Links 19 January 2022

Global Macro / Markets / Investing:

Trickle down economics: Up to 3/4 of the $800 billion PPP flowed to business owners instead of workers, study finds – Market Watch
The wealth of the 10 richest men in the world has doubled during the pandemic and the income of 99% of humanity has decreased – Madgy67
‘Obscene inequality’: Oxfam says taxing the world’s richest could help save lives – CNBC
UN body warns of slowdown in the jobs recovery due to new variants, Covid uncertainty – CNBC
Global jobs recovery delayed by pandemic uncertainty, Omicron, ILO says – Reuters

Americas:

Target CEO predicts fewer shopping trips in 2022 due to gas, inflation – Business Insider
Great Read: Trickle Down Economics Does Work… But Not Like You Think – Federal Report
America is lurching from pandemic to major recession – Daily Mail
The Great Resignation could be good for the future of work in America – VOX
GOP Figures Blast Trump’s Rehashing Of Election Fraud Claims: ‘Learn To Lose’ – Forbes
‘Part of a much larger conspiracy’: Investigation into 16 Michigan Republicans – MSNBC

Europe:

Companies Across the UK Are Going to Try Switching to a 4-Day Work Week – MSN
Betting Against the U.K. Is a Favorite Trade in Currency Markets – Bloomberg
UK economy above pre-Covid levels in November – BBC
EU Prepares to Cut Billions in Funds to Anti-Democratic Members – Bloomberg
Calls grow within Germany for tougher stance towards Putin’s Russia – Atlantic Council
Greece to fine unvaccinated senior citizens as of today. – ekathimerini.com

Asia:

China’s Economy Is Slowing, a Worrying Sign for the World – NY Times
China’s birth rate drops to record low in 2021. There were 7.52 births per 1000 people. That’s 1.4 million fewer babies than last year – Reuters
From 6G to big data, China is looking to boost tech’s share of its economy – CNBC
‘We are fasting as if it’s Ramadan’: Sri Lanka on the brink of bankruptcy; millions bear the brunt – khaleejtimes.com
China Cuts Interest Rate for First Time Since April 2020, Traders Bring Forward ECB Rate Hike Bet – Christophe Barraud
China grew by 8.1% in 2021, it has a $18 trillion economy – Scripted Talks
China’s GDP per capita reaches $12,551 in 2021, has escaped middle income trap defined as $12,500. – Global Times
‘Shocking’ fall in China’s national growth rate as population ageing intensifies – SCMP

Trans-Tasman:

Returning travellers made to hand over phones and passcodes to Australian Border Force – The Guardian
NSW sustains deadliest day of pandemic with 36 COVID-19 fatalities – ABC
Unions call for employers to cover cost of RATs, threaten industrial action – ABC
Sky News claims Alan Jones’s misleading commentary balanced by covering daily Covid press conferences – The Guardian
Coalition primary vote drops below Labor’s for the first time: Resolve survey – The SMH
‘Squandered any gains we made’: Australian GP clinics overwhelmed by rising Covid cases – The Guardian
NSW Health Minister victim of ‘moronic’ COVID test fraud – ABC
ANTHONY KLAN: Josh Frydenberg caught out in salary scandal – Independent Australia
Code Brown called for Victorian hospitals under pressure from COVID-19 – The Age
Australia accused of ‘disgraceful’ bid to keep Timor-Leste bartering negotiations secret – The Guardian
Housing affordability plunge: radical policy the only answer – Michael West Media
Big decline in housing sales in December – prices also weaker overall – REINZ – Interest.co.nz
Why did almost nobody see inflation coming? – Interest.co.nz

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Unconventional Economist

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

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