding sentence? Is the social mood being guided by a displacement of humans from historical human activities, but is that an “invisible hand” not yet recognized in all its form and function by an inattentive populace? Does social mood tend to lead social action because of the natural human state of denial in the face of change?

• American Dissatisfaction With Everything Is Reaching Historic Levels (Ryan Grim and Kasey Varner, Huffington Post) People are mad as hell, and they’re not going to take it anymore, an extensive new survey of public attitudes toward the government finds. Are we approaching peak social mood?

• By 2045 ‘The Top Species Will No Longer Be Humans,’ And That Could Be A Problem (Dylan Love, Business Insider) What will it be like when a tribe of HALs run the planet?

• Boehner: Why we must now sue the President (John Boehner, CNN Opinion) Speaker of the House alleges that President Obama has circumvented the will of the people. Progressive activist Sally Kohn replies: Dear Speaker Boehner: Do your job instead (Sally Kohn, CNN OPINION)

There are 13 articles discussed today ‘behind the wall’.

Please support all that we do at Global Economic Intersection with a subscription to our premium content ‘behind the wall’.

You get a full year for only $25.