Links 21 July 2020

Global Macro / Markets / Investing:

• ‘It’s going to be really ugly.’ Here come the big bank earnings – CNN
• Sentiment Extremes Once Again — Financial mania in an economic depression. – Medium
• The Joy of Rent Seeking: Why Society’s Biggest Freeloaders are at the Top – Evonomics
• Executives at Bankrupt Companies Scored $131 Million in Bonuses – Bloomberg
• Will regionalism replace globalization? – Economo
• U.S. Money Supply Soaring Amid The Pandemic, What’s Next? – Crypto Associate
• Black Swans Reducing Risk Of Investing – Bulls Waves

Americas:

• U.S. town creates local currency to boost coronavirus relief – Trust.org
• Why our government mostly helps people who need it the least — even during a crisis – Salon
• An eviction and foreclosure crisis is looming – Salon
• ‘This Is Not a Normal Recession’: Banks Ready for Wave of Coronavirus Defaults – WSJ
• The Federal Reserve’s biggest success during the coronavirus crisis: keeping itself out of politics – Business Insider
• Causes of Income Inequality in the United States – Stocks & Coffee
• The Economy Is headed toward disaster – Slate

Europe:

• Inflation in the EU accelerated to 0.8% in June – Economo
• Bank of England: Economy is recovering, but the prospects are unclear – Economo
• Angela Merkel: The differences between countries on the rescue fund remain very large – Economo
• How coronavirus has revealed the unexpected strengths of Germany’s model of government – New Statesman
• ‘Mr. No, No, No’ – Why Dutch PM Rutte plays role of EU bogeyman – Reuters
• UK signals it will suspend extradition treaty with Hong Kong – SCMP

Asia:

• Japan to Pay at Least $536 Million for Companies to Leave China – Bloomberg
• Japan reveals 87 projects eligible for ‘China exit’ subsidies – News on Japan
• Chinese economy is shaking despite reported growth – Finances Herald
• China seizes financial firms linked to conglomerate – Nikkei
• US investors still piling money into China despite rising political tensions – SCMP
• China will not be able to help to take the global economy out of the recession – Finances Herald

Trans-Tasman:

• Axing jobseeker Covid-19 payment would push 650,000 Australians into poverty, thinktank reports – The Guardian
• Every coronavirus case currently in Melbourne could be linked back to the hotel quarantine program, inquiry hears – The Guardian
• Labor calls for working group so parliament can sit ‘in a safe manner, as scheduled’ – The Guardian
• Australia’s environment in unsustainable state of decline, major review finds – The Guardian
• ‘A significant hit’: Sydney’s rental vacancies rise amid COVID-19 pandemic – ABC
• JobKeeper to be extended until Christmas; eligibility tightened – News.com.au
• Putting pokies ahead of people will only put more and more of our most vulnerable at risk. – News.com.au
• Travellers in Queensland hotel quarantine not tested for COVID-19 – Brisbane Times
• ‘Unacceptable’: Outrage as Morrison government cancels parliament – New Daily
• Australia warns coronavirus outbreak will take weeks to tame – Reuters
• This Uighur woman sent money to her parents in Australia. China accuses her of financing terrorism – SBS
• Victoria’s social distancing ‘best in Australia’ when second surge hit – The Age
• Robertson puts $14b of $20b Covid-19 fund aside to ‘keep powder dry’ – Interest.co.nz
• ‘There’s a better way to stimulate economic growth than a govt-led recovery’ – Interest.co.nz
• Banks showing more caution than courage – Interest.co.nz