Toxic Moss Sets Off a Panic in Laid-Back Portland New York Times
There’s a flaw in Australia’s economic growth report Sydney Morning Herald. EM: “Not just Oz .. feature, not bug, from the perspective of the global neoliberal-economic ‘deciderschaft’.”
Central banks: from omnipotence to impotence? Bruegel. OMG, this is written in economese, but what they are basically describing, and not even recognizing it, is tantamount to hitting buttons randomly on a machine and believing that some of them will surely work.
Australia Finds Something Else to Export to China Wall Street Journal
Greece Scrambles to Shelter Migrants as Neighbors Shut Their Gates New York Times (furzy)
Can Cryan halt Deutsche Bank’s decline? Euromoney. From a reader:
Brexit Would Make U.K. Trade Less Free Wall Street Journal
French economy minister sends double Brexit warning to UK Financial Times
Brexit Would Make U.K. Trade Less Free< WSJ/blockquote>
The short answer is “doubt it”. With DB, I’d coin a “Too Big To Regulate” term. IMO, there are no realistic (and commensurate) actions that a regulator can take on some of the problems facing DB w/o bringing it down.
Consider a simple scenario – say DB’s VaR system is not-fit-for purpose (for whatever reasons), and regulator fines DB a few bils and forces it from the internal model on standard model.
Bang, DB’s gone.
You just (estimate) doubled the capital requirement (including the fine), so you probably brought CET to about half/two thirds of what it’s now (say 12, so it’s now 6), which likely triggers a slew of CoCos (I think the regulatory trigger is around 7% usually), making it exceedingly hard for DB to raise any more equity, which in turn will make anyone wary of trading with DB, which is a death sentence.
Which regulator knows pretty well, so apart from making some noises will not do anything.
Mosul dam engineers warn it could fail at any time, killing 1 million people ZME Science (resilc). We’ve linked to earlier stories on this before….and the risks only seem to be increasing.
Big Brother is Watching You Watch
The irony in the FBI’s request to unlock the iPhone Computerworld
Imperial Collapse Watch
Supreme Court Trench Warfare
White House Said to Be Vetting Appeals Court Judge for Supreme Court Seat New York Times. Belies the Obama powerlessness in the fact of nasty Rs meme. If nothing else, Grassley will suffer if he doesn’t move this to hearing. The implicit message is: “I gave you guys a perfectly acceptable conservative and you rejected that out of sheer cussedness. Now I’m going to start serving up less conservative picks, and extracting a cost if you nix them.”
Clinton E-Mail Hairball
Clinton chief attacks State Dept. watchdog The Hill (resilc)
The Trouble with Trump for Bankers American Banker (MS)
US foreign policy experts round on Trump Financial Times
Revenge of the Simple: How George W. Bush Gave Rise to Trump Matt Taibbi (resilc)
Romney to Lay Out Case Against Trump in Speech Thursday Bloomberg. This is comical. The Republican party or Mittens himself seem to labor under the delusion that he will reach people outside the choir.
Trump Now Leading Among Crucial ‘Republicans Who Hate Trump’ Demographic New York Magazine
The rise of American authoritarianism Vox (kj1313). The tone of surprise and horror is hardly warranted. This is the result of at least 15 years of conditioning, such as constant pounding of the “terrorists are under every bed” meme, authoritarian schooling, schools requiring constant oversight of children (kids not allowed to walk home), and suppression of dissent and vigorous discourse outside venues that are treated as fringe. Oh, and separately, this means you Sanders supporters who will vote for Trump if the Democrat alternative is Clinton are authoritarians.
What the press won’t tell you about Trump and populism Fabius Maximus (resilc)
The Importance of Donald Trump Frank Rich, New York Magazine (Marshall)
Strangest contest set to become reality as battle of sexes looms Financial Times
Trouble Lurks Beneath Clinton’s Victories New York Times
More than 45K sign petition to arrest Bill Clinton CNBC. Palindrome: “The mass visceral negative response to Bill Clinton’s campaigning at polling stations highlights how a large part of the American population, across ideological boundaries, feels about the Clintons. There were over 76,000 signatures the last time I checked.” Link to petition here.
Gabbard: People warned me against endorsing Sanders Politico (resilc)
DNC Chair Joins GOP Attack On Elizabeth Warren’s Agency Huffington Post
Texas Abortion Case Comes Down to ‘Undue Burdens’ Bloomberg (margarita)
The Poison in Tennessee Charles Pierce, Esquire (resilc)
Ex-Chesapeake Energy Corp CEO Aubrey McClendon dies in a car crash Daily Mail. Chuck L: “Facing the music sucks.” IMHO, McClendon deserves the Daily Mail treatment.
VW pleads ignorance in new line of defence Financial Times
The real enemy of the small-medium businesses failed evolution
Another Private-Equity LBO Queen Bites the Dust Wolf Richter
Life insurers shaken by rock-bottom rates Financial Times
“Is Currency Devaluation Overrated” Menzie Chinn, Econbrowser
Antidote du jour. @planetpics via Richard Smith, who notes: “Spot of cooperative foraging.” Message @planetpics: “Deer feeder high off the ground so raccoons can’t reach”:
See yesterday’s Links and Antidote du Jour here.