Links 2 July 2018

Global Macro / Markets / Investing:

• Bitcoin Bloodbath Nears Dot-Com Levels as Many Tokens Go to Zero – Bloomberg
• Why Goldman Sachs Is Lending to the Middle Class – Bloomberg
• Bridgewater Plans to Become a Partnership as Ray Dalio Takes a Step Back – NY Times
• Crypto Coin Graveyard Fills Up Fast as ICOs Meet Their Demise – Bloomberg
• Wall Street Left Reeling as 2018 Upends Almost Every Bet – Bloomberg
• Trump’s private threat to upend global trade – Axios
• Einhorn Deepens Slide as Greenlight Plunges 19% in First Half – Bloomberg
• GE’s Fall Has Been Accelerated by Two Problems. Most Other Big Companies Face Them, Too. – HBR
• A study finds nearly half of jobs are vulnerable to automation – The Economist
• Democracy continues its disturbing retreat – The Economist
• The rich world needs higher real wage growth – The Economist
• Investors Can’t Get Enough of Wall Street’s Sucker’s Bets – WSJ

Americas:

• President Trump announces a major U.S. Steel expansion — that isn’t happening – Washington Post
• G.M. Says New Wave of Tariffs Could Force U.S. Job Cuts – NY Times
• Trump’s White House has been a money-making machine – CNBC
• Government revenue since the recent tax reform – St Louis Fed
• Trump’s Potemkin Economy – NY Times
• Families earning $117,000 now qualify as “low income” in California’s Bay Area – CBS News
• Canada makes retaliatory tariffs official: ’We will not back down’ – CNBC
• Trade tariffs are hammering homebuilders with higher materials prices – Dallas News

Europe:

• Trump is trying to destabilize the European Union – Washington Post
• Prepare for break-up of Nato, EU leaders are told – The Times
• Russians Offered Business Deals to Brexit’s Biggest Backer – NY Times
• U.S. assessing cost of keeping troops in Germany as Trump battles with Europe – Washington Post
• The UK’s Productivity Problem: Hub No Spokes – Bank of England
• Brexit Versus Trumpit – NY Times

Asia:

• North Korea has increased nuclear production at secret sites – NBC News
• China’s penetration of Silicon Valley creates risks for startups – Reuters
• Trump Can’t Afford to Admit His Failures With North Korea – The Atlantic
• China’s hedge funds find their feet – Euro Money
• China Opens Up More of Its Economy to Foreign Investors – Bloomberg
• China and Europe Warn Trade War Could Trigger Global Recession – Bloomberg

Trans-Tasman:

• Pay rise for politicians as penalty rates trimmed further in hospitality and retail – The Guardian
• Country of origin labelling should extend to restaurants, seafood industry warns – ABC
• Sydney Activates New Tesla Battery Storage As Part Of 50% Renewable Energy Goal – Clean Technica
• Australia’s Brutal Refugee Policy Is Inspiring the Far Right in the EU and Beyond – The Nation
• ‘We’ve turned a corner’: farmers shift on climate change and want a say on energy – The Guardian
• Academic independence threatened by US-style philanthropy – The Saturday Paper
• Banking royal commission to look at funeral insurance that ‘targets vulnerable people’ – ABC
• Shamed’ out of day care, companies set their sights on NDIS billions – The SMH
• Grown in Australia? New food labelling system offers the answers – The Guardian
• GST on imported goods starts this Sunday – ATO
• Middle-income Australia has a new look, and it’s not pretty – The Guardian
• The real question on subsidies is, what do we want less of? – Canberra Times
• ‘We need services, not tax cuts’: Greens could block Labor’s proposed tax cuts – Starts at 60
• How Orr’s OCR statement put the RBNZ at odds with Treasury – Interest.co.nz