Weekend Reading: 10-11 July 2021

Global Macro / Markets / Investing:

• The Wrong Way to Pay for Infrastructure – Barrons
• Work at Home or the Office? Either Way, There’s a Start-Up for That. – NY Times
• Labour markets in the rich world are recovering from Covid-19 – The Economist
• Super rich’s wealth concentration surpasses Gilded Age levels – Yahoo
• Stock futures plummet on global economic concerns – The Hill
• Surprising levels of inflation are increasingly being driven by wages, not goods – Economist
• China’s totalitarian regime cannot coexist with the democratic world – Ninefax
• Double whammy for food buyers as freight costs spike amid high grain prices – Reuters
• A fine mess – Weak inflation prompts a global central bank reset – Reuters
• China’s bond defaults hit record high of $18bn in first half – Nikkei Asia
• Why overpriced stock markets are headed for a major correction – SCMP
• Global minimum tax: Ireland and other holdouts face mounting pressure to fall in line – SCMP
• China to free up 1 trillion yuan to support economic recovery with ‘routine’ reserve ratio cut – SCMP

Americas:

• ‘Financially Hobbled for Life’: The Elite Master’s Degrees That Don’t Pay Off: Columbia and other top universities push master’s programs that fail to generate enough income for graduates to keep up with six-figure federal loans – WSJ
• America desperately needs 1 million more construction workers – CNN
• Wells Fargo tells customers it’s shuttering all personal lines of credit – CNBC
• IMF chief sees risk of sustained rise in U.S. inflation – Reuters
• Here are four reasons the West is headed for a ‘very drastic crisis,’ according to a veteran economist – Market Watch
• “People Get Upset”: A Mass Labor Shortage Is Leaving Hamptonites to Fend for Themselves – Vanity Fair
• US jobless claims tick up to 373,000 from a pandemic low – AP News
• Hiring crunch is boosting pay for restaurant workers – CBS
• Welcome to the year of wage hikes. Workers are returning — to higher-paying firms. – Washington Post
• Retail workers in unions reap higher wages even as U.S. organizers suffer setbacks – Reuters

Europe:

• ECB sets “symmetric” 2% inflation target, prepares greater role in fighting climate change – Politico
• A breakdown of EU countries’ post-pandemic green spending plans – Bruegel
• The risks from climate change to sovereign debt in Europe – Bruegel
• Banks post-Brexit: regulatory divergence or parallel tracks? – Bruegel
• Paris and Brexit-battered London fight to be crowned the global capital of green banking – Fortune
• Russia’s sovereign wealth fund cuts US dollar reserves to ZERO – RT
• The Reflation Trade Has Believers in Frankfurt – Bloomberg
• The risks from climate change to sovereign debt in Europe – Bruegel
• How have the European Central Bank’s negative rates been passed on? – Bruegel
• The sale of the UK’s largest chip plant to China shows how Brexit has left Britain exposed – New Statesman
• Iceland takes to shorter hours after four-day week trials – DW
• Russia faces a stagnant decade of 1.5% GDP growth after the coronacrisis – BNE INtellinews
• Short-term contracts and working for free: Scientists in Germany speak out – DW

Asia: