What We Read Today 23 September 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 (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.

• Japan government cuts economic view, warns of stalling consumption (Tetsushi Kajimoto, Reuters) The painful reality of the consumption tax hike which scooped between 3% and 4% out of GDP is sinking in. For details see GEI News article from July 2013: Japan: Conflicted Policy.

• CBS News Report on U.S. Attacks Inside Syria:

Click here if video fails to play.

• Obama’s biggest economic policy mistake (Matthew Yglesias, Vox) Yglesias says it is the “systematic neglect of the Federal Reserve and of his ability to influence its course of action“. This article is very much worth a careful read.

• Millionaires who don’t have any money face having to work to 70 (Andrew Allentuck, Financial Post) Being house poor is one reason. Having debts is another. If someone has a residence worth $750,000 that costs $15,000 a year for taxes, insurance, heat, utilities and maintenance and debt service and repayment that costs $10,000 a year, an additional $250,000 invested for retirement can provide $10,000 a year (4% rule). In the article the couple case study in their 60’s can receive approximately $30,000 in Canada Pension Plan benefits plus indexed work indexed work pension and Old Age Security benefits. The case study has them just barely making ends meet it they stop working at age 67. Their situation can be improved by downsizing to a cheaper home or a rental. But they also can keep on working to 70 and beyond to increase savings and reduce debt. Being a millionaire ain’t what it used to be.

• Recent articles about Scotland Independence Vote :

Scotland sends Europe’s elites a warning (The Washington Post)

What Next for the United Kingdom (Frances Cappola, Pieria)

• Articles about wars elsewhere in the world plus related economic news:

Photo prompts speculation Nigeria’s Boko Haram leader killed in battle (Fox News)

New effort to fight Ebola in Liberia would move infected patients out of their homes (The Washington Post)

Yemen rebels raid army commander’s house (Al Jazeera)

Palestinian Kids Go Back to School After Gaza-Israel War (NBC News)

Kenya Eager to Return Refugees to Somalia’s Jubaland Region (Bloomberg)

Libya Rival Backers Reject Outside Interference (abc News)

U.S. begins airstrikes against ISIS in Syria (CBS News)

Some 130,000 Syrians reach Turkey, fleeing IS (Associated Press, MSN News)

Islamic State appears to release chilling threat (USA Today)

PKK leader accuses Turkey of collaborating with IS (Al Bawaba)

The Turkey-ISIL relationship (Hurriyet Daily News, Worldpress.org)

Iran skeptical about US anti-terrorism campaign: Diplomat (Press TV)

Iraq official: 40 soldiers killed, 68 captured after fighting with ISIS (New York Daily News)

Ukraine crisis: Military to pull back artillery in east (BBC News)

Soldiers’ Graves Bear Witness to Russia’s Role in Ukraine (The New York Times)

Kiev Notes Progress on Eastern Ukraine Cease-Fire (abc News)

Ukraine’s battle with Yanukovych corruption legacy moves hesitantly forward (Eurasian Development Bank)

Thousands march in Moscow to protest Russia’s Ukraine policies (LA Times)

Israeli minister: Exports to Russia will continue, regardless of sanctions (Haaretz)

Russian PM Medvedev vows to keep economy open, hails pivot to China (Reuters)

Russia, Iran Considering Joining The Coalition To Fight ISIS (International Business Times)

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