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Surrealist Landscape, Peter Purves Smith, 1938, National Gallery of Victoria
China
- Regulator urges China banks to save ailing companies – FT.com
- The Boosterism Behind China’s Silk Road Story– Bloomberg
- China’s Addiction to Debt Now Threatens Its Growth – NY Times
- PBOC plans to adjust yuan fixing methodology as Fed interest rate rise looms – SCMP
- China risks another downgrade if debt bubble not fixed, says Moody’s – Guardian
- Moody’s China downgrade ‘illogical’, overstates debt: People’s Daily– Reuters
- Moody’s downgrades China for first time since 1989 as it warns financial strength will erode as debt mounts– Telegraph
- China’s credit rating downgraded amid fears over slowing economy– Guardian
- Why China’s Growing Debt Load Worries the World– NY Times
- China’s Imperial Overreach– Project-Syndicate
- Foreign firms grapple with China’s ‘punitive’ cybersecurity laws – SCMP
- Moody’s cuts ratings of 26 Chinese state firms after sovereign downgrade – SCMP
- Rethinking the Next China– Project-Syndicate, Roach
- Chinese Money Funneled to Far-Flung Homes Heralds Bubble Trouble– Bloomberg
- ‘Plant Factories’ Churn Out Clean Food in China’s Dirty Cities– Bloomberg
- China’s Bill Will Have to Be Paid– Bloomberg
- China’s Deleveraging Puts the Yuan Closer to a Free Float– Bloomberg
- Moody’s China Credit Downgrade Is A Straw In The Wind– Forbes
- China’s debt mountain: Should we worry?– BBC
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Asia
- S Korea’s zombie companies threaten ‘economic powder keg’ – FT.com
- Japan committed to push infrastructure exports – Nikkei Asian Review
- Iran’s Long Economic Journey– Project-Syndicate
- Maintaining Growth in a Fast-Aging Asia– Project-Syndicate
- Singapore sees 2017 GDP growth topping 2%, but warns of China risks– Nikkei Asian Review
- Central Asia warily welcomes China’s Belt and Road Initiative – Nikkei Asian Review
- Services the next frontier in Asian energy revolution – Nikkei Asian Review
- Central Asia at 25– Bruegel
- After historic tax reform, Modi’s next task is job creation– Nikkei Asian Review
- Singapore’s manufacturing output beats expectations in April on higher production of electronics – CNBC
Europe
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- Eurozone ‘still fragile’ despite growth spurt, warns European Central Bank – Telegraph
- The Eruption of Moscow’s Housing Estates– Project-Syndicate…a very important consideration for Russia…
- The impact of risk-based capital requirements on corporate lending: Evidence from Europe– VoxEU
- Financial integration in the Eurozone should not be a tough sell– VoxEU
- What could a euro-area finance minister mean?– Bruegel
- Debt relief or a fourth financial assistance programme for Greece? – Bruegel
- Eurozone remains in much worse shape than some official statistics might suggest– Bill Mitchell
- Playing the Shell Game in the Mediterranean– Der Spiegel
- Rebuilding trust in Ukraine’s financial system – BNE INtellinews…good luck with that…
- Putin’s main weakness is voters’ passivity – BNE Intellinews…she is on the money here…..
- Eurogroup and Greece: Wrestling Defeat from the Claws of Victory – Constantin Gurdgiev
- IMF warms to idea of entering program even without financing it – Ekathimerini
- Italy on the mend but strong recovery still far away – FT.com
United Kingdom
- Household debt to hit record high as credit card spluge adds up – Telegraph
- If London subsidises the rest of the UK, where does that leave Scotland?– Guardian
- The great London property squeeze– Guardian
- UK economy slows more than expected as inflation hits spending – Guardian
- UK’s Economy Expanded More Slowly Than Expected In The First Quarter – Investing.com
- UK economy slows down and EU citizens are leaving – NewEurope
- Conservative and Labour manifestos fail to grasp economic reality – FT.com
- House prices — sellers forced to offer discounts – FT.com
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United States
- Americans Have Realized They Deserve Health Care – Slate
- Fed’s Evans sees serious policy miss on U.S. inflation– Reuters
- U.S. interest rates may pose risk to Trump budget’s optimistic assumptions– Reuters
- U.S. steelmakers argue for broad import protections on defense grounds– Reuters
- Fed Sounds Cautious Note but Doesn’t Deter Forecast of Rate Increase– NY Times
- Even Harley-Davidson Can’t Resist the Tug of Overseas Factories– NY Times
- When Colleges Dangle Money to Lure Students Who Ignored Them– NY Times
- Economists See Little Magic in Tax Cuts to Promote Growth– NY Times
- Fed forecasts rate hike ‘soon,’ details plan to trim balance sheet – Washington Post
- US healthcare inefficiency: Evidence from international prescription drug data– VoxEU
