Global Macro
- Economics and disequilibrium. Steve Keen. Didn’t notice it yesterday due to the strange title and buried lead, but this is a thoroughly good read. Here’s Keen’s main point: “Had economists built on [Irving] Fisher’s Road to Damascus conversion, an entirely new economics could have resulted from the Great Depression, with disequilibrium rather than equilibrium as its organising principle. Instead, with Fisher ignored, the economics profession rebuilt itself around Hicks’s equilibrium interpretation of Keynes’s General Theory. By the time our modern-day crisis hit, equilibrium thinking was utterly ascendant in economics.”
- Hard truths about global growth. Michael Spence
- Traders are hackers and other stupid thoughts. Mark Cuban
- Grain export restrictions remain on Russia’s agenda. Financial Times
- RIP containment. The Diplomat
United States
- The other American officials caught in the Benghazi consulate attack. New York Times
- A very successful American bank you’ve never heard of. The Economist
- A very successful Fed governor you have heard of. Washington Post
- The downside of avoiding the IRS? Even more paperwork! NPR
- Despite notional opposition, Republican states prepare for Obamacare. New York Times
Europe
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- Troika doubles Greek shortfall estimate. Der Spiegel
- EU struggles to reach budget agreement. BBC
- Beware Eurozone fantasies. The Economist
- Britain, Canada to share embassies. Wall Street Journal. Austerity budgeting or the return of Empire? Scheme may extend to Australia and New Zealand. Canada already provides consular assistance to Australians in various places.
Asia
- India restricts iron ore trade. Wall Street Journal
- China’s real urbanisation challenge: hukou reform. Caixin
- Another Foxconn riot, this time involving 2,000. CNet
- But at least the iPhone 5 has a solution for the Senkaku dilemma. Foreign Policy
- Bumi plc plunges on Indonesia probe. Financial Times
- And Chinese firms face the music. Caixin
- As does Bo Xilai’s former police chief, sentenced to 15 years. Xinhua
- Park Geun-hye, South Korean presidential candidate, apologises for the sins of the father. Financial Times
Local
- Myopic view of the Aussie dollar. Michael Pascoe. Myopic indeed. Apparently those who call for a rate cut are ‘pet shop inmates.’
- Short selling bans justified: ASIC. Financial Review
- Government officials involved in another export corruption scandal. The Age
- Queensland will stick with IR framework. The Australian
- Virgin asks ACCC to scrutinise Qantas-Emirates deal. Financial Review
- Storm Financial targeted retirees. The Australian. All these firms target retirees.
- Regulator slaps CommSec with $50,000 fine. Business Day. I’m sure that will hurt.
- BHP responds to contractor death at Pinto Valley copper site. The Australian
- The curse of conformity. Tim Colebatch at his best
Interesting/other
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- Not a single opposition politician wins a seat in Belarus election. Washington Post. Not even a token member.
- Visualising Facebook. The Economist
- India’s missing children. Washington Post
- More Jihadists join Syrian rebels. Guardian