Note: Edward here. Starting today, I am making the links posts available to all registered users because I really want to share what I am seeing with people. I can only do that if I open things up a bit here. Earlier I had a paid ‘bronze’ level offering but I scrapped that because I didn’t have the bandwidth for separate tiered-content. But the links are something I think everyone should enjoy.
I have a ton of links today, especially in the technology segment. I am going to try and work hard to put out some content on Facebook, Google, Apple and other stories in tech because over the past few days there has been a lot going on in the technology space that I think is important to the long-term trends in technology. So rather than just post the links I am going to write some brief commentary on individual sectors.
That’s it. Enjoy.
Europe
My heart goes out to Spain and Santiago de Compostela, a beautiful city.
Vídeo: Así descarriló el tren de Santiago | Vídeos | EL PAÍS
Probe begins into cause of Spanish train crash – FT.com
“El País said earlier the train may have been travelling at least twice the 80kph speed limit.”
Shameful.
Spanish unemployment drops after two year rise as business looks up | Reuters
This is another sign that the depression is lessening in the eurozone. The 26.3% jobless figure is still horrific.
BBC News – UK economy registers broad-based growth of 0.6%
Great chart on UK growth since 1990
Can Greece get out of the Eurozone now? Should it? Comments on Munchau and Sinn | Yanis Varoufakis
Dutch housing bust intensifies | | MacroBusiness
S&P cuts rating on 18 medium-sized Italian banks | Reuters
ECB extends range of collateral it accepts to include more ABS – FT.com
I missed this post from last Thursday. Clearly the ECB is trying to make things as easy for banks and their balance sheets as possible.
United States
Ford Surges on Strong Results Crossing Wall Street
Why Is US Inflation So Low? by Martin Feldstein – Project Syndicate
This is bollocks because Japan didn’t pay IOER as it deflated. But you need to read this to see how people contort themselves to fit the data to a worldview of economics. Endogenous money explains why the increase in base money has not translated into CPI.
The San Francisco Rent Explosion – Priceonomics
This is stunning. You have to read this to understand how the dynamics of business, the economy, speculation and housing mix to move prices. Here, we are talking about rental prices, not purchase prices for housing.
IRS pursuing ‘stateless income’ tax enforcement: official | Reuters
“Concern over stateless income was raised in May when the Senate Permanent Subcommittee on Investigations released a report that found Apple Inc APPL.O avoided $9 billion in U.S. taxes in 2012 using a strategy involving three offshore units with no discernible tax home or “residence.”
Companies that avoid taxes say they are doing nothing illegal, but are taking advantage of breaks offered by governments to create jobs and business.”
Calculated Risk: Janet Yellen for Fed Chair
Don’t send Summers to the Fed | Felix Salmon
Asia
Econbrowser: Some Thoughts on Recent Chinese GDP Growth
China bans construction of government buildings for five years – FT.com
China unveils ‘mini stimulus’ to curb slowing growth – Telegraph
BBC News – China unveils fresh measures to boost growth
China growth picture may dim, but for Caterpillar it’s a bright spot | South China Morning Post
“In January, executives acknowledged that accounting misconduct at a Chinese subsidiary would wipe out nearly half of Caterpillar’s expected earnings in the fourth quarter of last year. Last week, its China exposure was criticised by a top short-seller who warned China’s economic growth was essentially a state-sponsored bubble that was about to burst.
But on Wednesday, executives at the Peoria, Illinois-based maker of earth-moving equipment were unapologetic, not only defending the long-term wisdom of their China strategy but highlighting how the country had been a bright spot in an otherwise disappointing quarter.”
Beijing takes on big beasts of global drugs industry – FT.com
BBC News – South Korea economic growth beats forecasts
Abenomics has worked wonders but can it save Japan? – Telegraph
Why Buffett Bailed on India – Bloomberg
Economics
Cardiff de Alejo Garcia: The econ blogosphere has changed my mind about…
Noahpinion: When have econ blogs changed your mind about something?
Good to see someone changing his views on issues based on the arguments rather than digging in his heels.
Economists sound alarm as workers’ share of income declines globally | South China Morning Post
NSA
Schneier on Security: Michael Hayden on the Effects of Snowden’s Whistleblowing
I agree with this take here that there WILL be damage to American technology firms from the NSA leak. The whistleblower Snowden has tried to minimize this damage but the reality is that American companies will suffer. But, most importantly, companies that cooperate most with the NSA will suffer the most. This is a good thing because it forces these companies to push back against using American companies in any government espionage.
House narrowly defeats NSA amendment, allowing agency to keep spying on Americans | The Verge
Scepticism is necessary on both sides of these unconfirmed reports of what the government can and cannot do.
Final Vote Results for Roll Call 412
This is the roll call vote for the bill to restrict NSA spying. Notable people voting AGAINST restricting are all of the house political leaders: Pelosi, Boehner, Cantor.
Germany Wants Tighter UN Privacy Rules and Questions US Data Treaty – SPIEGEL ONLINE
Elsewhere