- How U.S. teens compare with their global peers in financial literacy– CBS
- Health care bill would drive up premiums for millions, CBO finds– CBS
- Are retirees worse off now than in prior generations?– CBS
- Trump’s oil reserve sell-off plan sparks heated debate– CBS
- Trump’s budget is unrealistic, economists say– CBS
- Fed officials appear ready for another interest rate hike and are considering how to reduce assets– LA Times
- Working at Kraft Heinz means competition, cost-cutting, and for some, reward– Chicago Tribune
- Fed faces a ‘surprise’ problem on U.S. inflation– Reuters
- The Fed Is Making a $2 Trillion Mistake– Bloomberg
- JPMorgan Sounds Alarm On Size Of US Debt, Warns Of Financial Crisis – Zero Hedge
- The Unworkable Math of Trump’s Budget– The Atlantic
- Americans waste $200 billion every year on medical tests they don’t need, experts say– LA Times
- Will a Smaller Fiscal Deficit Cause the Trade Deficit to Decline or Unemployment to Rise? – Carnegie, Pettis
Americas
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- Why the market may have it wrong on Canadian interest rates – Financial Post
- NAFTA at the Crossroads– Economonitor
- Canada’s big banks see mortgage growth slow and even shrink in wake of cooling measures– Financial Post
- Bank of Canada says blockchain is still not ready for bank settlements after watching year-long trial– Financial Post
- Venezuela says considering options to repay debts – Reuters
- How Flexible Exchange Rates Helped Latin America Adjust to Commodity Price Shocks– IMF Blog
- Culture of corruption engulfs Brazilian elite – FT.com
Terra Specufestorus
- Catholic kids barred from casual clothes day unless parents oppose Gonski moves – Domainfax…pathetic
- Public Goods– Pearls and Irritations, Coombs
- Housing affordability and the 2017-18 Budget: a missed opportunity– Pearls and Irritations, Eslake
- New Zealand posts second straight surplus, targets infrastructure spending– Nikkei Asian Review
- Australians aren’t being paid for their productivity. Get set for an industrial relations war – Guardian, Jericho…very good read…
- Commonwealth and NAB join Westpac in warning bank levy will be passed on – Guardian
- Government trying to avoid scrutiny of bank levy, banking association says – ABC
- Chinese investors pull out of Melbourne apartment market – ABC
- Construction data hints at GDP slowdown: ABS – ABC
- ASIC to strengthen ‘Chinese walls’ – Domainfax
- Weak GDP growth expected just as Australia prepares to claim record – Domainfax
- Anthony Pratt tops Australia’s Rich List– NZ Herald
- With interest costs rising faster than rents and capital gains turning negative, many Auckland property investors will be facing some tough choices– Interest.co.nz
- Australia one of the economies sitting on pensions time bomb, WEF warns– Domainfax
- Careers Australia goes into voluntary administration– Domainfax
- Adani Carmichael mine to get six-year holiday on royalties, report says– Guardian
- The great divide over Australia’s energy future– Reneweconomy
- The great gas con: how Australia got sucked dry– Michael West…good read…
- Plutus: the police raids, the ATO and the real plutocrats– Michael West
- Adani coal royalties back on Australia state cabinet agenda – Reuters
- Gonski in An Age of Budget Repair – Pearls and Irritations, Brennan
- Lisa Marriott contrasts our ‘broad base, low rate’ philosophy to tax policy with the reality that there are significant exceptions – and these all benefit ‘the wealthy’– Interest.co.nz
- ‘Gold-plating’: NSW’s skewed electricity market and the fight over rising bills– Guardian
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Commodities
- Fuel for Thought: Oil outlook – crunch time or gloom mongering?– Platts
- Should OPEC worry about contango and backwardation?– Reuters, Kemp
- Goldman: Oil Glut To Return When OPEC Deal Expires– OilPrice.com
- Is China’s Oil Demand Growth About To Plummet?– OilPrice.com
- Today’s Stunted Oil Prices Could Cause Oil Price Shock In 2020– OilPrice.com
- Oil price decline after OPEC output cut extension an ‘overreaction’– CNBC
- IGC slashes grain stocks forecast, citing industrial demand for corn– AgriMoney
- China seeks alternative benchmark for iron ore– Nikkei Asian Review
- China triples down on natural gas to hit climate goals– Nikkei Asian Review
- Extending cuts, OPEC girds for a fight against shale– Nikkei Asian Review
- The Commodity Cycle: What It Means For Precious Metals Prices– Value Walk
- Farming the World: China’s Epic Race to Avoid a Food Crisis– Bloomberg
- The Saudi Oil Blunder That Will Keep Costing– Bloomberg
- Shale Is Just a Scapegoat for Weaker Oil Prices– Bloomberg
- How Chinese Competition Is Keeping Down Tin Prices– Bloomberg
- Chinese demand prospects likely to brighten zinc– Economic Times
