Links 7 May 2019

Leith van Onselen

Monday 6 May 2019

Global Macro / Markets / Investing:

People are losing faith in capitalism. The world needs a new approach – CNN
Productivity increase: worker productivity is increasing, but wages are barely rising – VOX
The Time Has Come for a Global Carbon Emissions Tax – Project Syndicate
Macquarie boosts executive pay despite warning on 2020 profits – FT
Even billionaires are acknowledging that the system that created their crazy amount of wealth is unsustainable – Business Insider
Dow futures drop 400 points after Trump’s tariff threat catches traders expecting a deal off guard – CNBC
Wake Up, Capitalists! If the Oceans Die, so Does Your Global Economic Project – Strategic Culture
Our Economic Bubble, What Kids Can Teach Us – Medium
Warren Buffett says bitcoin is a ‘gambling device’ with ‘a lot of frauds connected with it’ – CNBC

Americas:

Amazon can already ship to 72% of US population within a day, this map shows. – Infadium
Examining the cost of living between 2000 and 2019: Inflation has played a big part in shrinking the American middle class. – My Budget 360
Employees Start To Feel The Squeeze Of High-Deductible Health Plans – NPR
Here’s where all the jobs are in the US – in one chart, after April jobs report. – CNBC
Moving back to the Midwest was the best money I ever spent – VOX
Moderate growth expected for U.S commercial real estate in the coming years – CRE Herald
Tariffs are bait and switch economics paid by consumers – OCJ
Bad-Debt Pile Creeps Higher at U.S. Banks on Card Losses – Bloomberg

Europe:

Study Finds that Airbnb Promotes Social Inequality – Iceland Review
Report highlights how entry into professional occupations in the UK is largely dependent on parents’ careers – The Guardian
France to ban electric scooters from pavements after rise in accidents and growing complaints – Independent
Macron’s party falls behind Le Pen’s far right in EU election poll – Reuters
Danish far-right party calling for Muslim deportation to stand in election – The Guardian
EU Needs 25% Nuclear Power To Meet Paris Climate Goals – Forbes

Asia:

Trump says tariffs on $200 billion of Chinese goods will increase to 25%, blames slow progress in trade talks – CNN
Chinese banks quietly lower limit on US dollar cash withdrawals – SCMP
South China Sea: Indonesia sinks scores of boats as rift with Beijing deepens – Express
Huawei Equipment Backdoors Smoking Gun Evidence – Tech Republic
Fed up Canada tells U.S. to help with China crisis or forget about favors – Reuters
China’s plan to reduce smog in cities basically just moved it to other areas – Salon
China tries to bully Taiwanese students out of food market in Hungary – Taiwan News

Trans-Tasman:

Universities ignoring own English standards to admit more high-paying international students – ABC
Scott Morrison must release costings on tax cuts for high earners, Labor says – The Guardian
Vote Compass finds support for Sunday penalty rates and higher minimum wage – ABC
Legal cannabis could earn $1b tax revenue and create 250,000 jobs – 9News
Modelling that shows Labor’s climate policy could cost billions is ridiculous – The Guardian
Paul Keating’s comments on China at Labor’s election campaign launch prompt questions from Coalition – ABC
I’m willing to go to jail to stop Adani and save our beloved country – The Guardian
Centrelink wipes ‘robo-debt’ at centre of test case – The Age
Climate change costings that don’t count the cost of inaction are worthless – The Guardian
‘A rate cut now would be wasted’ – Interest.co.nz
The evidence against interest rate cuts – Interest.co.nz
City Rail Link’s bail-out package decided on ‘flimsiest evidence’ – Interest.co.nz

About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.