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.
- Why an $80 barrel of oil is bad (Alex Russell, The Conversation) The price of oil has dropped suddenly by 20% or more in recent months and that may have negative consequences for North Sea crude. Investment had been increasing recently to increase production in the waters around Scotland but, at $80 a barrel the economics don’t support continuing.
So, if oil remains at $80 (or goes even lower), North Sea production may continue to slide as it has in recent years as the increased investment will be curtailed.
- Why Are Chinese Millionaires Buying Mansions in an L.A. Suburb? (Karen Weise, Bloomberg Businessweek) Hat tip to marvin Clark, GEI discussion group, LinkedIn. Arcadia, CA is a concentrated version of what is going on across the U.S. It is somewhat a repetition of what happened with Hong Kong buyers in British Columbia in the 1990s.
This flood of money, arriving from China despite strict currency controls, has helped the city build a $20 million high school performing arts center and the local Mercedes dealership expand. “Thank God for them coming over here,” says Peggy Fong Chen, a broker in Arcadia for many years. “They saved our recession.” The new residents are from China’s rising millionaire class-entrepreneurs who’ve made fortunes building railroads in Tibet, converting bio-energy in Beijing, and developing real estate in Chongqing. One co-owner of a $6.5 million house is a 19-year-old college student, the daughter of the chief executive of a company the state controls.
- Why the Republicans will Win the 2014 Elections (Walter Kurtz, The Daily Shot email, no url)
- Articles about conflicts and disease around the world
CDC Updates Ebola Protocol as Anxiety Rises (NBC News)
Islamic State foiled in attempt to kidnap Syrian rebel leader in Turkey Attempted kidnap of top Syrian rebel commander inside Turkey suggests the Islamic State is operating inside this Nato country with relative impunity (The Telegraph)
U.S. Humanitarian Aid Going to ISIS (The Daily Beast) Hat tip to Sig Silber.
Ukraine steels itself for winter as Novorossiya forges ahead (The Conversation)
Pro-Russian rebels using seized Ukrainian missile downed MH17 passenger plane, says Germany (The Sydney Morning Herald)
Russia’s borders: Romania strengthens ties with NATO as old anxieties return (The Conversation)
Hong Kong protest clashes leave 20 injured (Al Jazeera)
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