- Rains slow down Brazil coffee harvest, may hurt quality – Reuters
- For world’s super-rich, a pink diamond is forever – Mineweb
- Iron stockpiles hit record in China as quality gets scrutiny – Mineweb
- Iron and metals slump as Moody’s puts China’s debt in spotlight – Mineweb
Capital Markets
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- Fed Is Losing Its Influence Over the Bond Market– Bloomberg
- Blackstone ‘soothsayer’ steps back from rising dollar prophecy– Nikkei Asian Review
- Have banks learned anything from the world financial crisis 10 years ago? – SCMP
- US supplants Europe as main source of political risk – a remarkable shift in perception from six months ago – SCMP
- Explaining the puzzle of high policy uncertainty and low market volatility– VoxEU
- External wealth and the real exchange rate: Precaution versus mercantilism– VoxEU
- The Global Crisis watershed: Investment-less credit booms– VoxEU
- Japan’s megabanks dip toes in cryptocurrency waters– Nikkei Asian Review
- Emerging Markets Are Not All Created Equal– Value Walk
- Can Change In Asset Turnover Predict Future Return?– Value Walk
- The Rise of Cryptocurrency (And How It’s Changing Everything)– Value Walk
- Central banks launch new FX code, aim at universal adoption– Reuters
- Three reasons to fear the coming crash in bitcoins– Market Watch
- Insider-Trading Case Ensnares Hedge Fund– NY Times
Global Macro
- Understanding Today’s Stagnation– Project-Syndicate, Schiller
- How to Be an Open Economy– Project-Syndicate
- The TPP’s Second Act– Project-Syndicate
- Larry Summers: Trump’s ‘China deal’ is only a good deal for China – Washington Post
- Rising capital share and transmission into higher interpersonal inequality– VoxEU
- Great Divergences: The growing dispersion of wages and productivity in OECD countries– VoxEU
- Woman arrested for smuggling US space technology to China– DW
- Losing Faith in Free Trade Will Make Americans Poorer– Bloomberg
- Economists Need to Learn a Messier Kind of Math– Bloomberg
- The Return to Sprawl Is More About Supply Than Demand– Bloomberg
- Economic Forecasting Is Still Broken– Bloomberg
- Inflation Isn’t Cooperating With the Fed– Bloomberg
- Making corporate taxes great again – RWER
- A New Financial System Is Being Born – Zero Hedge
- The Bubble That Could Break The World – Zero Hedge
- FX global code registers to be live within months – Euromoney
- QE: It’s the monetary policy, stupid – Euromoney
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…and furthermore…
- The Reactionary Temptation: An open-minded inquiry into the close-minded ideology that is the most dominant political force of our time — and can no longer be ignored.– NY Mag
- The truth about the post-truth age – FT.com
- Why Scientific Consensus Is Worth Taking Seriously– Bloomberg
- The lap band for weight loss is a tale of medicine gone wrong– Vox
- Will This Miracle Material End All Energy Storage Problems?– OilPrice.com
- Take a Load Off. The Robots That Fold Laundry Are Coming.– NY Times
- The $833 billion albatross around the necks of women with college degrees – Washington Post
- HK$300,000 drone-killer ‘guns’ available in Hong Kong – SCMP
- Welfare: Savings not taxation– VoxEU
- Gauging globalisation– VoxEU
- Rise of machines will ‘lead to more opportunities, rather than less’– CNBC
- What If Companies Managed People as Carefully as They Manage Money?– HBR
- Self-driving car technology: When will the robots hit the road?– McKinsey & Co
- The business logic in debiasing– McKinsey & Co
- Minimum wage increases can hurt exactly the people they are designed to help– Prospect
- Standing on the shoulders of distant giants– Bruegel
- Humans are intrinsically anti neo-liberal– Bill Mitchell
- No Movie Could Capture the Crazy Details of Bernie Madoff’s Story– The Atlantic
- The mathematics of mind-time: The special trick of consciousness is being able to project action and time into a range of possible futures– Aeon
- Marriage should not come with any social benefits or privileges– Aeon
- Platonically irrational: How much did Plato know about behavioural economics and cognitive biases? Pretty much everything, it turns out– Aeon
- What is human capital? Human capital theory was invented as an ideological weapon in the Cold War. Now it is helping to Uberise the world of work– Aeon
- Lifestyle changes, not a magic pill, can reverse Alzheimer’s– Aeon
- If money can make you happy, does debt make you sad?– Aeon
- Stunning new lows in solar and battery storage costs– Reneweconomy
- Start high school later for better academic outcomes– Brookings Institute
- THE MAN TRAP: Traditional ideas of masculinity persist in the workplace, even though men are now expected to do more of the household chores – and work longer hours. – Economist
- U.S. spacecraft finds cyclones, ammonia river on Jupiter– Reuters